Forvis Mazars Group SC (formerly Mazars) is an internationally integrated partnership, specialising in audit, accounting and consulting employing more than 40,000 professionals in over 100 countries.[1] The organisation emerged from a 2023 agreement between Mazars and FORVIS to create the Forvis Mazars network, which launched in June 2024. The network comprises Forvis Mazars Group SC operating globally except in the United States, and Forvis Mazars LLP (formerly FORVIS), operating in the US.
Combined, the network constitutes one of the world's ten largest accounting firms by revenue with projected earnings of $5 billion, making it the most significant new entrant to the global rankings in decades.[2]
Forvis Mazars Group operates as a single integrated partnership and publishes its consolidated financial accounts, a move it states is unusual for private audit and advisory firms.[3]
History
The original Mazars firm was formed in Rouen, Normandy in France in 1945 by Robert Mazars. He would serve as chief executive officer until 1983, when Patrick de Cambourg was appointed the position. de Cambourg began internationalizing the local firm, which counted 33 employees in 1977.[4] From 2011 to 2016, Philippe Castagnac served as chief executive officer.[5][6] He was succeeded by Hervé Hélias,[6] who currently holds the position.[7]
In 2016, Mazars announces the integration of the Chinese firm ZhongShen ZhongHuan into its partnership. As of January 1, the Mazars Group partnership extends to 77 countries and 17,000 employees work for Mazars. In 2017, Mazars acquires Zettafox, a French prescriptive data analytics startup, and announces the creation of its Lab to accelerate the internal transformation of its businesses and enrich its offerings.[8]
In 2023, Mazars signed an agreement with Forvis to create a new global audit and advisory network under the brand Forvis Mazars, effective June 2024. Through this strategic partnership, US-focused Forvis will have the opportunity to expand into global markets, while Mazars will be able to strengthen its US presence - a market where it has faced challenges establishing itself since its 2010 entry.[9]
The two firms, Forvis Mazars LLP and Forvis Mazars Group SC, are still owned by their respective partnerships with separate profit pools but are overseen by a global board, responsible for coordinating the network strategy.
Countries
Australia
Mazars integrated Australian audit and advisory firm Duncan Dovico on 1 January 2016.[10] Mazars announced the acquisition of Australian-based financial modelling and training provider Corality Financial Group on 13 July 2016[11] to form the new team Global Infrastructure Finance. From 1 January 2019,[12] the Brisbane firm Hanrick Curran and the Melbourne firm Cummings Flavel McCormack both joined the global Mazars partnership, providing the Firm with an East-Coast presence in Australia.
Bahrain
Forvis Mazars Bahrain is an international partnership, specializing in audit, tax & advisory services since 2011.
Brazil
As of 2002 Mazars integrated "Cabrera".[citation needed] Mazars Brazil has more than 800 professionals across 7 offices in the cities of São Paulo, Sorocaba, Barueri, Campinas, Ribeirão Preto, Rio de Janeiro and Curitiba, providing services to small, medium and large businesses.[citation needed]
China
In January 2016, Mazars and Chinese firm ZhongShen ZhongHuan announced their merger, adding a further 1,800 professionals to Mazars globally, including 83 partners, from 15 offices across mainland China.[13]
Czech Republic
Mazars Czech Republic was founded in 1995 and employs around 180 professionals.[14] Mazars is, by domestic sales, the 7th biggest audit firm on the Czech market.[15] In 2015, the managing partner of Mazars Czech Republic was Milan Prokopius.
France
Mazars merged with accounting firm Guérard Viala to form Mazars & Guérard in 1995.[citation needed]
Ireland
In 1987, Rawlison Hunter joined forces with Mazars.[16] Since then, Mazars has joined and merged with other firms in Ireland, and has offices in Dublin, Galway and Limerick with 30 Partners and over 500 professionals.[17]
Germany
In April 2015, Mazars and RBS RoeverBroennerSusat announced their merger which united about 1,000 professionals, including 68 partners and €110 million of turnover in the German market. As of 2015, Roever Broenner Susat Mazars had twelve offices in German metropolitan area.[18][19]
Greece
Mazars in Greece became fully integrated to the Mazars Group as of 1 September 2012 and is now operating under the Mazars brand with two offices in Athens and Thessaloniki and over 120 professionals.[citation needed]
India
Mazars is present in India since early 2000 through its network firm Kalyaniwalla and Mistry and S. N Dhawan & Co.[citation needed]
Italy
Mazars has been operating in Italy since 1973, with offices in 7 cities and over 550 employees.
Malaysia
In 1986, Hew & Co (established in 1955) and Tan Toh Hua & Partners (established in 1958) had merged to form Hew & Tan. In the year 1999, Hew & Tan had changed their name to Moores Rowland as a rebranding exercise. On 1 September 2008, the Kuala Lumpur office of Moores Rowland merged with the global integrated structure of Mazars. To implement the merger, a new firm, Mazars (AF 001954), was registered to assume all existing mandates and statutory audit appointments of the Kuala Lumpur office of Moores Rowland.[citation needed]
Netherlands
As of 2000, Mazars integrated "Paardekooper & Hoffman" (of the Netherlands), which employed more than 1000 people. In the Dutch audit market, Mazars ranks as the sixth-largest firm and contributes more than 15% of the total global turnover.[citation needed]
Jan Paardekooper founded Paardekooper & Hoffman in 1927. The firm worked with large clients involved in the maritime and harbour businesses of Rotterdam.[citation needed]
Pakistan
In April, 2010, Mazars integrated BearingPoint into their business in Pakistan, thus adding advisory services in management and technology for sectors such as microfinance, financial services and within the public sector.[20]
Poland
Mazars has been operating in Poland since 1992, currently employs over 300 specialists in Warsaw and Krakow and serves more than 800 Polish and international companies of various sizes.[21]
Qatar
Following a prior cooperation initiated in 2008 with Ahmed Tawfik & Co. CPA, an accounting and auditing services firm in Qatar which traces its roots back to 1976, Mazars entered into an international partnership in September 2011, becoming Mazars Ahmed Tawfik & Co. CPA.[22]
Mazars Ahmed Tawfik & Co. CPA[22] specializes in audit, accounting, tax and advisory services and has 30 professionals in its office.[citation needed]
Russia and CIS
Mazars has been present in Russia since 1995 and is an international player in the Russian market of audit and consulting services. Mazars established its presence in Russia in 1995. Today, its offices in Moscow, Saint-Petersburg and Togliatti employ over 350 professionals. The firm also has offices in Almaty (Kazakhstan), Bishkek (Kyrgyzstan) and Tashkent (Uzbekistan). The client portfolio of Mazars in Russia includes more than 600 companies.[23]
Singapore
Mazars in Singapore has been present in Singapore since 1979 (as part of Moores Rowland International network of firms) and became Mazars LLP in 2009.[citation needed]
South Africa
Mazars is one of the oldest audit firms in South Africa with a presence there since the early 1950s. It has over 1,000 staff, 73 Partners and 25 Directors operating out of 10 offices within South Africa.[24]
Thailand
In 2007, continuing its Asian expansion, Mazars merged with the Double Impact Group in Thailand.
Since then, Mazars Thailand[25] has grown to become the 6th-largest international professional services firm in Thailand, with over 300 consultants and 13 partners.[citation needed]
Turkey
Mazars Denge was founded by two partners as Denge Denetim YMM A.S. in 1977.[citation needed].
Uganda
Mazars integrated Ugandan audit and advisory firm BRJ Partners on 1 January 2018. Mazars announced the integration with BRJ partners in the annual partners meeting.[citation needed]
United Kingdom
Mazars & Guerard had a London office during the 1990s providing audit services to the UK components of AXA, Banque Nationale de Paris and Pernod Ricard. On 1 September 1998, Mazars, then the sixth largest French firm, merged with the British accountancy firm Neville Russell, then the 14th largest UK firm, to form Mazars Neville Russell.[26] Neville Russell was founded in 1901 by Charles Neville Russell to work principally with the insurance sector of the economy.[27] Neville Russell developed a reputation in London of being specialists in this area.[28]
In 2002, Mazars Neville Russell, as well as its counterpart firms across Europe, changed the name to become simply Mazars. Mazars currently employs 2,600 people in 15 offices[29][30] in the UK; turnover is around €234m.[31]
In April 2007, Mazars merged with the London office of MRI Moores Rowland which created a firm with turnover in the UK exceeding £90million.[32] Mazars, prior to the merger, was listed as the 14th-largest accountancy firm in the UK with about £65 million fee income;[33] following the merger and with the merger between Grant Thornton and RSM Robson Rhodes in the summer of 2007, Mazars was listed as 12th, with an estimated fee income of £90.3m.[citation needed]
United States
In April 2010, Mazars and Weiser, an audit and advisory firm with a strong presence in the northeastern region of the US, announced their merger, incorporating 74 Weiser partners into Mazars' international integrated partnership.[34]
Vietnam
Mazars has been established in Vietnam since 1994 and employs around 160.[35] Mazars Vietnam operates through its offices in Hanoi and Ho Chi Minh City. The managing partner of Mazars in Vietnam is Jean-Marc Deschamps,[36] based in Ho Chi Minh City.
Zimbabwe
In 2023, Mazars integrated with a local Zimbabwean audit and advisory firm (KLM Chartered Accountants) to form Mazars in Zimbabwe.[37]
Since April 2019, US President Donald Trump's attorneys have had an ongoing controversy with a House Oversight and Reform Committee's request for some of the President's financial records which may be in the possession of Mazars USA.[38] On 25 February 2021, the House Oversight Committee in the 117th Congress, reissued the subpoena to Mazars USA for the same documents it had previously sought.[39]
In 2022, following the collapse of FTX, Mazars was engaged by Binance to perform an audit and report on its assets held in reserve.[40] This was later halted following $6 billion of outflows from Binance in December 2022, before Mazars decided to suspend all work with its cryptocurrency-affiliated customers.[41]
References
^Mazars, Forvis. "Forvis Mazars Group". www.forvismazars.com. Retrieved 15 December 2024.
