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Hub 01 2016
1. #1
A Shared Vision for 2020...
Expert
Working Groups
Map out the future
Look Who’s Holding the Praxity Reigns
Bio’s & views of the new Praxity Board,
Governing Council & Membership Committee
3. Gordon Krater,
Praxity’s new Vice Chair
“I really enjoyed spending time with our friends from ShineWing and
interacting with all of the other Praxity firms in attendance at Beijing.
I was extremely impressed with the changes that have taken
place in China over the past 20 years—the amount of economic
development and how passionate the people are about what they
do and who they serve. It was a wonderful experience.”
4 HUB 2016 ISSUE #1 Read more at www.pmm.co.uk/blog
Zhang Ke, founder and Chairman
of ShineWing and new Governing
Council Member
“I believe there are at least two key reasons why Praxity chose Beijing for its 2015
Global Conference; firstly the attractiveness of China’s economy and our market,
and secondly the trust and recognition of ShineWing. It was a great pleasure for us
to provide assistance during the conference, and to help the delegates understand
Beijing and the opportunities that exist and are emerging in China.
“Capital globalization and informization are challenges facing the entire industry.
However, we should also recognize the opportunity they bring to us. As the new
member of Praxity’s Governing Council, ShineWing and I look forward to continuing
our work with other members and contributing to Praxity’s expanding influence and
repaid growth.”
Philip Verity, Mazars UK Senior Partner
and new member of the Praxity Board
“Our global strength is the key to our future and I absolutely believe that if we pull
upon each others expertise, we will emerge even stronger. Success and growth for
all will come down to each firm’s personal as well as collective ambitions.
“The Mazars Group has a very clear strategy for the next five years. In the UK we
are striving to reach 7th position in the market with an annual income of £250m;
internationally the Group target income is nearer €2 billion. But more than financial
metrics, to reach our goals we will be even more focused on our strategic markets
(financial services, international listed businesses and middle market / privately
owned businesses) and on serving the needs of our international clients. Rather than
being broad-based in our offering, success will come if we properly leverage the
deep sector expertise that’s available within our global alliance.”
Jason Tuffs, MNP’s new CEO
“Technology continues to impact the needs of our clients and, accordingly, the
services that we provide to our clients. It’s always been important to be more
than just a provider of compliance services. We’ve needed to be an advisor.
This will be even more so going forward as certain compliance activities
are automated. Our vision at MNP is to be the pre-eminent full services
firm in Canada, focusing on entrepreneurial companies. Praxity shares this
entrepreneurial focus and a commitment to our clients’ experience. We believe
this common approach will allow us to identify and capitalize on opportunities
as they develop while ensuring our client experience continues to be at the
forefront of what we do.”
HUB 5
Making great
connections
in China
PM+M’s Tim Mills and David
Gorton mastered the Great Wall of
China, although the Beijing driving
experience proved a little hairy for
the two corporate finance partners.
Reporting back to their Lancashire
colleagues, the two globe trotters
endorsed the benefit of having direct
contact and the ability to network
face-to-face with likeminded advisers
CONFERENCES CONFERENCES
in all corners of the worlds saying:
“The conference enabled us to make
new connections and also meet old
contacts. It was insightful to hear and
see how China and its people have
adapted to significant changes in a
relatively short period of time.” On his
return, David also provided clients
with a summary of the opportunities,
business challenges and how to
leverage success.
A shared vision for 2020
As Praxity fast approaches its 10th anniversary, the 2015 Global
Conference in Beijing provided the perfect forum to not only focus
on past successes, but also firm up plans for the future. The Board
met to scope out Praxity’s strategy, drawing upon feedback from
delegates about how the Alliance can maintain its strength and
continue to assist clients with global needs.
New Vice Chair Gordon Krater summed the future vision up saying “our
number one goal remains unchanged - taking care of and fulfilling clients’ needs
around the world. What we need to be is less neutral and confidently proactive
in our approach.”
During the 2020 seminar, spokespeople from some of the most recent
member firms, MNP, ShineWing Australia, Pirola and Flick Gocke
Schaumburg, reaffirmed that this global coverage was one reason their
firm joined Praxity in the first place. The ability to access high quality firms
without having to rebrand their business was also cited as a critical factor.
Marco Carlei, Managing Partner of Praxity’s newest member, ShineWing
Australia, expanded on why their decision to cut ties from another network
and rebrand, although considerably challenging, was the right move.
“Put simply, we had outgrown the federated model, and this was dictated by
our clients. Praxity had all the ingredients that we needed to capture the
exciting opportunities ahead. The firms in front of me today I know were the
envy of Moore Stephens. And now we have a key differentiator - a shared
vision for 2020.”
Focused
on the future
Mindful of the critical industry
trends, the Praxity Board agreed
unanimously that in order for
individual firms to realise their
strategic ambitions, Praxity will
continue to focus on:
• Elevating people’s understanding
of who Praxity is… through brand
recognition, industry accolades and
clearer explanations in promotional
resources and the Praxity website.
• Being more strategic in our approach
to geographic representation (see
country survey page 8) and securing
multiple-firm representation in at least
the G20 countries.
• Attracting new firms that bring
something different to the Praxity
footprint, based upon client’s specialist
needs outside of audit and tax.
• Continuing to treat every client referral
as if it is your most important client.
• Defining service and industry groups
that meet client’s future needs,
introducing a clearer internal matrix
where groups can co-exist.
• Developing the Praxity website,
making it more user friendly and
intuitive to navigate.
4. HUB 76 HUB 2016 ISSUE #1
Record-breaking turnout
It’s official; the 2015 North American International
Tax Conference hosted in Austin, Texas was the
largest gathering of Praxitarians to-date.
With over 230 attendees, including circa. 35 from outside of North America, and
augmented by 30 State and Local Tax (SALT) specialists, the event, hosted in early
November at the Hyatt Regency, Austin, focused on the interaction of international tax
concepts with US state and local taxation.
Extending the invitation externally, the tax working group welcomed more than 65
clients and prospects to the conference - again a new record for the Alliance. Feedback
quotes like “these people make tax fun,” and “best in the business,” reinforced the value
of hosting a conference of this scale. “A large number of delegates expressed the benefit
of networking, with 42 saying it was the most valuable aspect in the post-conference
evaluation,” notes Praxity’s Executive Director Græme Gordon. Continuing previous
conference themes, attention was given to the trending and conceptual tax issues in the
US, Canada, Mexico, and Puerto Rica. In addition, speakers from Europe, Asia, South
America and Australia shared constructive insight on tax issues from their regions that
affect US multinationals. Recent developments to BEPS, as well as transfer pricing,
conflicts with PE rules and effective tax rate planning were also covered off.
The CFO track was a new feature this year and was designed specifically for non-
tax professionals seeking a better understanding of the concepts and issues facing US
multinationals. The two technical tracks - intermediate and advanced - proved equally
popular and counted towards 12.5 hours of CPE.
Steve Amigone, the North American Tax Group Chair, noted: “We had a lot of fun
this year - I am very proud of the increased enthusiasm as well as involvement by
younger tax folks, assurance professionals, clients, and international colleagues. As
attendance continues to grow, this conference has become a hallmark of Praxity’s ability
to deliver seamless global solutions for our clients. Through the collaborative effort of the
North American steering committee, we hope to build momentum and extend our reach
even further.”
Plans are already underway to host the 2016 conference, with Nashville and New
Orleans being explored as potential venues. “We want to expand and further enhance
the CFO track in 2016 and are eager to source a venue that is as dynamic as Austin,”
says Steve. Watch this space!
CONFERENCES Showcasing
Praxity teamwork
• In 2011, North American Praxity
firms realised the benefits - cost and
collaboration - of hosting a conference
together and the value of extending
invitations to important clients and
third parties.
• This year’s November conference
included nearly 30 separate presentations
and 62 presenters. Information and course
materials can be found at
www.praxity-conferences.com.
• An evening cocktail reception enabled
Praxity hosts, clients and third parties to
network in a non-technical setting.
• Evaluations revealed that attendees
valued the opportunity to train, network and
leverage the Praxity teamwork advantage.
Q&A
BEPS:
Which way
now?
The OECD issued the final
recommendations about how
multinational companies should be
allowed to shift profits among different
tax jurisdictions on 5th October 2015.
Comprising 15 Action Plans,
the final reports were endorsed by
the G20 nations plus India and are the
culmination of two years of intensive
work to tackle base erosion and profit
shifting (BEPS).
Rob Wagner, Chair of Praxity’s Global
Tax and Fiscal Working Group, shares
his views on what the new package of
measures mean for clients, how firms can
help them prepare, what the post-BEPS
international tax scenario might look like,
and the priority elements we are likely to
see being rolled out.
What did you think of the final package?
I continue to believe the project was
worthwhile and has done its job in terms
of raising awareness. It’s been very useful
to determine the critical issues that need
to be addressed and look now for changes
to be enacted around the globe. Some
countries will do a lot more than others.
That’s because some countries, like the
United States, already feel like they have
rules in place to curtail abuse such as CFC
legislation, limitation on benefits articles in
income tax treaties, etc.
How will the measures be implemented?
Some of the measures may be immediately
applicable such as the revised guidance on
transfer pricing. Others will require changes
to bilateral tax treaties, something that
can be done via the multilateral instrument
under Action 15. And of course some will
require domestic law implementation. The
OECD has already said that there will
be monitoring, including targeted
monitoring of the minimum standards on
treaty shopping, on dispute resolution
and on the implementation of country-by-
country reporting.
Are the BEPS outputs legally binding?
No, they are soft law legal instruments.
However, while they are not legally binding,
there is an expectation that countries that
are part of the consensus will implement
FEATURE
them accordingly. There are areas I expect
will converge over time, such as hybrid
mismatch arrangements, transfer pricing
documentation and country by country
reporting, and I look for changes to the
US law in these areas. However, I think it
is highly unlikely the US would adopt any
transfer pricing legislation that deviates
very far from the arm’s length standard
currently used.
Do you have any concerns about the
next phase?
Like many of my tax colleagues I am
concerned about whether governments
will enact laws around the world that are
politically motivated and inconsistent with
BEPS. An example being the UK diverted
profits tax system. Another personal worry is
whether tax authorities around the globe will
be adequately staffed and trained on BEPS
so that the rules are appropriately applied.
Realistically, there could be more potential
conflict in a post BEPS world with some
tax authorities not accurately understanding
the rules, instead asserting BEPS as their
means for posting tax adjustments against
multinational companies.
There have been reports that BEPS will
affect around 9,000 companies globally.
How will it affect multinational clients
that Praxity member firms serve?
Most Praxity member clients are medium
sized enterprises and the vast majority of
these are not engaged in overly complex
or sophisticated tax structures. While it is
fair to recognize the service opportunity for
Praxity firms, a significant concern is the
potentially massive compliance and cost
burden. This is worrisome, as medium
sized businesses are still the backbone of
most countries around the world.
Do you think Country-by-Country
Reporting will impact SMEs?
Not immediately. The measures have been
crafted to exclude companies with interest
below a certain de minimis threshold, and
the new Country-by-Country Reporting
template does not apply to groups
with annual consolidated revenue in
the immediately preceding fiscal year
of less than EUR 750 million. However,
governments do have a tendency to
reduce the thresholds over time with new
rules creeping in.
What will BEPS mean for emerging
economies?
Overall, I think that this will be positive for
emerging economies and a fairer system.
Previously, there were strong perceptions
that profits were stripped out of these
developing countries and transferred to
the parent company, and this can be
perceived as a moral issue. That said, I
do not believe formulary apportionment,
allocating profits largely on headcount,
assets, etc. without taking into account
valuable intangibles, is a fair way to
allocate profits.
How can Praxity member firms work
together to help SMEs affected?
Uncertainty is an impediment to business
and that’s where we can help by increasing
communication, helping our clients prepare
for the impact and anticipating specific
issues. Praxity participants have access to
people in most jurisdictions on the ground
and they are able to read the situations as
they unfold. This creates a huge service
opportunity for people to work together.
We already have strong expert working
groups evidenced by the popularity of our
international tax conferences. There’s a lot
of information sharing that goes on behind
the scenes, including conference calls and
steering committee meetings. That level of
collaboration will continue.
The OECD has published a comprehensive
FAQ section on their website, including the
top questions for each Action. The content is
available in English, French and Spanish.
www.oecd.org/ctp/beps-
frequentlyaskedquestions.htm
Discover more in Vienna
15th to 17th May 2016
Want to learn more about how
BEPS will impact your clients and
what you can do to assist? Come
along and network with the Praxity
tax experts at the next Global Tax
and Fiscal Conference in Vienna.
Booking will open in early 2016.
For more details visit
www.praxity.com/conferences
Seamless handover
at UK Conference
Exiting UK Praxity Chair Neil Relph
used the autumn UK conference hosted
late September in Coventry to highlight
his satisfaction at how far the group
has come during his three-year tenure.
Addressing delegates during the
meeting, Neil re-emphasised the value
of firms collaborating and strengthening
relationships, both in the UK and globally.
“It has been a personal honour and
privilege to chair this group,” comments
the managing partner of Rouse Partners
who proudly hands over the reigns to
successor Alistair Fraser of Mazars. “From
these twice-annual meetings it’s evident
that collaboration does bring success.
Over the last three years I have seen many
situations where firms are using the skills
or competency of other firms to win work
and enhance their client offering. Examples
include large corporate finance projects,
where a larger presence or bank panel
listing is required.”
With attendance up 11% on last year’s
Autumn Conference, it’s clear that
engagement and participation within
the group continues to increase. Neil
observes: “In recent years we’ve benefited
from having professional counterparts from
the US and Germany at these meetings
and I hope that this trend continues as it’s
vital for strengthening relationships.”
Another major success noted by Neil
during his chairmanship is collaboration
across the specialist working groups.
At the Autumn Conference, audit, tax,
marketing and IT were among the
groups sharing ideas, brainstorming and
discussing key topics. “When you are
looking for the optimal solution, getting a
different perspective from a specialist of
another firm can really benefit our clients.”
Praising the efforts of his many
colleagues, Neil acknowledged that for
several managing partners, this would
be their last Praxity conference. “In the
last three years there have been several
significant changes and it’s been my great
pleasure to work with all the managing
partners. My thanks and best wishes
go out to Tony Robinson (Forrester
Boyd), Steven Anderson (PM&M) on his
forthcoming retirement in April 2016,
David Dickson (Garbutt + Elliot) in his
semi-retirement and David Griffin (Albert
Goodman) who will soon retire. All of
these changes underpin the importance of
succession planning within our profession.
And I’m delighted to welcome the newest
members to the group, including Richard
Bugler (Albert Goodman), Peter Fern
(Forrester Boyd), Russell Turner (Garbutt +
Elliot) and Jane Parry (PM&M).”
Offering his full support to new UK
Chair Alistair Fraser, Neil also praised the
efforts of the Praxity Executive Office for
organising and managing the regional and
global conferences. “As we enter 2016
and continue to implement our strategic
vision for 2020 it’s evident that Praxity
member firms are in a strong position to
share global and local expertise to benefit
our clients. Next year I strongly encourage
that members sign up to at least one
conference and if you’ve yet to attend a
Global Praxity Conference, Gleneagles
in Scotland looks set to be another
great experience.”
For more information on all past and
forthcoming conferences, including
presentations, please visit
www.praxity.com/conferences
RobWagner
5. 8 HUB 2016 ISSUE #1 HUB 9
EXPANSION EXPANSION
Using the Beijing conference
as the platform to outline
Praxity’s ambitions for 2020,
previous Praxity Chair Rick
Anderson reaffirmed that
as an Alliance, Praxity is in
a strong position to expand
and grow further.
“Year-on-year, we have and
continue to be extremely successful
the world over,” highlighted Rick.
“Praxity is continuing this growth
trajectory and the gap between our
Alliance and our peers is closing fast.
Overall, we are extremely strong
with solid representation in all the
key economies.”
As we approach our 10th
anniversary and looking ahead to
2020, Praxity’s new Vice Chair Gordon
Krater (see page 18) reiterated that we
will continue to strategically approach
and attract firms with specific
capabilities that serve our clients’
international needs. “The Board has
agreed that we should have multi-firm
representation in at least the G20
economies. We are not looking to add
more of the same, but for firms that
We’re aiming
to be the
BIGGEST
and the BEST!
can bring something different to our
footprint, including different pricing
models and capabilities outside of
audit or tax.”
Taking over the helm of Praxity,
effective 1st January 2016, new
Chair Hilton Saven added that from
a size perspective Praxity can hold
its head high. Having mapped out
visually where other networks and
associations - our peers - have
representation, and where Praxity is
represented, the board has been able
to gauge the target countries where
we may want to expand our presence.
The Executive Office then canvassed
the opinions of Member firms in order
to drill down and see where Praxity
should focus its recruitment resources.
All Managing Partners were
invited to participate in the survey.
Of the nine countries identified, the
results revealed that recruiting new
members located in the Virgin Islands,
Philippines, Bulgaria and Zimbabwe
would be valuable. Spain and Cuba
were also added to the list.
Hilton said: “It is not our philosophy
to put flags around the world for the
sake of size, but rather approach firms
where there’s a genuine client need.
We will then approach likeminded
Praxity firms that can handle the
referrals and maintain the high level of
service that our current members and
their clients expect.”
The Praxity Executive Office
continues to actively look for firms
that meet Praxity’s high standards in
the six countries identified. “Many of
the quality firms in these countries are
currently satisfied with their existing
association,” notes Praxity COO
Helen Jennings. “We will monitor the
situation as your client’s global needs
evolve by conducting these surveys
twice a year. The more managing
partners that take part, the more
accurate the data will be, which will
enable us to really focus our energy on
the countries where representation is
most needed.”
Closing his final presentation in
Beijing, Rick urged fellow members
to inform the Praxity team if there
are other countries where there’s a
genuine client need and to pass any
potential leads for firms that could be
tempted to switch onto Helen and
the team.
Please email: hjennings@praxity.com
“
”
companies, entrepreneurs, private
equity groups, investors, lenders, and
attorneys and assembled a fantastic
team of professionals in the process,”
says Aronson’s Managing Partner
Jeffrey Capron. “Realigning our service
platform in these disciplines will
streamline our operations
and enable us to service our clients
more effectively.”
Although an established practice,
the appointment of partner Payal
Vadhani to Aronson’s Technology Risk
Services team is equally strategic
with growth on the cards. Core
services available through the
Technology Risk Services practice
include internal IT auditing;
Governance, Risk, and Compliance;
cyber security; process improvements;
and audit and attest services.
A seasoned executive with over
15 years of assurance and risk
management experience, Payal is well
placed to offer clients a wealth of real
world expertise. Commenting on her
new role Payal says: “I’m honored
to play a vital leadership role and
grow this practice further. Our goal
is to position our clients to effectively
manage their technology risks
underpinned by a strong focus on
next generation thinking and superb
risk management execution.”
Aronson keeps client risks real
For the full stories,
visit www.aronsonllc.com.
For more information on these exciting
practice areas, please contact Angie
Collier, Director of Business Development,
at acollier@aronsonllc.com
Aronson LLC has announced the
significant growth of two practice
areas. With news of its recent
realignment, the Financial Advisory
Services practice centralizes the
firm’s wide range of skills and
resources. The addition of new
partner Payal Vadhani to the firm’s
Technology Risk Services practice
further strengthens Aronson’s
expertise across the board.
Core services available through
the Financial Advisory Services
practice include forensic accounting
and litigation support, valuations,
transaction services, M&A
advisory, corporate finance, and
strategic advisory.
“Over many years we’ve offered
these services to middle-market
G’day Brisbane
Swiftly following its inaugural move
into Sydney in June, ShineWing
Australia is continuing to expand
its presence and capabilities on the
Eastern seaboard, opening an office
in Brisbane in early October.
Managing Partner, Marco Carlei
comments: “ShineWing Australia is
committed to building our reach in
the markets that matter most to our
clients. The opening of these two
offices creates greater opportunities
for our clients in Australia, Asia and
internationally.” Leading the Brisbane
office is new partner, Stuart Cioccarelli.
Moving across from Deloitte
Brisbane, Stuart brings with him
extensive experience in advising large
listed corporations and multinational
businesses with a particularly strong
track record in energy and resources,
infrastructure, consumer products
and tourism. “Having this powerful
range of skills, experiences and
perspectives will help drive the
growth of our clients’ businesses,”
emphasises Marco.
For the full story, please visit
www.shinewing.com.au
Chartered accountants and charity
specialists Ian Pickup & Co has
merged with UK firm Garbutt + Elliott,
with both firms ambitious to expand
their reach in the charity and not-for-
profit sector.
The team formally relocated to
Leeds, merging with Garbutt + Elliott
in October, creating a 15-strong
department dedicated to the sector.
Headed by partner Nigel Shaw, the
merger now means that Garbutt +
Elliott serves more than 100
charities and not-for-profit clients
across the north of England,
providing auditing, VAT compliance,
accountancy, taxation and other
consultancy services.
Nigel comments: “This merger
takes us to a new level and provides
a springboard for more success and
continued growth moving forward.
Although Ian Pickup was approached
by a number of our competitors, he
felt we provided the best fit for his
clients and staff in terms of sharing the
same values and culture.”
Joining Garbutt + Elliott as partner,
Ian says: “Merging with Garbutt +
Elliott will allow our clients to
Charity begins
in Leeds
access the full range of accounting
services and expertise that they
now require and demand, in order
to operate more effectively and
efficiently. It was important that our
chosen partner had the same interest
and belief in the charity sector and
was committed to helping our clients
achieve their aspirations.”
Garbutt + Elliott launched its
charity team three years ago and has
since seen year-on-year growth. In the
firm’s last financial year, its client roster
has doubled and fees have increased
more than 25 per cent. Recent client
wins include Yorkshire Agricultural
Society, York Blind and Partially
Sighted Society, Square Chapel Trust,
Marie Collins Foundation, Northcall
and the Human Relief Foundation.
For the full story, please visit
www.garbutt-elliott.co.uk
PayalVadhani
Russell Turner, Nigel Shaw and Ian Pickup
6. 10 HUB 2016 ISSUE #1
Retracing our past in Beijing, ex-Chair Jos van Huut claimed that the Alliance’s name Praxity was derived by
combining two words - Practices with City. “An agency presented us with a long list of potential names. After
meeting to discuss how we should structure this business model, three of our four co-founders returned to our
respective cities, opened the envelop independently and picked the name Praxity,” claims Jos.
“We were equally united in our vision for this Alliance,” adds Jos. “An integrated structure was a no go area, as we each
understood how much we valued our own brands and independence. Forming an Alliance gave us the flexible business model
that would also enable us to access international expertise, particularly across specialist practice areas. It was a conscious
decision not to become a network.”
One of the greatest successes has been the sharing of knowledge, best practice and resources through specialist Working
Groups. Several of the most enduring, as well as a number of the newer committees met in Beijing to refine their plans and firm
up their ambitions for the future.
WORKING GROUPS WORKING GROUPS
Expert Working Groups
map out the future
Established: Approaching 6 years, after originally meeting in March 2010.
Number of active group participants: 300+
Comprises experts in: Core international tax, transfer pricing, global
mobility services, and indirect tax.
Chair: Rob Wagner, Managing Partner of BKD, International Tax Services
and SALT (rwagner@bkd.com).
Last major networking events: The annual Praxity Global Tax Conference
in Brussels, May 2015 and Praxity North America Tax Conference in
Austin, November 2015 (see page 6 in this HUB).
Next big meeting: Vienna, 15th-17th May 2016.
Greatest success: Regular collaboration between Praxity member firms
on cross-border client engagements.
Praxity marketing resources available to share with clients:
• 30+ country-specific tax and business guides
• Global real estate tax report
• European VAT guide
• Brochures for cross-border tax services, expatriate tax services, and
transfer pricing services
• Cross border taxation of software contracts
• BEPS conference 2015 – a summary of the key note speaker
presentations
• Bi-weekly International Tax Blast, featuring key news stories relating to
global tax for corporations.
Current hot topics of conversation: The OECD's BEPS
recommendations (see page 7 of HUB) and the impact of country-by
country reporting for multinational clients.
By 2020 we want the group to be: Engaging the services of participants
on a regular basis and have clients talking about our global expertise
and the benefit of being able to access seamless tax structuring, transfer
pricing, due diligence and expatriate tax services through the Praxity
Alliance. We also want to involve the market place in our tax conferences
to have the tax group become more market facing, demonstrate our global
reach and increase collaboration on cross border tax projects.
Rob's tips: Tax professionals need to be responsive and getting to know
each other on a personal level at the conferences helps to facilitate this.
Also, keep your Praxity My Site profiles up to date, so your international
counterparts can instantly reach out to you when specific expertise is
needed and facilitate efficient response to requests for proposals.
Established: Re-launched 18th October 2015.
Number of active group participants: 60+
Comprises experts from: Audit, tax structuring, transactional services,
M&A and due diligence, providing insight and legislative guidance on energy,
mining, utilities and other natural resources.
NEW Chair: Matt Schofield ShineWing Australia, Partner of Assurance &
Advisory Services (matt.schofield@shinewing.com.au).
Last major networking event: The annual Praxity Global Conference in
Beijing, October 2015.
Greatest success: ShineWing Australia was asked to audit a newly acquired
subsidiary of China’s largest Lithium Producer, Sichuan Tianqi Lithium. The
acquisition was the largest ever Privately Owned Enterprise Investment by
China into Australia. The new subsidiary had group entities based in Canada
and Chile. In order to win the audit, ShineWing Australia had to demonstrate
that the Praxity Network had strong firms in Canada and Chile. To complete
the audit ShineWing Australia teamed up with MNP in Canada and Mazars
Chile to provide a seamless audit process.
Praxity marketing resources available to share with clients:
• Industry updates
• Extranet information portal (work in progress).
Current hot topics of conversation: China’s “One Belt One Road” strategy
and what it means to our sector. General consensus is that the scale of the
projects involved with this strategy will ensure demand is sustained for all
resources but in particular iron ore, coal and oil. Also, India’s energy demand.
Some of the largest coal fired power stations in the world are currently being
constructed in India. The demand for energy to ‘keep the lights on in India’
will create significant demand for coal, gas and renewable energy.
By 2020 we want the group to be: A genuine alternative to the Big 4 in the
provision of cross border professional services to the Energy and
Mining sectors.
Matt’s tips: Developing relationships with global colleagues is fundamental
to our success. Confidence breeds confidence, and we must start to
showcase examples of where Praxity member firms are working together to
support clients.
Concept: Similar to the structure of the Global Tax Group, with North
American, European and Asia Pacific sub groups, plus a global FAS Group.
Number of active group participants: 15+, although it’s early days.
Comprises experts in: Valuation, cross-border transactions, financial, HR
and legal due diligence.
Chair: Gerhard Meyer, Managing Partner, FALK & Co
(gerhard.meyer@falk-co.de).
First major networking event: Global Praxity Conference 2015, Beijing,
where interested parties agreed that a global FAS group would be a
valuable addition.
Next big meeting: The Praxity Global Tax Conference 2016 in Vienna in May
2016, with a European meeting planned for Q1 2016 and worldwide video
conference calls after that.
Greatest success: Having started out with a European FAS group, the
concept has rapidly spread wider with a sub-FAS working group focusing
on tax due diligence and tax structuring, chaired by Eric Klein Hesseling
(Mazars,Netherlands) also launched.
Resources: A European and/or Global Corporate Action Newsletter will be
launched prior to May’s Global Tax Conference 2016.
Current hot topics of conversation: Achieving transparency and mutual
understanding of valuation concepts in different jurisdictions, targeting FAS
experts with foreign FAS know-how, identifying the FAS capabilities in Praxity,
exchanging tender experience of successful and unsuccessful FAS projects,
emphasizing/using the overlapping scope of various due diligence services.
By 2020 we want the group to be: A respected knowledge and FAS think
tank, which, after its first 5 year period, will have facilitated many successful
FAS projects among Praxity participants with Alliance members regarded as
leading global business services providers.
Gerhard´s tips: The ability to access and to understand better regional and
international FAS expertise makes a real difference to each firm´s clients. We
have the framework in place and have identified the right people to create a
new knowledge-hub in Praxity, which will keep the lines of communication
open and give us greater sustainability.
Financial Advisory
Services Group
Energy & Mining
Working Group
Global Tax &
Fiscal Group
Marketing
Working Group
Established: Early 2013 as a means for sharing best practices in areas like
sales and relationship management, prospect cultivation, social media, public
relations, social media, digital platforms and internal communications.
Comprises experts from: Business development, marketing,
communications, branding and social media.
Chair: Alice Grey Harrison, Accredited Public Relations Professional at DHG
(AliceGrey.Harrison@dhgllp.com).
Last major networking event: June 2015, Orlando, Florida and attended
by the marketing leaders and team members from all of the North American
Praxity firms.
Next big meeting: May 2016, New Orleans, Louisiana (North American
Marketing Working Group, although other representatives welcome).
Greatest success: We are very proud of the progress that’s being made to
the new Praxity website and the Alliance’s social media efforts.
Current hot topics of conversation: Development of content marketing
strategies, social media strategy, business development.
We have two main 2020 goals: Provide strategic consultation regarding
Praxity’s brand development and implementation, AND be a collaborative
resource to each other for idea sharing and best practices.
Alice Grey’s tips: Accounting marketing and business development is
evolving at a rapid pace. This means marketing and business development
professionals must be agile and forward thinking to keep their firm on the
leading edge of industry trends, technologies and communications platforms.
Often internal brand communications are an afterthought, and in reality,
employees and partners can be a firm’s greatest brand asset. After all, they
are the front line to clients and prospects on a daily basis.
UK Owner Managed
Business (OMB)
Working Group
Established: Initially established as BOSS (Business Owners Succession
Strategy) evolved into the Family Business Working Group in 2003 as part of
MRI, (Moores Roland International).
Number of active group participants: 6, although 10 additional people
attended an external training presentation at the last group meeting.
Comprises experts in: Audit, accounting and advisory, including succession
planning, for family or privately held enterprises, in all industry sectors.
Chair: Craig Manson, Partner, Mazars (Craig.Manson@mazars.co.uk).
Last major networking event: Steering group meeting at Praxity Global
Conference 2015 in Beijing.
Next big meeting: We meet face-to-face twice a year at the UK Spring and
Autumn Praxity conferences.
Greatest success: The annual Praxity family business survey, which now
involves more than six UK-based member firms. This annual report provides
valuable insight into the key factors and challenges facing OMBs. Next
survey will be done early 2017.
Praxity marketing resources:
• 2015 Family Business Survey
Hot topics of conversation: The UK group is focused on looking at families
from a different perspective when they are in business together and external
presentations will continue to provide techniques of how to deal with family
related matters that are having an impact on the business.
By 2020 we want to: Continue leveraging key strength of the group and
sharing our experiences when dealing with families. A different approach
can be successful in achieving advisory services to families where the usual
advisory methods of establishing objectives and providing solutions aren’t
going to be appropriate. Learning how to facilitate and help families form their
consensus of how they want to interact as a family and with the business is
of huge importance.
Audit & Assurance
Working Group
Established: From the very beginning of Praxity meeting regularly, at least
once a year at the Global conferences. The European Audit & Assurance
Working Group was re-established in 2011 under the leadership of Steffen
Ahrens (FALK & Co), Bindi Palmer (Rouse Partners) and Kurt Schweighart
(LeitnerLeitner) during the European conference in Lisbon / Portugal.
Number of active group participants: At the global conferences we have
usually between 25 and 40 participants.
Comprises experts in: External audit, financial reporting and due diligence in
all industry sectors.
Chair: Steffen Ahrens, Partner and US CPA, FALK & Co
(steffen.ahrens@falk-co.de).
Last major networking event: Praxity Global Conference 2015, Beijing, the
largest gathering of Praxity Audit & Assurance experts to-date.
Next big meeting: Praxity Global Conference 2016, Gleneagles, Sunday
25th September.
Greatest success: When a state-owned client of Chinese firm ShineWing
initiated discussions for acquiring a group in the electronics sector in 2014,
they required pan-European support. The FALK & Co team coordinated
the due diligence aspect of the target’s European subsidiaries, liaising with
colleagues at LeitnerLeitner and five more Praxity firms, meeting the tight
schedule and ensuring a seamless client service.
Praxity marketing resources: The existing Praxity generic marketing
material covers the key elements required. Especially when augmented by the
Resume/CVs available within the Praxity extranet via My Site.
Current hot topics of conversation: Increasing regulation in the audit
profession. Increasing digitalization of the businesses and records of our
clients and the need to adapt our audit procedures.
By 2020 we want the group to be: Active around the globe, highly
interactive between participants, collaborative by sharing knowledge, tools,
tips and best practices. Most importantly self confident and successful in
cross border audit assignments.
Steffen’s tips: Become the expert in your firm by making the best knowledge
of the Praxity firms and whom to contact within them to maximise the benefit
for your clients.
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7. 12 HUB 2016 ISSUE #1 HUB 13
PRAXITY NEWS
Bringing global ideas together
As Executive Director of Praxity, Græme has a clear passion to extend the Alliance’s
effectiveness for it’s Participating Firms and their clients. “Praxity supports over 39,000 employees
of Participant Firms who work from 633 member firm offices and generate a combined revenue of
nearly £4.5bn. When it comes to adding new members, we’ve been extremely successful, and this
can be attributed in part to our flexible Alliance business model. The mutual benefits of being able
to retain their own branding and independence while accessing an unrivalled global knowledge pool
continues to be an attractive feature for new and existing member firms. The fact that Praxity is
not a Network is a major influence and I believe that Praxity will continue to be a magnet for
likeminded firms.
“The Board discussed this very topic in Beijing. We agreed that growth isn’t simply a case
of putting flags in the ground, but rather recruiting quality firms that can strengthen and support
existing members and support clients with international needs. Our vision for 2020 underpins these
endeavours, ensuring that we continue to support and mentor members locally and globally in a
strategically targeted way. The Praxity Executive Office will continue to run country surveys
twice a year (see page 8) to identify any gaps.”
GræmeGordon
ExecutiveDirector
Managing Partner of Plante Moran since 2009, Gordon has a reputation as a leader who
models and encourages in others what he calls ‘true stewardship’. Technology will dramatically
change the way we provide audit, tax, and consulting services in the next few years, he says.
“Those who figure out how to adapt will have a competitive advantage in serving our complex,
globally-active clients. Praxity can help member firms capture these opportunities through
education. I think of the recent conference in Beijing—the sessions from Shaun Rein and Prof.
David Green on the 2020 future of PRC & ASEAN were extremely beneficial, as were the breakout
sessions focused on The Americas, Europe, African and Middle East and Asia Pacific. I also
appreciate all of the collaboration. I think, for example, of the North American working group
focusing on technology and how it will affect audits. Pooling our knowledge and resources will only
make us stronger.”
GordonKrater
ViceChair
Meet the new Praxity Board
The nature of the Praxity world relies heavily on having a great team leading the way. People who
are in touch with what’s happening on the ground in local territories, but equally have a much
wider view. A mixture of people that can bring new ideas and experience to the table. Meet the
new Praxity Board, all of which are also members of the Governing Council, (apart from Græme
Gordon, Executive Director of Praxity).
Take our word for it; these people are the who’s who of our profession. Instead of providing a
blow-by-blow account of their areas of expertise and many accomplishments, we asked for their
take on the Praxity 2020 vision unveiled in Beijing (see pages 4 and 5) and what they feel the
priorities should be.
Hilton is the Chairman of Mazars South Africa and was appointed to the Mazars Group
Executive Board as co-CEO of the Group in December 2009. Hilton describes South Africa as
an emerging market with a well-developed infrastructure. “The profession is mature in South Africa
and is very closely aligned to mainstream Europe and the rest of the world. For two consecutive
years, South Africa has been voted as a world leader in audit quality and we’re highly rated in the
banking, IT and retail sectors.
“With the changing business environment worldwide, which is being driven essentially by
innovation and technology, the role that Praxity will play in assisting member firms will become
more critical than ever. The ability to access expertise and resources worldwide will enable
participant firms to provide seamless quality services to clients on an international basis. Our
ability to work across borders has been ably demonstrated with a number of highly successful
collaborations over the last few years.
It’s essential to have a clear vision and Praxity is in a good place. We compare well to our
peers, our reputation is growing, our costs are under control and we are well provided for. I’m very
excited for the future.”
HiltonSaven
Chair
CEO of BKD, the 12th largest CPA firm in the US, Ted says their ‘secret to success’ is
specialization and its team play culture. Responding to the global trends, Ted says: “We need
people who can help clients understand how to effectively use the massive amount of information
available. Increases in speed of communication, transparency demands and regulatory standards
all require us to act as a trusted advisor. As a profession we haven’t been very good at truly
adapting, but the ability to act as a trusted advisor is crucial.
The benefit of collaborating with international colleagues is we learn many things when
interacting with other countries: how they do business, their culture and different ways of thinking.
That broadens our perspective and can be extremely beneficial to our clients.”
TedDickman
Chairman and CEO of Moss Adams, Chris believes that:“International taxation continues to
get more complex and the regulatory environment around the world is creating challenges for
global businesses as well as challenges and opportunities for our firms. As professionals, we see
a significant opportunity for growing and expanding our ability to help clients that are international
in scope.
The Global Praxity Conference in Beijing was a great example of how we can work together
to help our shared clients and our firms. Our ability to understand our global capabilities and
communicate with each other in a timely manner will allow us to better serve our clients and
help them navigate the complex world they are operating in. The Praxity Alliance is a formidable
organization and the more we connect with each other, the better the Alliance will be.”
ChrisSchmidt
Managing Partner of FALK & Co, a specialist in international transaction services,
international group audits and forensic accounting, Gerhard anticipates that the future holds
major opportunities to enlarge core audit and tax services through the development of consulting
capabilities, particularly IT consulting competence. “Digitization is a challenge facing all of our
clients and because of our familiarity within the accounting and finance environment, this gives us
a distinct advantage over the IT crowd. Demand for niche competencies will also continue to be a
critical trend in our profession. These are all areas where Praxity members can support
each other, although it has been recognised that we do need to strengthen the Alliance’s IT
consulting expertise.
The benefits of regional and global working groups are evident. The Praxity Board is eager to
encourage greater participation and form groups that concentrate on growth industry and services
lines, and this is something I’ll be pursuing.”
GerhardMeyer
Philip is a UK Senior Partner and a member of the Mazars Group Executive Board.
“Increased regulation continues to drive businesses towards firms that they trust and that can
fulfill their specialist needs. The face of audit is changing, and firms are adapting their business
models accordingly. Globally, economies should continue to stabilise, which creates opportunities.
Clients will naturally feel more comfortable outsourcing their international work to firms that focus
on core business, yet equally provide joined up solutions. Every year more companies seek Big
Four alternatives and there’s currently a shortage of firms that can fulfill their cross-border business
needs. That’s where members of the Praxity Alliance can really make the difference. The numbers
of firms with international capabilities are reducing, and yet there’s greater globalisation of the SME
and middle markets that we predominantly serve. There lies the opportunity, and firms that have a
strong vision and robust structure to deliver will capture the market share and prosper.”
PhilipVerity
Managing Director of William Buck, Nik says that there’s no doubt that the accounting
profession is in the midst of significant transformation through globalisation, increasing
regulation and competition. Today’s technology puts more power in the hands of our clients.
Also our clients are becoming more integrated into the global economy, whether this is through
outsourcing functions (including accounting services) /manufacturing offshore or simply
undertaking transactions via the internet.
In this environment where clients have more choice on where/how to source their service
providers, Praxity firms need to make a decision; do we want to compete on price and position
our services as a commodity? Or do we want to provide an advice based service, bringing our
experience and judgement to the table; creating a premium brand.
To create a premium brand, you must have efficient systems and processes but also have
the ability to bring extra insights to your clients. This involves being on the front-foot, gathering
intelligence about your clients’ markets, industries and the wider economy. Then assessing how
they come together to impact on each client’s specific needs.
Being part of Praxity, allows us to scale up these insights. Through connected knowledge
sharing we are all better placed to position ourselves as the trusted advisor with our clients.
Nikolas
Hatzistergos
8. 14 HUB 2016 ISSUE #1 HUB 15
PRAXITY NEWS
Praxity members recently
elected their regional
representatives for the
Alliance’s Governing
Council. Serving for a three
year tenure starting 1st
January 2016, the team is
responsible for refining and
focusing Praxity’s strategic
direction, and also elects the
Management Board.
As well as sitting on the Praxity
Board, Hilton Saven, Philip
Verity, Gerhard Meyer, Chris
Schmidt, Gordon Krater,
Nikolas Hatzistergos and Ted
Dickman - profiled in the centre
pages - serve on the Governing
Council to provide balanced
regional representation. Praxity
Executive Director, Græme
Gordon, comments: “I look
forward to working with the
team and continuing to support
our members and grow our
enviable reputation both as
the world’s largest Alliance of
independent accountancy firms
and having members of the
highest quality and calibre.”
Praxity’s other
Governing Council
and Membership
Committee Members
PRAXITY NEWS
The big 2015 Brand
Champions reveal
Jos van Huut and Deborah Poulter
have been named as Praxity’s
2015 brand winners in the second
annual awards ceremony.
Throughout the summer, nominations
were collated and reviewed by the
Praxity Board members. Both Jos and
Deborah were selected for the visible
difference that they have made to the
Alliance and for furthering collaborative
relationships. Rick Anderson made the
surprise announcement at the Beijing
gala dinner hosted in the Great Hall.
With Jos’ long involvement in
Praxity and previously MRI drawing to
a close at the end of 2015, Rick felt
it fitting to recognise his contribution
to the alliance as one of the original
‘gang of four’ behind Praxity’s
inception. The Board unanimously
endorsed his nomination, keeping Jos
completely in the dark. Even Marijke,
Jos’s wife was in on the secret!
Jos comments: “It was indeed
a complete surprise, creating
an unforgettable moment in a
spectacular setting. Although my time
with Praxity is coming to an end I will
hold onto the wonderful memories
of working together with many great
people from all over the globe. It has
been a truly enriching experience and
I am deeply grateful for the confidence
and support that I have received from
colleagues over these many years.”
Rob Wagner put Deborah’s
name into the hat for the non-
partner participant category, revering
the role she has played in recent
years advancing the international
tax working group that he chairs.
“Deborah has been instrumental to
the group’s success,” observes
Rob, who also pointed out how
much Praxity’s head of business
development had advanced the
website which is a fundamental
resource for collaboration.
Deborah gracefully accepted the
honour, dedicating the award to the
entire Praxity Executive Office team.
“Although this was a tremendous
compliment, we are such a compact
team of 10 and everyone plays an
integral role in our shared success. A
large part of Praxity’s brand is about
making sure colleagues, as well as
clients, feel valued and appreciated.”
The new Membership
Committee from 1 Jan 2016
Kathryn Byrne (Chair),
Nick Hatzistergos, Loic Wallaert,
Kurt Schweighart, Bindi Palmer,
Ted Dickman
Governing Council, Asia Pacific
NEW Member: Zhang Ke, ShineWing CPA
Described by professors at Peking University as ‘probably the best accountant in
China’, Zhang Ke and his ShineWing network continues to go from strength to strength.
As the founder and the Chairman, Zhang Ke has led ShineWing to become one of the
most prestigious accounting firms in China. He has been elected as the Vice President
of CICPA for two successive terms. Zhang Ke was also honoured in the IAB Global
Accountancy Power 50 list in 2014 and this year was a finalist in the publication’s Lifetime
Achievement Award. ShineWing is currently ranked 9th in the CICPA’s top 100 accounting
firms. Everything Zhang knows about accounting and auditing, he credits to learning on
the job. He puts ShineWing’s survival and success down to hitching his fortunes to the
Chinese domestic market and an intimate understanding of his clients’ needs.
Governing Council, North America
NEW Member: Matt Snow, DHG LLP
Matt Snow became Chief Executive Officer of Dixon Hughes Goodman in 2014 and
leads the execution of DHG’s strategy. In his 30+ year career, Matt has worked with
clients ranging from start-ups to large national organizations. Passionate about talent
development, he finds mentoring young associates and watching their careers
flourish one of the most rewarding aspects of his role. Looking to the future Matt
believes that reimagining the integration of careers with life outside of work will be
necessary in order to be able to fully engage the professionals of the future.
“Our mission at DHG is to work with our people to build valuable careers
enabling them to have a rewarding life outside of DHG while simultaneously
helping our clients achieve their goals.”
Governing Council, Europe
NEW Member:
Kurt Schweighart,
LeitnerLeitner
Kurt Schweighart joined LeitnerLeitner as
a partner in 2008. Prior to this he spent
many years working at two ‘Big Four’
firms, including a stint in New York in
the late 1990’s. As certified auditor and
tax advisor, Kurt is a huge advocate of
collaborating with fellow participants in
Praxity and last year supported FGS with
a multi-firm proposal for one of Germany’s
largest telecommunication companies.
Having assisted with the Eastern and
Middle European element of the proposal,
Kurt joined the final client presentation
to explain in person how an alliance
of accounting firms works together in
practice. They won the business.
Governing Council, Latin America & the Caribbean
Second term: Luis Martinez, Mazars
Luis is a Public Accountant and has a postgraduate in Business and Administration
from the Universidad Católica del Uruguay. He recently completed an Executive MBA
through the Mazars University international development programme. Luis is the
managing partner of the Mazars Montevideo office, in Uruguay, previously MM&A,
which he co-founded in 1995. The firm became a correspondent of Mazars in 1999,
joining the CARL partnership in 2009. Luis has been a Latin American monitor for
several years, working in expansion, supporting smaller offices and centralising some
regional functions. He chairs the Praxity Latin American and Caribbean region. This is
Luis’s second term on the Praxity Governing Council.
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Membership Committee
Bindi Palmer, Rouse
Bindi Palmer is Head of Audit & Assurance at Rouse Partners and is lead Partner for due
diligence on acquisitions. Before joining Rouse in 2005 she held positions at mid-tier
practices, a secondment in Australia and at PwC, where she worked with a variety of
UK and global companies. Bindi has experience in group reporting and with International
Financial Reporting Standards (IFRS), US GAAP and FRS 102. She is Chairperson
for the Praxity UK Audit Working Party and a member of the ICAEW Thames Valley
Technical Committee, staying up-to-date on all matters affecting auditing, financial
reporting and governance.
NEW SME case
study resource
Given that many SMEs today have
greater international ambitions, Praxity
has developed a new report outlining
several important factors that they
need to consider. Ideal for sharing
with clients to illustrate how Praxity
firms can assist them achieve global
success, it includes commentary from
a number of participants, including
Mazars, Rouse Partners and Plante
Moran. And a Canadian success
story talks about the value of utilising
networking organisations, like Praxity,
to make valuable connections.
To download the report,
please visit www.praxity.com
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Membership Committee
Kathryn Byrne, WeiserMazars LLP
Kathryn is the Chair of Praxity Membership Committee and former North American
Chair of Praxity. In addition, she is the Chair of the IFAC Compliance Advisory Panel.
Kathryn is the Partner-in-Charge, Manufacturing and Distribution at WeiserMazars LLP,
the independent U.S. member firm of Mazars Group. WeiserMazars is among the largest
accounting and consulting firms in the New York metropolitan area and ranks as one of
the 24th largest in the nation. Her extensive experience includes accounting, auditing,
tax, and consulting services to domestic and foreign corporations across a wide array
of industries. A well-regarded specialist in the audit of public companies and owner-
managed businesses, Kathryn also leads the charge as an industry expert in International
Reporting Financial Standards.
Governing Council, Europe
Second term: Loïc Wallaert, Mazars
Loïc, Mazars Partner and Executive Board Advisor has almost 30 years of experience
as a Chartered Accountant and Certified Statutory Auditor and joined Mazars in 1995.
Throughout his career he has audited large listed international groups, including
Danone, Icade, Pernod Ricard, PSA Peugeot Citroen and Publicis. Currently a
Mazars Group Executive Board Advisor, Loïc is highly involved in the international
coordination of operations, with direct personal links to most European countries. A
member of the firm’s African Platform Committee, in addition he coordinates the liaison
partners - known as Monitors - globally. Thanks to these roles, Loïc has a widespread
understanding of the international growth opportunities and is invited regularly
to consult on the Group’s external growth projects.
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9. 16 HUB 2016 ISSUE #1 HUB 17
Standing out from
our competition
“Winning awards helps to distinguish our Alliance from the competition,” observed
Praxity’s Chair Rick Anderson during his opening speech to delegates at the
Beijing Global Conference in October.
“As an organisation we are highly recognised,” notes Rick. “In 2013, Praxity won
the IAB Rising Star accolade. The following year we clinched the Association of
the Year trophy. What’s more, individuals and member firms across our footprint
have won similar or greater recognition.”
These accolades, says Rick, are a result of strategic efforts to build up our profile
as an industry leader. “Collectively, they showcase to clients, our competitors and
industry bodies that we are top-flight leader and sheds a lot of light on how highly
the standard setters respect our expertise.” Here’s a snapshot of some of the
most recent accolades handed out.
Kaufman Rossin co-founder named ultimate CEO
The South Florida Business Journal has selected James Kaufman, founding principal
and CEO of Kaufman Rossin, as a 2015 Ultimate CEO of Miami-Dade County.
This award recognizes the top CEOs by region who have played major roles in their
county’s success.
www.kaufmanrossin.com
AWARDS AWARDS
Nudging up the big league table
Forrester Boyd has moved up two places in the top 50 largest firms of accountants
in the UK, ranking 44th in Accountancy Age’s Top 50+50 survey for 2015. It was the
only independent firm based solely in the Humber and North Lincolnshire region to be
listed. Much of Forrester Boyd’s growth can be attributed to its regional expansion and
its outsourcing and wealth management companies, Dataplan Payroll Limited and FB
Wealth Management Limited.
www.forrester-boyd.co.uk
Best accolades
keep on coming
Kaufman Rossin has once again been
named one of the Best Accounting
Firms to Work For by Accounting Today,
receiving the recognition for the 7th time
in the program’s large employer category.
“Happy employees lead to happy
clients,” says Managing Principal Blain
Heckaman. In August, Kaufman Rossin
was recognized as a top 50 firm within the
Top 100 firms nationwide by INSIDE Public
Accounting (IPA).
www.kaufmanrossin.com
Man,
this guy gets
women!
Congratulations to DHG’s Brian Israel, a
Business Development Executive within
the firm’s Metro DC Market, for winning
MACPA’s Men Who Get It Award. The
award, in its inaugural year, honors men
who actively support women in the
workplace. Brian works frequently with
women-owned small businesses (WOSBs)
and veteran-owned organizations and is
credited with helping over 100 WOSBs
obtain financing to fund growth and
make acquisitions.
www.dhgllp.com
Top workplace
for everyone
What makes Plante Moran one
of the 100 Best Workplaces for
Women’? Lots of things, agree its
female colleagues, and the most
recent list compiled by Fortune.com
and Great Place to Work® concurs.
Scoring high in all categories, the
acknowledgment further augments the
firm’s reputation as a leader in diversity.
During 2015 Plante Moran was also
named to FORTUNE Magazine’s list of
‘100 Best Companies to Work For’ for the
17th consecutive year and the ‘100 Best
Workplaces for Millennials’.
Gold software partner
Achieving certified gold partner status in
the Xero partner program is giving small
businesses served by Albert Goodman
all the online tools that they need to
manage their cashflow, invoice, pay bills
and claim expenses on-the-go. The firm’s
outsourced finance manager Tabatha
Marshall says: “Xero is a real asset. It has
really changed how accountancy is done.
Now we are able to see our clients figures
in real-time and give forward looking
advice.” Albert Goodman has 18 members
of staff trained in the application, which
is accessible through iPhone, iPad and
Android platforms.
See the online video at
www.albertgoodman.co.uk
Austrian
member named
TP firm of 2015
LeitnerLeitner has been named Austria’s
Transfer Pricing Firm of 2015 by renowned
specialist magazine International Tax
Review (ITR). Partner Clemens Nowotny
accepted the award acknowledging the
importance of winning this distinction. He
said: “We are overjoyed as a team to win,
as it underlines LeitnerLeitner’s position as
the transfer pricing experts.”
For the full story, please visit
www.leitnerleitner.com
ShineWing has won its first International Accounting Bulletin (IAB) award,
collecting the ‘Rising Star Network’ accolade at a ceremony hosted in
London in October. The firm was also a finalist in the ‘Sustainable Firm of
the Year’ category, while Chairman Zhang Ke reached the shortlist for the
‘Lifetime Achievement Award’.
These recent award successes symbolize just how far ShineWing Hong Kong
and ShineWing International have come in a short timeframe. This July ShineWing
Hong Kong marked its 10th anniversary.
Formed in 2005 as a result of a merger between Ho and Ho & Company in Hong
Kong and ShineWing Certified Public Accountants in Beijing, China, the strategic
alliance marked a great leap forward in the cross-border development of the
accounting industry in both territories emphasizes Mr. Roy Lo, Managing Partner
of ShineWing Hong Kong. “In just 10 years, we have successfully established our
brand and reputation as one of the leading firms in the region. With a clear market
positioning, we have actively expanded the audit services for the listed companies
and H-share companies as well as the initial public offering advisory services.”
Winning the IAB Rising Star accolade, which recognizes exceptional growth,
entrepreneurial flair and market innovation, shows that Mr. Zhang Ke’s fierce
ambitions to build China’s first great multinational firm are within reach. Shunning
numerous partnership offers, today ShineWing serves more than 4000 clients.
The Hong Kong branch now ranks sixth locally in terms of revenue. The network
is planning to open a branch in the Middle East before the end of 2015, and its first
European office will come in 2016. Earlier this year ShineWing merged with Moore
Stephens Melbourne, creating ShineWing Australia and already the firm has begun
to implement its rapid expansion plans opening a new office in Brisbane
(see page 9).
For the full story, please visit www.shinewing.hk
2nd Top Job
trophy for H/W/S
German firm H/W/S has received its 2nd
award for being a top employer. Surveyed
by the Institute for Leadership and Human
Resource Management at the University of
St. Gallen, Managing Director Ingo Haug
comments that receiving the Top Job seal
of approval makes H/W/S employees
feel proud: "We are delighted that our
commitment to the workforce is so honored
an we are using the survey analysis to
further expand our employer qualities”
www.hws-partner.com
Rouse reaches
top 100
Rouse Partners, has been named as one of
the UK’s top 100 accountancy firms for the first
time by Accountancy Age. In the 2015 list, Rouse
reported a 9% growth, leaping into the list at 86th
place. Delighted with this accomplishment, Managing
Partner, Neil Relph comments: “Reaching the top
100 demonstrates that our focus on delivering a
great client experience is a key reason why more
businesses and individuals are choosing us.”
www.rousepartners.co.uk
PM+M’s leader wins
Downtown Women in
Business title
New Managing Partner Jane Parry from
PM+M has been named Best Financial
Advisor of the Year 2015 at the first Downtown
Lancashire in Business Women in Business
Awards. Delighted to have won, Jane says:
“DLiB does a fantastic job promoting the
business community across Lancashire and
the North West so this kind of recognition
from them is hugely appreciated.”
www.pmm.co.uk/blog
ShineWing
celebrates Rising
Star status
Another
40 under 40
honoree
Kaufman Rossin’s Risk Advisory
Services Director Bao Nguyen, has
been selected as an honoree for the
2015 South Florida Business Journal’s
40 Under 40 Awards. A Certified Anti-
Money Laundering Specialist (CAMS),
Bao provides compliance solutions
for broker-dealers, hedge funds and
investment advisers and joined the firm
in 2013 after eight years of working in
the financial services industry.
www.kaufmanrossin.com
Audit Partner Jason Drake, from Plante
Moran’s Auburn Hills, Michigan, office,
has been named to Crain’s Detroit
Business’s ‘40 Under 40’ list. Jason
has played an integral role in growing
the firm’s international reach, including
creating Plante Moran’s international
concierge desk. He comments: “Having
the opportunity to build a practice from the
ground up has been incredibly exciting
and gratifying.”
International leader
named in Under 40 list
More at:
www.plantemoran.com
Selflessness leads
to a public service
accolade
The American Woman’s Society of
Certified Public Accountants (AWSCPA)
has chosen Tricia Wilson, a DHG Market
Managing Partner, for its 2015 Public
Service Award. Noting her selflessness
and dedication to public service, combined
with her passion for giving back to the
community, Tricia will be honored this
January at a special dinner hosted by the
organization’s Georgia chapter.
www.dhgllp.com
JaneParry
BaoNguyen
ClemensNowotny
Jason Drake
10. HUB 1918 HUB 2016 ISSUE #1
Managing Partner of Plante Moran and now Vice
Chair of Praxity’s Management Board, Gordon
Krater lives by the ethos of ‘true stewardship’,
helping his team to succeed and celebrating
diversity. A prolific reader and creative blogger,
he became Plante Moran’s managing partner in
2009, only the sixth in the firm’s 90 year history.
About me… I joined Plante Moran in
1980 after graduating from the University
of Michigan. Prompted by my basketball
coach, I initially explored becoming a
dentist, as he said it was a good job.
Realizing that chemistry wasn’t my
strongest subject, I soon switched to
accountancy. My reasons for choosing
this career were its high integrity and the
fact that profession was dynamic and
technical yet encouraged people skills to
build relationships. You’re encouraged and
expected to do the right things every time,
above and beyond getting financial results.
Founders Elorion Plante and
Frank Moran were… as passionate
about philosophy and team building as
they were about accounting. I think they
would be very proud of the firm today.
After 90 years in business, we continue to
be an employer of choice for staff and the
provider of choice for clients, thanks to our
unique, world-class culture.
On my first day… partner Frank
Moran taught me a lesson in leadership
I’ll never forget. He dropped by my office
and invited me to play racquetball. I initially
wondered if it might be better for my
career to let him win. After all, this was the
guy whose name was on the building, and
he was 62 years old. When we stepped on
the court, Frank threw down a challenge.
He said: “We’ll play to 21, and I’ll spot
you 15 points.” At that point, I remember
thinking “Bring it on, old man!” Despite
the big lead and playing my hardest,
Frank still won. I recall him saying: “You
underestimated me, didn’t you? Never
underestimate people by the way they
Five
minutes
with...
Gordon
Krater
FEATURE
look. They’re capable of so much more
than you think they are — and they’re
capable of so much more than they think
they are.”
Success is about balance…
As a firm, we’re here to endure, and to
endure we have to be profitable. But we
do that by serving our clients to the best
of our ability and by adhering to certain
longstanding firm traditions and beliefs—
our culture. We balance the bottom line
with philosophies like “money doesn’t
lead, it follows,” “we care,” and “optimize,
don’t maximize profits.” These may not
sound like the typical operating principles
of a thriving business, but they’re key to
how we operate and endure.
I’m motivated by… service. I view
myself as a servant leader. What excites
me is being able to serve businesses and
people in a way that helps them improve.
To relax… I enjoy spending quality
time with my family. I also enjoy hiking,
biking, kayaking and golf (I’m looking
forward to the golf tournament taking
place at Gleneagles at next year’s global
conference!) Plus I’m an avid reader. My
blog gordon-krater-blog.plantemoran.com
has a running list of material that’s peaked
my interest recently.
What Praxity means to our
firm… Praxity allows us to provide
seamless service to our clients regardless
of where they’re doing business. The
biggest value we get is not inbound
assignments (although we really like
them); it’s the ability to serve our clients
with global operations across industries—
whether audits, global tax planning, or
cross-border consulting. Through the
Alliance, we can remain the client contact
while offering highly qualified, technical
service across the globe. Plus we’re
exposed to great firms and outstanding
professionals—we enjoy being able to
exchange ideas and methodologies.
Networking is… critical. We have a
saying at Plante Moran: if we’re not the
best fit to provide a particular service, we’ll
find the right person to provide it. We do
this through the contacts we make from
our networking efforts. Whether bankers,
attorneys, or other professionals, we
develop deep relationships that become
the roster of experts we call on for external
expertise. Within the context of Praxity,
networking is important because people
make referrals to other people—not to
other firms.
In order to succeed in the
future… firms need to realize that the
more complex business becomes, the
more clients and prospects are going to
look to us for help. Therefore, it will be
important for firms to build out consulting
services to enable them to be a single
point of contact for their clients—a true,
trusted, universal advisor.
NEWS FROM PARTICIPANTS
BKD’s Greg Cole
grows into new role
Greg Cole from BKD has been named
director of growth & development,
effective immediately. His transition
to the newly created role involves
a restructuring plan where he
will oversee both the learning &
development and marketing &
business development teams.
Under Greg’s direction, BKD’s
award-winning L&D team has
embraced technology and tapped into
contemporary training techniques.
For two years running, BKD has been
named a Training Top 125 organization
by Training magazine, which ranks
companies by the effectiveness
of their employee development
programs. In addition, he was named
an Emerging Training Leader by the
same publication in 2014.
While Greg will retain an influential
role over the L&D team, his focus will
primarily be the M&BD department.
Commenting on the firm’s future
marketing goals, Greg says: “I’m
humbled, honoured and passionate
about the opportunity to work
together with our talented team of
marketing professionals to raise the
bar on our marketing strategies, which
will position the firm for future growth.”
In early November, WeiserMazars teamed up once again with the Ford
Motor Company, this time in Dublin at the world’s largest technology
gathering - Web Summit.
Jointly hosting the first European Ford SYNC® AppLinkTM Developer Challenge
on the eve of the Web Summit conference, developers and programmers were
invited to work collaboratively with Ford and WeiserMazars leaders to develop
ideas and design new apps for potential use with Ford’s in-car connectivity
system, SYNC. Part of Ford’s vision for the future is bringing the world’s most
popular apps into the car with SYNC AppLink.
Following an already successful challenge hosted in October in Tel Aviv,
the Dublin event proved a big hit. Joining the judging panel were Jules Reich,
Partner and Financial Advisory Services Leader at WeiserMazars, as well as local
Managing Partner Mark Kennedy of Mazars Ireland. Both provided participants
with feedback and counsel on their innovative creations. And, as part of the
prize, WeiserMazars is now providing the winners with consulting services. Ford
provided an additional $75,000 in prize money.
The Dublin event attracted 17 teams from all over the world, including
Germany, Russia, Brazil, the US and South Africa. The first place winner, created
by a team from German urban mobility experts Unu, was Drive Efficient - an
app that helps people drive more fuel efficiently by monitoring whether they are
over- or under-revving the engine, and whether they are making best use of the
engine’s torque.
“We greatly value our relationship with Ford Motor Company and thank them
for the opportunity to support them in their on-going SYNC AppLink Developer
Challenges around the world,” says Jules.
Ford Executives with
Jules Reich (3rd right) at
the Tel Aviv event hosted
in October 2015.
Revving Up innovation
Moss Adams Partner new Chair of tax liaison group
Andy Mattson from Moss Adams has been appointed Chair of the American
Institute of Certified Public Accountants (AICPA) Internal Revenue Service
Advocacy & Relations Committee. The group serves as the principal connection
between the IRS and the AICPA. Says Andy: “I’m honoured to be part of an
important volunteer community that’s able to make a difference and positively
influence tax policy.” www.mossadams.com
For the full story, please visit
www.bkd.com
For the full story please visit www.weisermazars.com
Motor tax tune-up
Brett Fowler, Partner ShineWing
Australia, was recently invited by
motoring and industry heavyweights
to participate in the inaugural Australian
Automotive National Summit. Panel
discussions centred on a range of
topical tax issues and emerging policy
issues, including using GPS to secure
infrastructure investment based upon
road use. More at
www.shinewing.com.au
11. 20 HUB 2016 ISSUE #1 HUB 21
NEWS FROM PARTICIPANTS NEWS FROM PARTICIPANTS
Are tech
companies
missing a trick?
New research by William Buck has
strong evidence to suggest that
tech companies undertaking an IPO
or RTO are failing to capitalise R&D
as an asset.
Instead, management are
expensing development costs arising
from R&D programs, which could put
them at risk of under-representing
the value of their own companies and
deterring investors.
The criteria for recognising R&D
costs as assets is highly prescriptive,
emphasises the firm’s audit director
Nicholas Benbow. Once a company’s
proprietary intellectual property
has passed its research phase and
proceeds to its development phase, it
may be capitalised as an asset.
Nicholas explains: “If there is proof
of technical feasibility, an intention
and ability to sell or use the asset, or
you can show there is a market for
the asset then it will ordinarily meet
accounting standards requirements
and can be capitalised.”
Earlier this year MNP paired with HeroX to launch the Operation Blue Sky
Aboriginal Health Initiative Challenge. With the long-term goal of improving
health and wellness outcomes for Canadian First Nations, Metis and Inuit
communities, the winners have been announced and a total of $35,000 in
funding allocated between the three winning initiatives.
In total, MNP received 65 entries, evidence of the commitment
of individuals and organizations across the country towards the
empowerment of Aboriginal communities.
“The number of innovative projects that were submitted to the Operation Blue
Sky Challenge speaks volumes about the calibre of innovators in Canada”,
exclaims MNP’s Executive Vice President of Clients and Services, Laurel Wood.
“While only three innovators are receiving prizes, there were so many other
insightful solutions that we are confident many of those who submitted, will do
great things in the future for the Aboriginal community in Canada. By nurturing
ideas and allowing them to grow, we make space for transformative change to
become possible. From there, the sky is the limit.”
First prize of $25,000 was awarded to the Walk With Me Suicide
Bereavement Workshop by the Centre for Suicide Prevention (CSP)
Teepee Teaching Prenatal Program earned the second prize, in the
amount of $5,000. It was developed by Jennifer Leason, a
Saulteaux-Métis Anishina-Kwe woman and incorporates Indigenous
Traditional Knowledge Systems (TKS) with contemporary prenatal
health programming.
Jada-Gabrielle Pape and Hello Cool World for their Drawing Wisdom
for the Well submission, which earned the People’s Choice Award
and $5,000.
The winners were:
L to R - Mara Grunau, from the Centre for Suicide Prevention, accepts the $25,000 grand prize for the
MNP Operation Blue Sky Aboriginal Health Initiative from Marion Crowe, First Nations Health Managers
Association Executive Director and Clayton Norris, Vice President of Aboriginal Services at MNP.
FREE whitepaper
addresses DOL audit
deficiency worries
The release of a 2015 report prepared
by the US Department of Labor
(DOL) has indicated that 39%
of employee benefit plans have
“unacceptable – major” deficiencies.
This puts $653 billion and 22.5 million
retirement plan participants at risk,
sending shockwaves throughout the
business community.
To help address and alleviate
worries among employee benefit
plan sponsors, Aronson’s experts
have compiled a detailed whitepaper.
As well as exploring the results of
the study and offering practical
considerations, the whitepaper lists
key questions to ask when
evaluating and selecting a qualified
benefit plan auditor.
Praxity participants can download a free
copy of the report at
www.aronsonllc.com/understanding-
and-avoiding-risks-deficient-audit
Author Mark Flanagan, Director in
Aronson’s Employee Benefit Plan Services
Group, is happy to answer any questions
at mflanagan@aronsonllc.com
CAP that!
WeiserMazars Partner Kathryn A. Byrne has
been named the new Chair of the Compliance
Advisory Panel (CAP) of the International
Federation of Accountants ® (IFAC®). Effective
January 1, 2016, the appointment follows a
global nominations process encompassing
IFAC’s 130 member countries. The panel’s
deputy chair since 2013, and a CAP member
since 2010, Kathryn will lead the CAP in its
oversight of the implementation of the IFAC
Member Compliance Program.
www.weisermazars.com
Natural
successor
Tax partner Kellie Becker has
been promoted to leader of Plante Moran’s
international tax practice. With 15 years
of experience specializing in structuring
outbound operations, inbound start-up
services and global transaction planning,
she replaces retired partner Bill Hermann,
who led the practice after serving
as the firm’s managing partner
from 2001 to 2009.
Aboriginal
healthcare hero’s
announced
Celebrating 20
successful years
in Romania
This has been a milestone year
for Mazars in Romania. As well as
celebrating 20 years in the country, the
firm, which now ranks 5th in Romania
in the professional services industry,
was also shortlisted in three categories
in the prestigious International Tax
Review (ITA) awards.
In 1995, Mazars established its
branch in Bucharest, and was one of
the first audit and tax advisory firms
to assist large international investors
enter Romania’s market. Starting with
just a handful of people, following
its rapid growth and two strategic
mergers the team now comprises over
150 dedicated professionals
In a video marking the occasion,
founding managing partner Loïc
Wallaert and his colleagues describe
why Romania is and has always been
a very important country for Mazars.
“Back in 1995, the Romanian market
was huge in terms of needs, but small
in terms of money available,” says
Jean-Pierre Vigroux, managing partner
between 2008 and 2014. “At that
time the French investors were the
most active,” he explains.
Licensed to audit banks in 2004,
followed in 2010 with a license to audit
insurance companies, this year the
firm was appointed by the Financial
Supervisory Authority in Romania to
perform balance sheet reviews on the
insurance market.
Current managing partner René
Schöb adds: “Our story is about
intelligent growth, written by our
people. Today, Mazars in Romania is
a top brand, ambitious and ready to
embrace higher challenges.”
For the full success story and to view the
celebratory video, please visit
www.mazars.ro/Home/About-us/
Mazars-in-Romania
New CEO at MNP’s helm
Canadian Participant firm MNP has a new CEO. Effective 1st October,
Jason Tuffs stepped into Daryl Ritchie’s shoes, becoming the fourth CEO
in the firm’s 58-year history.
This has been a carefully planned leadership transition notes Daryl, who will
remain Chairman of MNP’s Board. “We weren't just looking for a great CEO,
we were looking for a great 'MNP CEO',” he highlights. And Jason, agree
colleagues, has the right experience to build on the strong foundation created by
the CEOs who preceded him.
After gaining valuable international experience working abroad for five
years, Jason returned to Canada in 2004 to begin his career at MNP. He led
the development of the firm’s Public Company practice, becoming Regional
Managing Partner of Calgary operations in 2009.
Honoured to Daryl’s successor and thankful of his continued support, Jason
is equally excited about leading MNP into the future and emphasises that the
firm has no plans to slow down. While the direction of MNP for the next five
years was set last year when the board rolled out the strategic plan, the native
Albertan notes he'd like to add more "pins" in the MNP map to truly own
Canada's mid-market centres.
When Daryl was appointed CEO in October 1998, MNP was the 10th-largest
accounting firm in Canada, with fees of $41 million and a staff count of just over
400. Fast-forward 17 years, and the firm is now the 5th largest, with fees of
$600 million and a staff of over 3,500.
"For MNP it's not about becoming the fourth, third or second largest. It's
about continuing to serve our clients' evolving needs, having the resources,
having the talent and being in strategic markets, be they rural or urban, while
retaining our culture and values,” emphasises Jason.
For the full story, please visit
www.williambuck.com
