- Published on Monday, 25 February 2013 09:57
- Written by The News
It has emerged that the global top-notch Accountancy firm, Baker Tilly International, which last year admitted Baker Tilly Liberia formerly VOSCON Inc., has recorded a rise in its revenues for the 2012 fiscal year.
A release dated January 31, 2013 issued by Baker Tilly International announced fiscal year 2012 global revenues of U.S$3.3 billion for the network, a 3% increase.
The boost in the organization's growth is attributed to its expansion in developing economies from Africa, Asia Pacific, Latin America and the Middle East. Improvements in some mature markets also contributed to overall results.
Commenting on the network's 2012 results, Geoff Barnes, CEO and President of Baker Tilly International, said: “we are also excited by the potential in Africa, and continued development in the Middle East. We have welcomed five new member firms including Liberia to the network from these areas.”
He said increased investment particularly in Africa, is part of their agenda, adding “we are continually assessing the changes that are occurring in the marketplace to ensure that we have the necessary resources and capabilities in locations that are of strategic importance to the future of our clients.”
Mr. Barnes indicated that his institution has an ambitious strategy that would strengthen the operations of the entity across Africa which he said multinational businesses are looking to capitalize on its enormous potential, especially in sectors such as the extractive industries, telecommunications and consumer products.
“They are looking for first class advice and help on the ground, and we are keen to meet that need,” Barnes noted.
Pundits are of the view that the Liberian economy and the public accounting profession in the country stand to benefit significantly from the presence of a Baker Tilly International member firm.
Clients in the private and public sectors will have ready access to a range of audit, tax and advisory services. In addition, deep skills in various specialties and industries will be accessible through the firm's network of professionals around the world.
Baker Tilly Liberia, whose predecessor firm commenced operations in Liberia more than 20 years ago, is managed by a team of seasoned Liberian professionals who hold internationally-recognized accountancy qualifications from the USA, Canada and elsewhere. These professionals previously accrued years of international experience with “Big 4” and other global accountancy firms in North America and Africa.
Baker Tilly International is a network of 156 independent member firms operating out of 672 offices in 131 countries. According to the International Accounting Bulletin World Survey, published in January 2013, the firm is ranked the 8th largest accountancy network in the world by combined revenue.
The release stated that there is growing expectation in various quarters with the prospect of increasing foreign investments in the oil and gas, mining and other extractive industries in Liberia.
At the time of VOSCON Liberia's admission into the Baker Tilly International network last year, Executive Chairman of Baker Tilly Liberia, George Fonderson, CPA, termed the transition as “a significant accomplishment not only for Baker Tilly Liberia, but for the Liberian Institute of Certified Public Accountants (LICPA) and the public accounting profession in Liberia, in general.”
“Our firm's accession to independent membership status in Baker Tilly International was based purely on merit. We were subjected to the same rigorous assessment process applied to other Baker Tilly member-firms worldwide, and our success in this regard is a reflection, not only of our professional accomplishments, but also, of our unwavering commitment to the full participation of qualified Liberian professionals in the evolution of the profession in Liberia…”, Mr. Fonderson said.
For his part, the release quotes Mr. Theo Joseph, the firm's Managing Partner, as saying: “membership in Baker Tilly International will augment our ability to serve the needs of our existing clients, broaden our range of services, expand our access to world-class tools, methodologies and quality-assurance systems, provide enhanced international training opportunities for our staff, and allow us to harness the deep technical resources and expertise available through Baker Tilly International's 24,000+ partners and professionals”.