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Welcome to the RSM Audit (Gibraltar) Limited 2024 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 the 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 to financial years beginning on or after 16 June 2016. Therefore, this would be our eighth year that we publish our transparency report on our website www.rsm.gi
This year is also our eighth 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$8 billion to US$9.4 billion for 2023, representing a 16% year-on-year growth at average exchange rates. In addition, headcount globally has risen by 13% to 64,000.
Global fee income for accounting and audit services rose by 15% to US$3.6bn, while RSM’s tax revenues jumped by 17% to US$2.6bn. Consulting revenue totalled US$3.1bn, representing a 16% increase on 2022. All regions showed impressive growth. Europe grew by 36% compared to 2022 as a result of sustained development across 33 Member Firms and the addition of RSM Ebner Stolz in Germany.
Middle market leaders increasingly require globally integrated services and solutions. Together, RSM UK and RSM US intend to establish a partner-owned, multinational organisation dedicated to delivering quality, globally integrated services for the middle market. The integration of the two largest firms in the RSM International Network would advance RSM’s global strategy by creating a leading platform for audit, tax and consulting services worldwide.
On the important subject of quality, our firm has successfully implemented International Standard on Quality Management 2 (“ISQM 2”) which deals with the appointment, eligibility and responsibilities of an engagement quality reviewer. In respect of International Standard on Quality Management 1 (“ISQM 1”), the annual evaluation conclusion was that the system of quality management provides reasonable assurance that the objectives of the system of quality management are being achieved.
In terms of data security, RSM has renewed its ISO 27001 certification. This certification gives our clients comfort that we are doing the very best we can to keep their data safe and secure.
The Firm continues to enhance our technological systems. A key milestone in 2023 was defining the RSM Audit of the Future and conceptually developing RSM Luca – our global digital audit ecosystem. This ambitious project represents a new approach to how we deliver audit services, incorporating cutting-edge technology and effective processes to further enhance accuracy, efficiency, and value for our clients.
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.
Moe Cohen
CEO