Forvis Mazars in Ireland Transparency report 23/24

Quality at the heart of everything we do

We have been resolute in our pursuit of meeting our quality goals, irrespective of the socio-economic and geopolitical background against which we operate. In the past year, we have continued to invest heavily in our teams, tools, and technology, with a clear focus on consistently delivering quality. In this regard, we were particularly pleased with the results of our latest inspection by our Regulator, the Irish Auditing and Accounting Supervisory Authority (IAASA), which was published in March 2024.

Over the course of 2023, IAASA inspected the implementation of the International Standard on Quality Management (Ireland) 1 (ISQM 1), which was effective for the first time during that inspection period. The quality assurance review assessed the design of the system of quality management across a number of component areas. We were delighted to receive an excellent review score for the whole of the firm review, with zero quality findings or recommendations being reported by IAASA.

There was also a significant improvement in relation to the firms PIE audit files inspected by IAASA on our prior year results, with the firm achieving three grade 1’s. We continue to strive for the highest quality standards and processes in all our activities, to ensure that clients, investors, markets and regulators can rely on our work and be confident in our ability to do what is right.

Enhancing our footprint

The creation of Forvis Mazars global network in June 2024 was a major milestone in the firm’s growth story and the firm is now part of a global Top 10 network.

Forvis Mazars was formed of Mazars, an international partnership operating in over 100 countries and territories and Forvis, a top 10 ranked firm in the United States. The network is underpinned by a shared vision on values and an unwavering commitment to delivering quality. We have been very pleased by the positive reaction from our clients and our people, with whom our distinctive ability to offer agility at scale has clearly resonated.

The Forvis Mazars network has a clear goal of ensuring we create a culture of debate, challenge and innovation, which in turn will drive quality. We have invested significant resources into creating a holistic culture framework that moves beyond siloed initiatives towards a comprehensive and consistent approach to everything we do.

I am also delighted to announce that we launched a new Forvis Mazars office in Cork in September, which was another exciting step in our firm’s development and filled an important gap in our national footprint. We launched our Cork office with the acquisition of James Byrne and Company, a long-established and well regarded multidisciplinary practice with a strong focus on the POB market. As part of the acquisition we welcomed 30 new colleagues to our firm with ambitious plans for the future.

Resilience in the face of emerging risks

We recognise that excellence in quality is a continuous process and we continue to invest in and adapt our quality processes to meet the changing business, regulatory and economic environment.

 The pace of geopolitical and economic change is relentless, constantly presenting new challenges, so we are focused on being an organisation which is agile, resilient and well-equipped to react to emerging risks. This underpins our drive to provide our teams with exceptional tools and technology, including our proprietary audit software Atlas NextGen, which is being used for the majority of all December 2024 year end audits, with our remaining audits to follow in 2025.

We have continued to grow our internal support teams, including our compliance and quality team, by adding more dedicated Systems of Quality Management (SoQM) roles with a focus on ISQM1.

Empowering our people to deliver excellence

At Forvis Mazars, our commitment to excellence is deeply rooted in the development and support of our people. We believe that by investing in our teams, we empower them to deliver their best work, fostering an environment where innovation and collaboration thrive. Our focus on continuous learning and professional development ensures that every team member is equipped with the skills and resources needed to excel.

Their dedication enhances our service delivery, strengthens our collective ability to meet the evolving needs of our clients and stakeholders and ensures full focus on our primary objectives of delivering high quality audits, without compromise.

We are also pleased to see the rewards and benefits from our People Strategy that was rolled out in 2023, with Forvis Mazars becoming the “smart choice” with more people selecting Forvis Mazars for the reasons that matter most. The new Forvis Mazars network allows us to further enhance our candidate and employee experience, one of the key pillars of our People Strategy.

Facing the future with optimism

As we look out to 2025, I believe the firm is ideally positioned from a leadership, sectors and quality perspective to continue to grow in a sustainable manner with quality and a focus on our people, clients and communities at the core of our mission.