June 27, 2021
On September 11 2001 al-Qaida terrorists hijacked two aircraft and crashed them into the World Trade Centre towers in New York, as well as the Pentagon. The USA declares war on terrorism.
“As our firm started to grow, our clients tended to become larger and more international and the international connections became more important for our clients.”
The turn of the millennia marked a tumultuous time for the accountancy industry, particularly with the collapse of Enron, a scandal which also brought down their auditors Arthur Andersen LLP, and the dotcom bust. Across the globe, but particularly within the US, new laws followed the scandal, with stricter compliance measures and closer scrutiny over accounting firms’ ethical conduct. Despite this, and the global financial crisis of 2008, the decade was one of significant growth for Kreston. Notably, Kreston’s revenues grew by 21% in 2008. Clients were larger and more internationally orientated, requiring coordinated, global services. In response, Kreston member firms increasingly collaborated to assist clients with cross-border issues. The size, growth and potential of the network necessitated a continuing programme of recruitment to ensure extended geographical coverage and a complete service line offering in all key cities. Between 2001-2011, Kreston built a strong network in mainland China with nine member firms in 30 different locations. Meanwhile, key members, Exco France and CBIZ & MHM (US), joined the network.
