Teamworkthe keytogrowthfor international playerinScotland
TH E i n t e r n a t i o n a l a c c o u n t a n c y f i r m M a z a r s h a s b e e n punching above its weight in all three of its target markets over the past year in Scotland and has set its sights on doubling size in three to five years. The firm’s growth plans will enable the firm to position itself as a viable alternative to the Big Four for auditing plcs and other major public interest entities.
Peter Jibson, managing partner for Scotland said the firm has long pushed the idea of joint audits in this market and the f ir m’s involvement in this area has been recognised by the UK corporate reporting regulator, the Financial Reporting Council.
The recognition was demonstrated by the appointment of Mazars’ David Herbinet, the head of the firm’s “Public Interest Market” division to the Market Participants Group being set up by the Council.
The group, which will look at the issue of choice in the audit market, consists of 12 members, only four of which are from audit firms with two places going to big four accountancy firms.
“It is great to have Mazars in that company and it shows that our efforts to promote joint audits are gaining some traction,” Jibson says. In excess of 90% of the FTSE top 350 companies have their audits carried out by one or other of the big four firms and there has been concern for some time that larger companies are faced with too narrow a choice when it comes to selecting their auditors.
Mazars argues that joint audits carried out by two firms can also bring a stronger degree of independence to the audit. Mazars has won several important joint audit contracts recently. As an international firm, with its parent firm in France, where joint audits are common, Mazars is very com- fortable with this way of working. The firm has also been growing strongly, both in its private client business, where it manages affairs for a large number of high net worth individuals, and in the owner managed sector, which represents far and away the bulk of Scotland’s businesses.
“There is a real buzz about the firm. We have grown strongly over the last six years, from under 30 staff and a single office in Glasgow, to offices in Edinburgh and Glasgow and a staff of around 130,” Jibson says. “Rapid growth that is based on the enthusiastic participation of staff at all levels within the firm, has been a tremendous asset to the firm in the battle to attract Scotland’s best and brightest recruits. We invite people to join us who want to make a difference and there is no better time to join Mazars as we expand and embrace new challenges.
“We are all competing with each other for the best talent out there and people react best and enjoy themselves most at work when the company they are in is thriving. This is the kind of atmosphere we strive for and good growth in all three of our chosen markets is the best possible reward for all of us,” he says.
Mazars in the UK was created in 1998, when the French firm merged with Neville Russell, a long established practice. Internationally, Mazars’ reach extends to 100 countries and has, at its heart, a unique single integrated international partnership covering 38 of those countries. It is currently ranked 11th in the UK audit league tables by fee income and has 18 offices in England and Scotland.
Further information from: Mazars Glasgow: Tel: 0141 226 4924; Edinburgh: 0131 313 7900
The information and views expressed in the above report do not necessarily represent those of The Herald.
Peter Jibson says there is a “real buzz” about the firm