9th August 2018
MGI Worldwide is pleased to report that the global accountancy network continues to rank highly among the top 20 accounting networks in Asia, as the July 2018 edition of the International Accounting Bulletin (IAB) shows.
MGI Worldwide rankings remain strong in key Asia markets
MGI Worldwide ranked at number 11 in the list of top global accounting networks in India, with annual fee income of INR 196.2 million. The largest proportion of this can be attributed to audit and assurance services (34 per cent). The network came in 12th in India in terms of staff data, following growth of 21 per cent in this area over the last 12 months, rising from 76 to 92 staff members during this period.
In Japan, MGI Worldwide came 18th in the rankings, thanks to fee income of JPY 352 million. Of this, 85 per cent came from audit and assurance work and 15 per cent from accountancy services. The global accounting network ranked 19th in terms of staff in Japan, with a total of 25 staff across three offices.
Meanwhile, in Singapore MGI Worldwide ranked 16th in the list of top global accounting networks, generating $8.3 million in fee income, with 51 per cent of this from audit and assurance services. The international accountancy network ranked 17th in Singapore in terms of staff numbers, with a total of 58; 10 partners and 48 professionals across two offices.
Expertise of smaller firms in high demand within Asia
Our international accounting network is comprised of small and mid-sized firms, the expertise of which is currently in great demand in Asia, as larger businesses look to outsource services to help them remain compliant.
Writing in the IAB, Imran Assan, International Committee Member at MGI Worldwide and Partner at MGI Alliance PAC Singapore, a member of the MGI Asia region, explained: "The audit profession has a very high degree of regulatory oversight resulting in increased compliance costs, including training.
"For non-audit services, technology is redefining the role of the accountant. Smaller firms continue to provide bookkeeping and compliance services. With the avalanche of monthly and per-user pricing software that has flooded the market, there is a move away from some of these traditional services into higher level services, such as data analytics."
As a result, the expertise and services of smaller firms are in higher demand, which makes belonging to a global accountancy network more important than ever. Within MGI Worldwide, our member firms can share knowledge and resources with over 5,000 tax and accounting professionals in more than 85 countries, allowing them to deliver a higher level of value to their clients.
For more information contact Regional Director Audrey Danasamy email@example.com
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MGI Asiais part of MGI Worldwideis a top 20 ranked international accounting networkwith some 5,000 independent auditors, accountants and tax experts in over 260 locations around the world.