Mazars’ global financial results for the 2021/22 financial year show double-digit growth, as well as strong growth in all regions and services. What are the main contributors to this growth?

We firmly believe our strong financial results are due to the relevance of our unique integrated model, international development strategy and our balanced multi-disciplinary strategy. We strive for the right balance between regulated services – such as audit – and tax, consulting and advisory services, and serve a broad range of clients, from large international and listed companies to privately owned businesses, pubic and not-for-profit organisations, as well as private individuals in some markets.

Our performance also confirms the quality and relevance of our services. Quality has been and will always remain our top priority. And we invest in innovation and talent to deliver excellence and seamless client experience.

Mazars’ ability to continuously grow its audit position among large and listed companies offers choice and a different perspective in a highly concentrated market and sets us apart as a trusted professional services firm on other critical areas such as financial advisory, digital transformation or performance management. 2021/22 saw particularly strong growth in financial advisory (+29.7 per cent) where we have invested both in our offering and our people.

The pandemic years also accelerated digitisation efforts, with technology playing an increasingly significant role in most sectors. Is technology also disrupting the accounting profession?

Yes, most definitely. Technology and digital transformation are critical to the whole profession. It’s at the heart of Mazars’ strategy for two simple reasons: first, to make our lives easier and enable our experts to focus on added value tasks; and second, to better deliver to our clients, as it enhances the quality and experience of our services.

Some examples of technologies and their impact on our profession include automation of routine tasks, Artificial Intelligence and Machine Learning: Analysing large datasets and providing insights via AI and ML helps accountants make informed decisions. In Mazars’ most recent C-suite barometer we found that leaders were most familiar with AI. Mazars’ Chief Technology and Innovation Officer, Claire Cizaire commented: “AI is a more cutting-edge technology with many fields of application. It has the potential to be more transformative than sheer automation or big data, and it has probably been on leaders’ agendas for a few years already. The recent progress around foundational models and the democratisation of generative AI, via models such as DALL-E or ChatGPT, has made it even more understandable and compelling to business leaders.

Other forms of technology include blockchain: This technology can potentially reduce the risk of fraud and errors in financial reporting. Non-fungible tokens (NFTs) could be transformative for the public and social sector especially Robotic Process Automation (RPA). The latter is helping accountants gain efficiency, giving them more time to focus on strategic planning and advisory work.

Also, although still relatively early days, metaverse and Web 3 could also disrupt the industry.

Mazars recently published its global C-suite barometer and an article on ‘How emerging technologies could transform the public and social sector’, in which we look at AI, blockchain, metaverse and automation.

At Mazars, we have 11 tech hubs across the world specialised in RPA, AI, machine learning, augmented reality and client portals, turning ideas into solutions that are transforming the way we serve our clients. Also, our ‘Reinventing audit’ programme brings together tech specialists and business analysts from over 90 countries, to work on the development and deployment of new digital solutions to augment audits.

We have a committed community of innovation ambassadors around the world, leading initiatives and spurring a culture of innovation in the way we work and deliver our client services. In 2022, we sourced over 100 business ideas from more than 60 countries across all seniority levels, from interns to country managing partners.

Mazars has a range of tools and solutions from cyber security and data analytics to accounting, payroll and global compliance solutions.

Mazars has also mobilised important resources to further enrich its technology-powered services. From audit, legal and financial advisory to consulting and sustainability, Mazars uses its advanced data analytics capabilities to offer an augmented experience to clients, identify and manage risks, and provide deeper insights.

We want to consolidate our position as one of the leading audit, tax and advisory firms on the local market

People, clients, community, environment – how is Mazars boosting its ESG credentials?

Before diving into ESG it’s important to note that audit and advisory firms are here first and foremost to serve the general interest. We believe auditors and consultants have a critical role to play to build a more sustainable business environment.

ESG is therefore high on the agenda, both for Mazars and our clients.

For clients, 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.

We offer a wide array of sustainability services to meet client needs, including:

Reporting and assurance: Providing audit and assurance solutions for sustainability and human rights reporting, certification for green and social bonds, and assurance over all forms of carbon reporting.

Strategy and due diligence: Assistance with developing strategies and business models aligned with best practice ESG principles, as well as due diligence services to ensure compliance.

Implementation and transformation: Advice and guidance to help organisations navigate through a period of change and ensure that it is truly embracing its ethical and sustainable ethos.

Sustainable finance: supporting financial institutions to respond to regulatory expectations, adhering to sustainability principles, and more broadly, navigating the complex risks and making the most of opportunities emerging from the transition to a sustainable future.

For Mazars, as a global organisation, living up to our core values, we have put sustainability at the heart of our business. As part of our commitment to creating value for all our stakeholders, we have built a robust strategy to drive positive change for our people, our clients, the environment and local communities.

This strategy is focused on five key pillars:

Upholding our values of integrity and responsibility; Guided by our code of conduct and the foundational values of our firm, we recognise our role in serving the public interest. ​

Putting people at the heart of our development: We strive to support the growth and development of our people by offering them lifelong learning opportunities, reinforcing their potential and designing careers that fit their aspirations. We focus on developing technical and leadership skills whilst fostering a more inclusive and diverse workplace that is fit for the future, where people have a sense of belonging and can make meaningful contributions by being themselves. Our people strategy therefore focuses on three key areas: empowering our people to grow and lead, diversity and inclusion, and learning and culture.

For clients: We have a dedicated team of sustainability professionals located around the world with the expertise to help clients however far along their sustainability journey they are.

Community: Mazars’ community initiatives are impacting lives around the world by contributing to many societal causes, particularly concerning education.

Environment: Climate action is at the core of how we work and we strive to embed sustainability throughout our value chain. Mazars has signed up to the Science Based Targets initiative. This means Mazars is officially committed, publicly, to a net zero pathway guided by climate science.

Our strategy and actions are also designed to contribute towards the advancement of nine of the 17 UN Sustainable Development Goals (SDGs).

In our most recent Corporate sustainability report we outline how we put people at the heart of our development, contribute to local communities, support clients on their sustainability journey and reduce our environmental impact. Examples include:

This year, Mazars in Malta is celebrating its 25th anniversary. What role does Malta presence play within Mazars’ global context?

Malta may be one of the world’s smallest countries, but it is also a vibrant financial hub where fintech start-ups, fund managers, insurance firms, payment providers and family offices work in walking distance from each other. Despite its small size, we made the conscious decision to support a variety of financial activities and specialist segments, including a rich mix of international, regional and local institutions.

Asset management, insurance, banking, private wealth and fintech are the dominant forces of our finance industry. Moreover, aviation, yachting, maritime services, capital markets, space finance and sustainable finance are also playing important roles. This diversity helps us to thrive and promotes cross-sector partnerships and cooperation among companies operating from Malta.

Located at the centre of the Mediterranean, between Europe and North Africa, Malta is an EU member state and deeply integrated in the world of finance. The country has signed up to all the global standards that have become the norm of international finance today. From Malta, financial services companies can access the EU’s massive single market of over 500 million people.

Moderate operating costs coupled with a well-trained population and a desire to support innovate ideas make Malta the ideal location for small and medium-sized organisations, regional headquarters, back-office functions and fast-growing fintech firms. As a finance centre, Malta has also become internationally recognised as a thought leader.

Even though Mazars in Malta is a small office, it contributes to the development of our group, not just serving international clients of Mazars who operate in the country but also by referring clients to the Mazars group, supporting companies’ international expansion.

What are the plans for Mazars, internationally and in Malta, in the mid- to long-term?

We want to consolidate our position as one of the leading audit, tax and advisory firms on the local market, committed towards maintaining the highest quality standards, and thus serving the best interests of all its stakeholders.

We continue to innovate our services and capabilities to serve our clients on a wide range of topics. As auditors and advisors in tax, corporate finance, risk, compliance and business performance management, we have a pivotal role to play in the setting of strong foundations for the economy in which we operate, and the society which we serve. We enhance our capabilities and services to support our clients in their quest to grow responsibly, complying with increasing regulations, successfully transforming their operations, strengthening internal control systems, and securing long-term performance.

Mazars in Malta owes its success to its people, which the firm considers as its most invaluable asset. This dedicated team has been key towards adding value to the delivery of Mazars’ customised solutions in Malta.

The 25th anniversary is an opportunity to bridge the values and strengths which have defined our success, with our firm’s fundamental purpose and vision – that of continuing to create value together with our stakeholders, and investing in what matters for our people, our clients and the local community. Hence the theme we have selected for these celebrations: ‘Growing with Purpose Together’”.

Mazars’ vision is to create a positive, inclusive and collaborative work-environment, underlined by the firm’s commitment to quality, transparency and highest ethical standards.

Mazars in Malta could not be where it is today without the expertise that the members of staff, past and present, have brought to the organisation. The vision and leadership of two individuals has over the past 25 years transformed this organisation to a leadership of nine Partners and Directors, four of which are women, preparing the path for eventual succession and thereby securing the continued success into the next decades.

Whilst all staff levels see a majority of females professionals, over the last five years diversity has broadened to also include eight different nationalities (26 per cent of the employees are foreigners). Four generations work together bringing their ideas forward, forging collaboration to create value within and beyond with a right mix of experience and youthful determination. The average age across has remained steady at 35. The hunger of staff members to learn and acquire new skills has enabled the organisation to develop professionally and seek new avenues of growth. Through the careful acquisition of interesting and challenging work, this has also contributed to the personal development of all.