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Supporting its member firms in actively expanding the international focus of their businesses was the key theme of global accounting network Nexia International’s recent annual conference in Prague – its largest to date with 220 delegates from 67 countries.

Robert Willis, Director of CST Nexia Limited - Auckland,  said “Working together with the member firms of Nexia International has provided our clients with high quality audit, tax and management consulting advice throughout the world. Our annual conference in Prague was a timely review of how all member firms can best serve international clients in these challenging economic times."

Quality Standards

Nexia International also reiterated its commitment to global quality standards as fundamental to its role as a leading network of independent accounting and consulting firms advising international mid-market companies.
 
“Global quality control is a key aspect in continuing to build a truly effective network,” said Nexia International Chairman Norbert Neu. “Delivering consistent quality of service and local expertise on a global basis is at the very heart of Nexia International.” Nexia recently appointed international audit specialist, Simon Riley, to enhance its quality control programme and ensure audit quality throughout the network.
 
Hot topics

As well as focusing on Nexia’s strategic direction, the annual conference considered some of the key issues facing international businesses, such as the convergence of international accounting standards, reporting requirements for small and medium-sized enterprises and increasingly complex international tax planning issues.
 
Speaking at the Prague conference about the introduction of international financial reporting standards for SMEs, Stephen Cooper of the International Accounting Standards Board said, “IFRS for SMEs was created in response to strong international demand from both developed and emerging economies for a rigorous and common set of accounting standards for smaller and medium-sized businesses that is much simpler than full IFRS. In a recent survey, almost 60% of accounting standard-setters said they planned to require or permit the use of IFRS for SMEs within their jurisdiction in the next three years.” 

Nexia International welcomed the IASB’s continued drive towards global standards in providing a simplified, self-contained set of accounting standards and reducing the financial reporting burden. The standards will enable investors, lenders and other users to compare financial performance among SMEs. Nexia also acknowledged the IASB’s efforts to drive these developments forward against a back-drop of action required on urgent issues arising as a consequence of the financial crisis.
 
Norbert Neu said that Nexia International was also well-placed to advise international companies on their dealings with local tax authorities, many of whom are stepping up efforts to fill the holes in public finances in their respective countries. “Nexia is committed to being among the leading advisers to which internationally expanding businesses turn for expertise.”
 

The future
 
Nexia will aim to retain and enhance its existing presence in key global economic markets and to expand its footprint in specific markets such as China and mid/west coast US, according to its chairman. The network recently bolstered its presence in the US with the addition of three new member firms, as well as introducing new members in Spain and Brazil. “We will continue to seek high quality member firms with a strong presence in their local markets to reinforce our position as one of the leading independent mid-tier networks”, he said.

Two years on from its merger with SC International, Neu said that the integration of the two networks has proceeded very smoothly. It is now ranked as the 10th largest international accounting network, with turnover in excess of US$2.2 billion and more than 18,000 staff across 520 offices in over 100 countries.

For further information contact:

Robert Willis, CST Nexia Ltd, Auckland

09 262 2595

rwillis@cstnexia.co.nz

www.cstnexia.co.nz