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moreWelcome to the RSM Audit (Gibraltar) Limited 2021 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 fifth year that we publish our transparency report on our website www.rsm.gi.
This year is also our fifth 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$5.7 billion to US$6.3 billion for 2020, representing a 9.2% year-on-year growth at average exchange rates (9.5% at constant exchange rates). 12 new offices opened as global team numbers reach 48,000.
Twelve months of growth have been spearheaded primarily by an increase in consulting services (15%). This was driven by demand for management and business consulting, IT consulting and risk management, as RSM supported middle market business leaders in their response to the pandemic, the reorganisation of their business operations and the digitalisation of their infrastructure. Significant audit client wins in 2019 contributed to a 10% increase in audit revenue in 2020. Audit services were further enhanced through the launch of an innovative online collaboration tool to enhance client experience, enable efficiencies in audit, compliance and advisory services, as well as offering integrated data analytics capabilities.
In addition to investment in technology, we continue to invest in people. 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. A number of auditors have been recruited this year 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.
Without doubt one cannot forget to mention how the worldwide pandemic has affected businesses and people. A year on, and there is much uncertainty on how the pandemic is going to pan out. We look at it from a positive angle and believe that RSM, and importantly our clients, would emerge as more robust and resilient businesses.
Our people not only have assisted clients through these challenging times but have supported the community. This generosity has been reflected in their participation in 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.
RSM and the world are still faced with challenges but we remain focused on providing innovative, high quality services and solutions to clients by harnessing technology, effective communication, investment in people with a strong sense of community both by our local practice and the RSM Network itself.