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October 25, 2010

Mazars Japan partners with SCS Global

Mazars Japan has merged its audit operation with assurance services firm SCS Global. The combination will enable Mazars to provide statutory audit services to Japanese listed companies as well as banks and insurance companies.

SCS Global is partnership of Japanese professionals that help Japanese companies establish abroad, particularly in Asia where the firm has a wide network of offices.

Currently both Mazars Thailand and Indonesia have collaboration agreements with SCS Global and are fully integrated with the firm.

Mazars will provide SCS Global with international standards and technical support and both firms will be able to work together on Mazars’ global audits.

As part of the collaboration, SCS Global will also now be known as Mazars SCS Global Audit Corporation in Japan.

Mazars Japan managing partner Bruce Darrington told the International Accounting Bulletin the merger has boosted its audit team to 20 people and will bring in estimated revenue of about ¥162m ($2m) in the year to 31 August 2011.

Darrington said the firm expects to have 30 audit staff by the end of the fiscal year.  

“We will be operating in English, which will be unique in Japan as everybody normally operates in Japanese. Our Japanese partners are very international and most of SCS’s employees and partners are based overseas in countries like Singapore, which is actually their headquarters,” Darrington said.

“We think this will be attractive for cross-border work. Even the Big Four find us useful because when they are trying to do work in Japan that is part of something global we are actually quite convenient and we do a lot of work already for them here but that’s going to be strengthened.”

Darrington said the firm’s business is primarily foreign companies that work in Japan and Japanese companies that operate overseas.

“We have an inbound and outbound focus and that’s where our advantage is going to be,” Darrington said. “It happens to be where the growth in the Japanese economy is going to be. There isn’t much growth for Japanese companies in Japan but there is still overseas where they are setting up factories in India, China, Vietnam and Thailand. Many of them are now more overseas than they are in Japan and that’s where we come in.”

 

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