Welcome to the RSM Audit (Gibraltar) Limited 2020 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 is required to prepare an annual Transparency Report that meets the requirements of Article 13 of Regulation (EU) No 537/2014. This regulation is applicable for financial years beginning on or after 16 June 2016. Therefore, this would be our fourth year that we publish our transparency report on our website www.rsm.gi
This year is also our fourth 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 of US$5.74 billion for 2019, representing a 6.9% year-on-year growth at average exchange rates (8.8% at constant exchange rates). The network also reported a headcount increase of 1,872 and 54 new offices across the globe. Twelve months of growth have been spearheaded by an increase in the network’s tax services (11.7%) and consulting services (7.2%). There has also been key merger activity in China and France, and an enhanced presence across Africa.
Our investment in people continues where we seek to recruit the best out there. We are currently recruiting a number of auditors at different levels.
The RSM service package offered to clients by our local practice is supported by other service lines offered by three associated firms with the aim to provide clients with a ‘one stop shop’ subject to any independence and / or ethical considerations.
This year we have seen the introduction of our new global audit methodology RSM Orb. This includes a robust audit tool to deliver high quality audits. We have embraced the new methodology and technology. This was achieved by a comprehensive and effective training programme and regular reviews by our technical and quality assurance teams.
Moreover, 2020 will be a year remembered by the outbreak of the worldwide coronavirus pandemic. RSM, like the rest of the global economy, is having to deal with the uncertainty caused by the pandemic. Our people have successfully adapted to working virtually from home with the right technology and infrastructure in place to support them. Effective planning and communications have helped in completing audits on a timely basis despite the limitations and constraints on the audit process some of the clients’ businesses. Plans are in place to continue to adapt whilst the pandemic continues
In respect of Brexit, we believe that the work being undertaken by the Government and Industry together with multi-faceted dimension of RSM Gibraltar, will put the business in good stead.
Our Firm encourages our people to partake in philanthropic activities and provide pro-bono services to local charities, including Clubhouse Gibraltar, The Gibraltar Philharmonic Society and The Duke of Edinburgh International Award - Gibraltar.
The coming year will be a challenging but we are confident that we will be able to work with our clients and stakeholders and will continue to add value.