RSM International has strengthened its European presence with the admission of two new member firms in Italy.
H-Audit, one of the country’s largest audit firms and Synergia Consulting Group, a network of independent tax consultancies, have joined the network.
The additions mean RSM is the largest mid-tier group in Italy outside the Big Four, with 356 staff and a combined fee income of €32.8 million ($52.1 million).
According to the recent International Accounting Bulletin survey of the Italian profession, RSM would have been placed as the fifth largest Commissione Nazionale per le Società e la Borsa (CONSOB) licensed accountancy group, just above Mazars (€28.1 million) but well below the smallest of the Big Four firms Deloitte (€171.4 million).
Marcello Rabbia is Synergia’s international contact partner. He said there were two main reasons for joining RSM International: geographical coverage and the level of quality that RSM offers to its clients.
“We were already in the international network of HLB previously, but we felt that we needed to move to another network with a stronger presence where it really mattered like in the US for example,” Rabbia explained.
“Our corresponding member in the US is very strong and developed, which is particularly important because from our past experiences, a strong US member creates a strong influence and gives the opportunities for a real show over there.
“We have already met with our US member and all their tax and audit partners. We are very pleased with their leadership as well as their focus on high quality services.”
Synergia has 306 staff members in 17 offices throughout Italy, with two head offices based in Milan and Turin.
The firm provides tax advisory and compliance services, general management advisory, accountancy and bookkeeping, corporate finance, as well as re-organisation and bankruptcy services.
H-Audit, now known as RSM Italy, has 50 staff members and five offices in Milan, Rome, Padua, Bologna and Palermo. It provides services in assurance, IFRS/IAS transition, internal audit and law, due diligence, fraud investigation and dispute services.
The firm grew revenue by 38 percent last year and hopes to maintain double-digit growth in the years ahead.
RSM Italy international contact partner Stefano Bianchi added: “Our aim is to target a 20 percent fee increase for the next three to five years.
“Firstly, we want to leverage in the network. Secondly, we want to target listed companies because the audit market is very concentrated on the Big Four right now. We want to try and move this situation and try and get some of those clients.”
Bianchi added that the firm will be working alongside Synergia to provide internal auditor transaction support and to develop its practices in providing consulting to private equity funds.
“We have a very close relationship with them and will continue to thrive through our joint membership of RSM,” he said.
In the past six months, RSM International has appointed member firms in China, Israel, Ukraine, Philippines and Spain. More additions are anticipated shortly. The Chinese addition, Zhongrui Yuehua Certified Public Accountants, is the fifth largest domestic Chinese firm.