Welcome to the RSM Audit (Gibraltar) Limited 2023 Transparency Report.
Our report complies with the Gibraltar Financial Services Act 2019 and Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities.
An audit firm in Gibraltar is required to prepare an annual Transparency Report that meets the requirements of Article 13 of Regulation (EU) No 537/2014, as retained in Gibraltar law. This regulation is applicable for financial years beginning on or after 16 June 2016. Therefore, this would be our seventh year that we publish our transparency report on our website www.rsm.gi
This year is also our seventh anniversary with the RSM brand. We are delighted to form part of a strong and pioneering network. RSM operates as a ‘unified, global brand’, ensuring clients benefit from shared knowledge and best practice wherever they do business as well as being able to rely on quality local experience and understanding.
The Global RSM network has seen an increasing number of international, dynamic, middle market businesses choosing to work with RSM. We reported global revenues up from US$7.26 billion to US$8 billion for 2022, representing a 15% year-on-year growth at average exchange rates. In addition, headcount globally has risen by 10% to 57,000.
Growth was led by consulting services, which saw the highest gains at 37%, followed by accounting (11%), tax (8%) and audit (6%). RSM has seen its worldwide fee income leap by 41.7% in the last three years, driven by increased requests across all regions for client support to address shifting fiscal and economic policies, supply chain disruption and the business and human impacts of the pandemic.
The last year has seen our Firm enhancing our systems of quality and security.
Working closely with our international network, International Standard on Quality Management 1 (ISQM 1) was implemented. This involved performing risk assessments, identifying quality risks and then designing and implementing appropriate responses. The project went smoothly, and we were fully compliant by the 15 December 2022 deadline. We will continue to monitor and implement further updates where necessary.
In terms of data security, RSM were awarded the ISO 27001 certification. This is the world’s best-known standard for information security management systems (ISMS), and it is a big achievement that we have obtained this for RSM Gibraltar. The ISO certification will help give our clients comfort that we are doing the very best we can to keep their data safe and secure.
Further on the important subject of quality, our firm is now preparing for International Standard on Quality Management 2 (ISQM 2) which deals with appointment, eligibility and responsibilities of an engagement quality reviewer. This standard becomes effective 15 December 2023, and our firm is well ahead and currently at the final stages of finalising its ISQM 2 policies and processes.
RSM has developed a new 2030 Global Strategy: ‘Taking Charge of Change’. It is a strategy that is transformative, modern, embraces change, and is ready to meet the expanding needs and expectations of our various stakeholders. At RSM, we help clients overcome new challenges, embrace change and adapt to thrive.
Through this transparency report, we aim to affirm our commitment to accountability and transparency, focusing on our approach to quality, our culture and values, our people, our technology, and promoting and monitoring adherence to independence and integrity.