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Welcome to the RSM Audit (Gibraltar) Limited 2022 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 sixth year that we publish our transparency report on our website www.rsm.gi
This year is also our sixth 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$6.3 billion to US$7.26 billion for 2021, representing a 15.8% year-on-year growth at average exchange rates. More than 40 new offices opened around the world resulting in headcount increasing to over 51,000.
Growth was led by consulting services, which saw the highest gains at 38.2%, followed by accounting (18.7%), tax (8.4%) and audit (7.6%). These figures mark the seventh consecutive year of strong growth globally. 2021 saw RSM Member Firms transition from supporting clients through the pandemic to investing in a radically different post-pandemic future. The adoption of new technology, evolving sustainability commitments and a wave of M&A activity among the global middle market were key drivers of growth.
RSM continues to enhance its technological platform. In particular, the further development of the audit tool (RSM Orb) and the adoption of a new online integrated global independence, entity management and service authorisation system (RSM InTrust). RSM provides effective communication with the client via our portal (Inflo) and analytical solutions (CaseWare IDEA).
The introduction of International Standard on Quality Management 1 (ISQM 1) forms the basis for continuing with the transformation of audit quality in the profession. RSM has devoted time and resources so that a robust System of Quality Management becomes effective by 15 December 2022. In addition, RSM takes client and employee data security seriously and is currently working towards the ISO 27001 certification.
Our people are at the heart of our business and success. They are indeed the face of RSM and are responsible for delivering high audit quality. We continue to invest in people and this year we have had a significant and successful intake.
RSM aims to give back to the community and so for one day a year, RSM offices worldwide close, in order for employees and partners to carry out community activities. This year, the theme is Owning our Future.
RSM also participates in other philanthropic activities and in providing pro-bono services to local charities, including Clubhouse Gibraltar, The Gibraltar Philharmonic Society and The Duke of Edinburgh International Award - Gibraltar.
As we enter a Transformation Era, due to challenges faced globally by organisations, societies and governments in this post pandemic world, RSM continues to provide high quality service through flexibility and agility and by providing technological solutions, empowering our team members with data and automated systems towards delivering our services. We are committed to assisting clients to overcome these challenges and harness opportunities so that they thrive in this new business era.