Source: International Accounting Bulletin¸ January 2012
According to the International Accounting Bulletin (IAB) World Survey of global networks and associations of accounting firms¸ PKF International Limited (PKFI) is now the tenth largest global accounting network out of 44 surveyed for the fiscal year 2008/2009. The fee income of PKFI member firms increased by 29% in the 2009-2010 financial year to $2.4 billion and audit growth of 23% to $1 billion following the combination of a strong performance from member firms and the acquisition of several large US firms. These results were achieved in a year in which most accounting firms reported improved results compared with the previous year¸ which was dismal for almost all of them. The strongest growth came from emerging markets. The strongest growth came from emerging markets.With representation in 440 offices in 125 countries¸ PKFI member firms have 2¸198 partners and 21¸474 staff.
PKFI Chairman: Wolfgang Hofman said “We are delighted to have achieved our short-term goal of being a Top Ten global network following a strong performance from our member firms – particularly in the Asia Pacific and Latin American regions – in 2010. The admission of two large US firms¸ EisnerAmper LLP and PKF Wipfli LLP¸ also helped to boost network fee income.
“In November 2010¸ PKFI also recruited a new firm in China¸ PKF Daxin CPA¸ with offices in Beijing and 11 other principal cities. This not only ended the year on a high note but will help the network to further build on our fee growth in 2011.” Hofman concluded “Having reached the tenth position¸ we are now setting our sights even higher. The launch of our new global PKF website this month is just one of the strategies to promote the PKF brand¸ improve communication between member firms¸ and develop even more new business opportunities in 2011 and beyond.”
Noting that clients had been putting enormous pressure on firms to lower audit fees¸ Wolfgang Hofmann¸ the chairman of PKF International¸ said he was optimistic about growth for the next year¸ albeit in a restricted sense because there would be “more rules¸ more regulation¸ and more pressure on fee levels.”
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