Russell Bedford Announces 54% Increase In Revenue Growth In Moscow
Russell Bedford’s Moscow member firm, IAS, has announced a 54% increase in revenue growth for 2018 – five times higher than Russia’s audit market growth rate. The figures published by RAEX, a leading Russian rating agency, showed that IAS has moved up four points to 16th in Russia’s major auditing companies.
Ratings of international networks in Russia showed that IAS, in its capacity as a member of Russell Bedford International, jumped four places in the Top 20 major auditing groups and networks in Russia.
IAS also ranked highly in specific areas of auditing and consulting activities including:
- No. 5 in insurance companies audit
- No. 14 in bank audit
- No. 4 in IT-consulting
According to RAEX market analytics, income of this year’s Top-100 auditing companies’ has increased by 9% to RUB 39 Bn – welcome news considering last year’s 5% decrease of net sales of RAEX research participants. Growth is mostly determined by revenues from initiative audits and audit-related services, which grew by 48.2% to RUB 2.8 Bn, rather than by statutory audit, which grew by 38.8% to RUB 3.5 Bn.
Speaking about the results, IAS Commercial Director, Tatiana Fauzer, said: “We must extend our huge congratulations to the entire team at IAS for these phenomenal results. It is the collective efforts of our team that makes it possible for IAS to be considered as one of the leading companies of both the Russian and international consulting markets.”
Russell Bedford CEO, Stephen Hamlet, added: “These extraordinary figures are a demonstration of the calibre of Russell Bedford’s member firms. We are incredibly proud to have IAS as a member of our international network and indeed as our representative in Moscow. Congratulations to all at IAS on these well-deserved results!”
More detailed information about the rating results, evaluation methods, and participants in the ranking can be found on RAEX official website HTTPS://RAEX-A.RU/RESEARCHES/AUDIT/AUDIT_2019