Acting now for what's next
Supporting the business agenda
Acting on what matters
2022 in review
A message from CEO Hervé Hélias
"Through high-quality audit and advisory services, we help our clients mitigate risks and operate with transparency and confidence, setting the foundations of a solid trust contract in our economy."
Hervé Hélias
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Who we are, what we do
2022 was an eventful year that tested the agility of companies, governments and individuals around the world as we contended with the sudden return of macroeconomic instability and geopolitical tumult, further evidence of climate change, alongside the lingering effects of the Covid-19 pandemic. These disruptions came on top of longer-term business trends, including digitisation and sustainability, which bring both challenges and vast opportunities to grow, develop and explore new ways to create value.
In this unsettled context, Mazars’ mission has never been so compelling: we support organisations in their quest to grow responsibly, comply with increasing regulations, successfully transform their operations, strengthen internal control systems, and secure long-term performance. Now more than ever, businesses must respond to societal expectations and needs, acting today to secure the future they want to build tomorrow. At Mazars, we intend to do just that. Driven by our values and purpose, we transform and invest where it counts to attract and develop our talent, and stand by our clients as they navigate this evolving landscape, helping them to make the right decisions, at the right time.
Our response to the war in Ukraine
Strong, responsible and balanced growth
Russia’s shocking invasion of Ukraine took us all by surprise, and at Mazars, we did our utmost to protect the safety and welfare of our Ukrainian teams and their families, ensuring full financial support and extending humanitarian aid, transport and accommodation. We also thoroughly assessed the consequences of these tragic developments for our teams and clients around the world, and how we should respond as an international firm. In May 2022, we decided to stop all Mazars activities in Russia.
Despite a complex global environment, 2022 was an excellent year for Mazars across geographies and service lines. Once again, we achieved double-digit growth, with global revenues reaching €2.45bn, representing a year-on-year increase of 16.4%. Our performance reflects the relevance of our multidisciplinary approach, grounded in keeping the right balance between our regulated audit services and our non-regulated tax, consulting and advisory services. We are convinced this equilibrium is essential to the common good. Offering both audit and advisory services, in compliance with regulation, has several benefits: for audited companies, a multidisciplinary approach guarantees relevance and quality; for the market and public interest that our profession defends, it is necessary for the future of the auditing profession, as it is what attracts the best talent. This is why we constantly invest in developing a diverse portfolio of services, for both public and private organisations. This variety of disciplines enables us to serve clients of all sizes by offering a deep understanding of sector-specific environments, issues and trends, including financial services where we have a recognised leadership position. Through high-quality audit and advisory services, we help our clients mitigate risks and operate with transparency and confidence, setting the foundations of a solid trust contract in our economy.
The sustainability imperative
Like all organisations today, we must be accountable, grow conscientiously and advance our environmental, social and governance commitments. This year, Mazars signed up to the Science Based Targets initiative, underlining our commitment to achieving a robust net zero pathway. We have also taken steps to further gender diversity in the management of our organisation and will continue to progress on all aspects of our corporate sustainability journey, guided by the latest expertise and science. Beyond keeping our own promises, we also have the duty to help our clients transform their businesses. As new regulation emerges, including the Corporate Sustainability Reporting Directive in Europe, in addition to the rules and guidelines likely to follow in other regions of the world, corporations will need to provide high-quality, reliable corporate reporting on both their financial and non-financial performance. We, as auditors and advisors, will play a key role in helping build trust in sustainability commitments, fight greenwashing and foster systemic change. Consequently, we are devoting resources to upskilling our teams in this regard, as well as integrating new capabilities in our core business.
CEO and Chairman, Mazars Group
Investing where it counts
Looking ahead, we will keep our attention on remaining an employer of choice, able to attract, develop and retain a diverse pool of talent globally. Today, we count over 30,000 professionals within our integrated team, of which 1,200 are partners. We strive to provide an inclusive work environment in which all can fully express their potential. Mazars is by design an international and multicultural firm that expressly appreciates the value of difference as a prerequisite for business success, and we will continue to nurture this collective intelligence. Quality remains our top priority and serves as a guiding value in everything we do. Responding to changing regulations and standards, we have invested heavily in our people, tools and processes to ensure we uphold the latest quality requirements. We welcome these evolutions and see them as opportunities to further strengthen our quality management. Last but not least, at a time when audit is at a crossroads, Mazars has an ambitious programme to reinvent and digitise audit for the benefit of clients, auditors and the entire business ecosystem. We are investing in technologies that bring real-time added value to our clients’ decision-making and experience, and equally more advanced data analytics tools to enhance the work of our auditors. At the same time, we are upgrading a wide spectrum of technology-powered advisory services, including tax, legal, financial advisory, consulting and sustainability services. In 2023 and beyond, Mazars will remain fully committed to playing its part in creating a fairer, more sustainable world. I am confident that together, we – businesses, governments, regulators – can make the right decisions and transformations to pave the way for a brighter tomorrow. It’s time to move forward with renewed purpose, concentrating on what really matters; acting now to prepare for what’s next.
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Hervé Hélias shares his perspectives on the trends affecting the industry and society as a whole.
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Considering this evolving landscape, Mazars’ core mission has never been more compelling: we help our clients grow confidently and responsibly, acting today with tomorrow in mind. Expectations on businesses go beyond financial performance and organisations are – rightly – under pressure from everywhere to change how they operate, with sustainability, digitisation, compliance and people at the top of the business agenda. As auditors and business advisors, we have a pivotal role to play in helping our clients navigate these changes and setting the economic foundations of a new growth and trust contract. Our strong purpose guides us in everything we do: we want to help build the economic foundations of a fair and prosperous world by caring for the success of our people and clients, the health of financial markets and the integrity of our industry.
Our compelling mission
Mark Kennedy Partner & Group Executive Board Member, Mazars
Bold leadership for a sustainable future
Every year, Mazars conducts research to understand the priorities and issues at the heart of our clients’ businesses. Our C-suite barometer gathers the views of over 800 executives from all over the world, giving us valuable insight into the topics on their agenda, their challenges and opportunities. Our latest study uncovered a sense of fighting spirit, with leaders making bold moves to secure a sustainable future.
Mazars C-suite barometer
C-suite barometer
“To shape a sustainable future, for both their business and wider society, the C-suite are increasingly investing in technology and sustainability. With uncertainty the norm for the foreseeable future, they need to continue to be bold today, to achieve sustainable success tomorrow.”
Download our report
Mark Kennedy
Partner & Group Executive Board
Our brand
Outlook 2023
A leading international audit, tax and advisory firm
Who we are
About us
Mazars at a glance
Founded in Europe, Mazars bears the name of its original founder, Robert Mazars, who started his practice near Rouen, in France, in 1945. Since then, we have grown to become an international organisation present in more than 95 countries and territories worldwide. The diversity of our expertise, services, and talent has flourished and we have the skills and the scale to serve clients of all sizes, across all industries, while remaining agile, personal and distinct in our approach.
partners
1200+
47,000+ professionals
global partnership
1
Key facts and figures
30,000+ in Mazars’ integrated partnership and 17,000+ via the Mazars North America Alliance
countries and territories
95+
*2021/2022 financial year.
16,4%
€2.45bn
of our global workforce are women
53%
Our history
Our roots
Guided by our values
Our values have acted as a compass throughout our decades-long growth story and demonstrate our commitment to always going above and beyond what is expected of us, today and tomorrow.
Our values
Stewardship
Mazars is a leading international audit, tax and advisory firm, aspiring to build the economic foundations of a fair and prosperous world. Operating as a united partnership, Mazars works as one integrated team across borders, leveraging expertise, scale and cultural understanding to deliver exceptional and tailored services in audit and accounting, as well as tax, financial advisory, consulting, sustainability and legal* services.
*where permitted under applicable country laws
Private individuals
We understand the goals and concerns of private owners and shareholders. Mazars advisors act as a sounding board, answering the sensitive questions our clients have, making the complex simple, providing the information needed to make decisions.
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Public and not-for-profit organisations
The expectations and pressure on those delivering public services is intense. Our experts help public and social sector organisations build trust, effectiveness and transform sustainably through tailored advice and practical solutions that improve service delivery for the benefit of society at large.
Privately owned businesses
We work with over 50,000 privately owned businesses worldwide. Whether they’re looking to ensure compliance with local laws and regulations, get funding and acquisition advice, grow internationally, digitise their business or manage tax implications of exit planning, we are here to help.
Large international and listed companies
We have the scale to serve global clients while remaining agile and personal in our approach. We offer services based on a deep understanding of your business, industry and reality, delivered by one international and multi-disciplinary team of experts working seamlessly together to provide a consistent, high quality service wherever and whenever you need it.
Our sector expertise
Our sectors
Our services
A balanced multidisciplinary range of services for a broad range of clients
As a leading international audit, tax and advisory firm, we help our clients grow confidently and responsibly. We serve clients in a variety of industries, with a deep understanding of sector-specific environments, issues and trends. We are convinced our diverse portfolio of services, through which we provide a balanced, multidisciplinary range of regulated and advisory offerings, is essential to the quality of audit, the relevance of the services to clients, the attraction and retention of the best talent and, ultimately, the general interest.
Learn more
Regulations on sustainability reporting are gaining momentum. By 2024 the Corporate Sustainability Reporting Directive will introduce the use of mandatory sustainability reporting standards across the European Union. Elsewhere, international bodies and national authorities are also exploring new rules and principles. We help our clients find a safe path across this fast-evolving ecosystem and build meaningful sustainability reporting which reflects their strategy.
Reporting & assurance
One of the biggest challenges that many businesses face today is incorporating sustainability into everything they do. Our experts can help clients go further in their sustainability journey, tackle specific challenges, and dive into the operational aspects of their business transformation to improve overall performance and create value.
Implementation & transformation
As the world pays greater attention to how companies behave, it is imperative for companies of all sizes to have an effective sustainability strategy in place. To be successful and achieve new opportunities, a company’s sustainability strategy must be fully integrated into their business model. Our team can provide the advice and guidance needed to develop and embed a sustainability framework tailored to our clients’ organisation.
Strategy
Sustainability is high on the agenda, both for Mazars and our clients, and we have grown a full suite of sustainability capabilities covering ESG assurance and advisory services. Our dedicated sustainability team has the expertise to help clients however far along their sustainability journey they are.
Supporting clients on their sustainability journey
As companies grapple with an ever-evolving array of rules and regulations, our global compliance service is on hand to help businesses ensure good governance by meeting their specific obligations. Wherever in the world our clients do business, we ensure their organisation is operating in compliance with local regulations and reporting requirements, and we help them embed a strong compliance and reporting process across their firm to drive growth.
Global compliance
As the business world becomes digitally interconnected, cyber security and data protection have become priorities for most organisations. Cyber threats are complex and often costly challenges that few companies can afford to suffer. Our specialists will help to put systems and processes in place so our clients can feel confident that their business is protected.
Cyber security & data protection
The number of increasingly sophisticated digital solutions at an organisation’s fingertips continues to grow rapidly. They help us work faster, smarter and better than ever before. But they are complex and difficult to manage without the right in-house expertise. That is where our experts come in, helping clients get up and running quickly, with better results and more time to focus on the core of their business.
Technology consulting
We understand the trends shaping our clients’ agendas and we make sure we invest in developing and enhancing our capabilities to provide the high-quality services they need to operate with confidence.
Enhancing our capabilities in critical services
Integrity
Diversity & respect
Technical excellence
Independence
Consistent project methodologies and technical standards worldwide
Stable relationships through team continuity and single point of contact
Blend of sectorial, topical and geographical expertise
Agility, working together to tailor solutions to your needs
Global and local expertise
Consistent quality of service and professional standards
Seamless experience
Truly integrated, international solutions
One integrated partnership model: what it means for our clients
What makes Mazars different? We operate around the world as a single, united and connected team of partners, with aligned interests, consistent delivery models, and a shared commitment to the highest standards of service delivery and ethics. We have the right scale and connectivity to serve clients effectively, wherever they are in the world, while remaining agile and personal in our approach.
A different perspective
Financial advisory
Our multidisciplinary approach is key to supporting our clients’ changing needs and helping them achieve sustainable growth. Audit has long been at the heart of our business and we have developed solid tax, advisory, compliance and sustainability practices. This enables us to offer a rich and full breadth set of services including:
Responsibility
Audit and assurance
Consulting
Outsourcing
Legal
Sustainability
Tax
Privately owned business services
fee income*
year-on-year growth (including forex impact of +2.9%)*
Figures as at 1 January 2023.
Digitisation continues to be a critical area of investment for Mazars and remains at the top of the agenda for businesses and organisations as they accelerate their use of technology. We embrace the latest technology, for our clients and teams, to increase efficiency, ease collaboration, enhance service delivery, improve quality and strengthen data security.
Digitising our firm and our services
Our ambition is to both increase the number and representation of women across our workforce and in leadership teams, and to transform our organisation to make it more inclusive for all. We strive to provide our people with an environment that enables them to thrive and achieve their potential.
A unique gateway between our teams and clients
Through our league of tech hubs throughout the world, we apprehend new technology breakthroughs and explore the opportunities they bring about for our clients and teams. Each tech hub leads our research in a specific cutting-edge topic, be it artificial intelligence, extended reality, robotics or data visualisation, to name but a few. These hubs host live demonstration sessions with our prospects and clients, supported by a community of 300+ innovation ambassadors in 60+ countries.
Our league of tech hubs
In audit we have developed a suite of internal solutions that enable us to work seamlessly across teams and concentrate on real added-value tasks tailored to our clients’ needs. With our enhanced data analytics capabilities, we offer deeper insights into our clients’ individual situations and these bespoke solutions further strengthen the quality of our work. Our dedicated global Reinventing Audit team works to continuously address new needs and leverage the power of technology.
Our global audit platform
Guided by our core values, sustainability is at the heart of our business. As part of our commitment to create value for all our stakeholders, we have built a robust strategy to drive positive change for our people, clients, the environment and local communities. This is focused on five key pillars:
Corporate sustainability
Learning is the backbone of our talent and leadership development strategy, fundamentally embedded within our culture. In 2022, we continued to take tangible steps to build Mazars as a school of excellence, where our people can learn technical, business and soft skills, ranging from ESG to coaching, communications to inclusion. Through our programmes, we nurture a pool of critical thinkers and responsible future leaders, who respond to our clients’ expectations.
Education
As a knowledge-intensive organisation, our people play an integral part in our success. This is why our people strategy puts the best interests of employees and their development at the core of our policies and actions, ensuring Mazars is a place where all can excel.
Our talent
Supporting our people to excel, develop their potential and build a career that fits their aspirations is at the heart of our talent management strategy. This is what makes Mazars the smart choice. In 2022, we continued to explore new ways of working with our people, nurture a culture of innovation and provide a true sense of purpose through serving the public interest and our corporate sustainability strategy. Thanks to this focus on our people, we are recognised as a great place to work in many countries around the world.
Attraction
Mazars is dedicated to ensuring we are an organisation where people have a sense of belonging and pride, and where everyone can make meaningful contributions and be themselves. We firmly believe this is how we will deliver greater value to our clients, attract and retain the best people and build effective and healthy teams. In particular, gender diversity is a key topic on our executive board’s agenda.
Diversity and inclusion
of our global workforce are women.
Over a third of Mazars’ global leadership team are women.
35%
Women make up just under half of Mazars’ governance bodies overall.
43%
Our objective by 2025 is for a quarter of our partners to be women. We currently sit at 22%.
25%
We continually invest in our quality management system and processes. Most recently we have designed and implemented the new International Standard for Quality Management, which further enhances and standardises our quality management system. This system is supported by policy, guidance, methodology and enabling tools at both a global and local level. Our Enterprise Risk Management function supports quality management by helping us maintain a stable, sustainable and resilient organisation.
Quality management
Our global code of conduct, grounded in our values, serves as a moral compass for our daily activities and guides us to do what is right. In addition, we use our code of conduct for objectivity and independence (CCOI) to enable our entities and people to comply with the International Code of Ethics for Professional Accountants. These codes are integral parts of each of our entities’ professional training programmes and are the foundations upon which our quality management system sits.
Codes of conduct
Our profession is built on quality, integrity and objectivity. These and our other values – responsibility, diversity and respect, technical excellence, independence and stewardship – are at the heart of Mazars, driving our relentless focus on quality management.
How we manage quality
The case for audit evolution is growing and a series of headline corporate failures have raised questions about the quality of service companies and their shareholders can expect. Against this backdrop, Mazars is committed to bringing its perspectives on the major trends, disruptions and opportunities that shape the industry. We hold the fundamental belief that high quality audits contribute to building the foundations of a fair and prosperous world, helping to forge trust and transparency in society.
Our market research
The audit market is experiencing a major transformation, with several geographies gradually introducing the mandatory audit of corporate sustainability reporting. The European Union is perceived as a front-runner in this area, with the recent adoption of the Corporate Sustainability Reporting Directive (CSRD). We are gearing up to support our clients on this journey.
The rise of sustainability audit
Audit faces ambitious and stimulating change, both in terms of the way the work is performed, with increasing support from new technologies and artificial intelligence (AI), and its scope, including Financial, Sustainability, IT and Internal Controls Reporting. For decades, Mazars has been at the forefront of audit evolutions, actively working in the public interest and helping shape a high-quality audit market.
Audit evolution
The audit profession faces a decisive moment: market expectations are shifting, regulatory requirements are evolving, technology is transforming the way audits are performed, and sustainability is inviting itself to the table. All these evolutions reshaping the audit industry are critical to building trust in business and society – they are essential elements of a new trust equation, in which Mazars is playing its full part.
The future of audit
#2 Putting people at the heart of our development
Our CLIP accredited Mazars University offers 20+ world-class leadership and business development programmes, some of which are available to our clients too.
20+
#1 Upholding our values of integrity and responsibility
#5 Supporting clients on their sustainability journey
#3 Reducing our environmental impact
#4 Contributing to local communities
Mazars counts 280 ReCoaches – representing ¼ of our partners - who have been trained to guide and advise their peers through their self-assessment and individual development journeys over a four-year period.
280
We proudly welcomed 116 partners from 38 countries, bringing a wide array of expertise to serve our clients in all our lines of service.
2021/2022 performance
January
"Despite a complex global environment, 2022 was an excellent year for Mazars across geographies and service lines. Our performance confirms the quality and relevance of our services, and our ability to continuously grow offers choice and a different perspective"
A year in review
Our new forensics team in Germany has brought additional expertise in the field of forensic and investigation services, adding value for both our national and international clients.
Expansion of our forensics capabilities in Germany
Mazars welcomes 100+ new partners
For the sixth consecutive year, we earned the title of HR Asia’s Best Company to Work for in Asia.
Mazars in Singapore named HR Asia Best Company to Work for
Following the shocking invasion of Ukraine, we worked relentlessly to protect and support our people both in and outside Ukraine. We also worked to help our international clients.
Mazars supports Ukrainian colleagues and clients
Beyond excellent financial performance, Mazars grew responsibly, integrating ESG as an essential part of our long-term growth strategy
Financial results reveal double digit growth
February
Mazars was proud to once again take part in the world’s leading real estate event MIPIM 2022.
Participation in MIPIM, the world’s leading real estate event
Leading Colombian law firm, Sanin, joined our Mazars team in Colombia, bringing 40 professionals to broaden our service offering in the country.
Sanin joins Mazars’ international partnership
Mazars’ C-suite barometer revealed that a majority of business leaders expect to transform their businesses, notably in relation to technology and sustainability.
Mazars publishes second annual C-suite barometer
March
This study took a closer look at the market for audits in the PIE segment using examples from Germany, France and the UK seven years after the passing of the EU audit reform.
Mazars launches ‘Auditing in Europe: PIE market structures’
We interviewed mobility experts on the transformation towards more personalised, sustainable and shareable mobility solutions.
'Driving conversations' series is launched
Created in partnership with OMFIF, this online tool provides a comprehensive overview of 23 different countries’ approaches to mitigating climate risks in the financial sector.
Quarterly update of the sustainable finance policy tracker
April
Our office in Istanbul became the first in our firm to achieve carbon neutral status, after switching all its energy requirements to wind power in 2022.
Mazars office in Istanbul goes carbon neutral
Entitled ‘Mazars for good’, our publication detailed our sustainability strategy and reaffirmed our commitment to helping build the foundations of a fair and prosperous world.
Mazars publishes third consecutive sustainability report
May
This bi-annual report, designed to serve as a practical benchmarking tool, looked at how persistent macroeconomic uncertainties impacted expected credit loss levels of the 26 largest EU banks.
Mazars publishes ‘Financial reporting of European banks’
Since 2018 Mazars has served as the official and exclusive partner of the forum’s awards ceremony, which recognises the companies and investors that shaped Africa
Mazars partners with Jeune Afrique in support of the Africa CEO Forum 2022
This appointment marks progression in our strategic aim to create an IT and innovation backbone
Raphael Hélion appointed Chief Information and Technology Officer
June
This event welcomed 140 guests to celebrate our expansion to Serbia, where we launched operations just before the pandemic and were able to support businesses throughout the last two challenging years.
Celebration of second anniversary of Mazars’ presence in Serbia
We created this platform to share insights from Mazars’ consumer experts and perspectives from industry leaders to help the sector navigate future trends and find relevant solutions to become more resilient and thrive.
‘Let’s talk consumers’ blog launches
Joining the international #AuditorProud campaign, Mazarians from around the world shared their pride in their profession across social networks.
Mazarians share why they’re proud to be auditors
‘Not if, but when. Strengthening the safety net to improve cyber resilience’, this report followed up on our C-suite barometer survey and uncovered the full extent of cyber threats to companies, public-sector institutions and individuals.
Mazars releases cyber security report
July - September
This report analysed persistent myths facing women in the workplace and offered solutions.
‘Myths and barriers preventing the progression of women’ report is released
Mazars partnered with Europrivacy to provide clients with GDPR compliance certifications authorised by the European Data Protection Board.
Mazars launches a brand-new service to deliver GDPR certifications
Mazarians in Egypt joined in celebration to commemorate 80 years of excellence in the country. The event welcomed more than 600 colleagues, partners and international guests.
Mazars in Egypt celebrates 80-year anniversary
October
The Mazars payroll team has been recognised for their leadership, teamwork and innovation by the Global Payroll Association.
Payroll team receives Judges Award from the Global Payroll Association
This report looked at key insights from business leaders around the world to support businesses in navigating their sustainability journey.
ESG report, ‘How advanced are you on your sustainability journey?’
On behalf of the 150 guests and the Mazarians who joined in celebration, we donated JPY 750,000 to three charitable organisations that promote diversity and child development.
Celebration of our 30-year anniversary in Japan
Mazars partnered with the Women’s Forum for the Economy and Society in October and sent a delegation of 30 female leaders to attend its annual Global Meeting.
Mazars partners with Women’s Forum and sends delegation to Global Meeting
Mazars attended the CIIE, a renowned trade fair, where the firm showcased its strategy, agility and success in serving its clients.
Mazars takes part in the China International Import Expo (CIIE)
November
With the addition of Stakeholder Reporting, Mazars has expanded its sustainability portfolio.
Mazars joins forces with German sustainability consultancy
Thanks to this acquisition, we have significantly expanded our Boston footprint and gained five partners, three managing directors and 65 new professionals.
Boston-based Samet & Co joins Mazars partnership
Mazars signed up to the SBTi, the world’s first framework for setting corporate net zero targets in line with climate science, keeping its promise to play its role in mitigating climate change.
Mazars signs up to the Science Based Targets initiative
December