RSM Italy leaves RSM International to join Kreston

21 May 2015

Kreston International has announced an expansion with RSM Italy Audit and Assurance, which leaves the global network of RSM International. The addition will boost Kreston’s presence and offering in Italy and offer the newly branded Kreston GV Italy a global reach to better serve its international clients.

Kreston International is the 13th largest global network of independent accounting firms in the world, covering 100 countries. The network, which was founded in 1971, comprises 20,000 professionals and support staff that offer accounting services through member firms located around the globe.

Expanding global network
Kreston recently added RSM Italy Audit and Assurance to its global network as part of its global expansion, strengthening its presence in Italy. The Italian RSM audit firm, which has six offices across Italy (Rome, Milan, Padua, Empoli, Bari and Bologna), will be rebranded to incorporate the network’s name to Kreston GV Italy.

Kreston expands with Italian RSM

As part of its move to Kreston, the firm also recruited additional firms as part of its move to broaden its offering and will now offer audit, tax and consulting services through three separate entities: Kreston GV Italy Audit, Kreston GV Italy Consulting and Kreston GV Italy Capital. “Our aim is to provide international clients with the multinational experience and skills that they need to support them overseas. This move enhances our global reach, and we are looking forward to building the trusted, effective and lasting relationships with our Kreston colleagues that will complement our service offering” says Giovanni Varriale, Managing Partner of Kreston GV Italy.

Jon Lisby, CEO of Kreston, adds: “We are delighted to welcome Giovanni and his team. The addition of Kreston GV Italy significantly increases our capability in the region and will ensure that existing and new clients can access high quality and trusted advisory services. The fact that the firm has also rebranded, adopting the Kreston name, is further recognition of the network’s growing presence in the European market place.”


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Deloitte wins CRH role from Big Four rival

14 March 2019

Big Four professional services firm Deloitte has secured a new contract as the external auditor of construction industry manufacturer CRH. The firm will replace rival EY in the role as of 2020.

Formed from a merger of Cement and Roadstone in 1970, CRH is an international group of diversified building materials businesses which manufacture and supply of a wide range of products for the construction industry. The company is incorporated and domiciled in Ireland, where it ranks as the largest Irish company.

Since 1988, the firm has been audited by Big Four firm EY; however due to the length of its tenure as well as the firm’s sizable non-audit work for CRH, it was decided the time was right to find a new auditor. In 2018 CRH paid EY £1 million in non-audit fees, representing 6% of the £17.2 million in total fees it paid to the Big Four firm for the year.

Deloitte wins CRH role from Big Four rival

In its 2018 annual report, CRH noted that the audit committee conducted a competitive tender process in which three firms were invited to apply. EY was not invited to compete in the tender process, and eventually its Big Four rival Deloitte was chosen to replace the firm as external auditor for the FTSE 100 building materials provider. The evaluation was done on a “fee-blind basis”, in which fees are negotiated after the appointment has been decided.

The new contract for Deloitte will begin from 2020 onwards. According to CRH’s report, the decision is no reflection on EY’s performance as auditor, with the company stating this “did not compromise [EY’s] independence or integrity."

“[While] the Committee appreciated the quality of the proposals presented by all the firms, it believes that the strength and experience of Deloitte’s team best met the predefined criteria it had set,” the report added.

While it is common for Big Four firms to replace one another when it comes to large auditing contracts, the switch comes at a delicate time, when the domination of the market by the quartet is under intense scrutiny in the UK. Last year, the UK’s fifth largest accounting and advisory firm Grant Thornton withdrew from bidding for FTSE 350 audit tenders, which it claimed cost the firm as much as £300,000 an attempt, while rarely yielding a new contract. The move sparked multiple calls for a competition probe, with critics suggesting the Big Four’s stranglehold was compromising the integrity of the auditing industry.