HLB International ― 8th largest accounting network in Russia

HLB Energy Consulting

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HLB International is ranked 8th among the largest accounting networks in Russia in 2017, according to the survey “Russian Audit” carried out by the RAEX rating agency. The survey was presented at the roundtable on April 25 in Moscow.

HLB International is also ranked 3rd in legal consulting and 7th in financial consulting. The total revenue for the year 2017 of the companies included in HLB International amounted to 928,487,000 RUB.

The results of the annual rankings of the largest accounting organizations and groups were presented by RAEX analysts at the roundtable “Audit Market Reform” on April 25 in Moscow. The event was sponsored by Energy Consulting.

Heads of audit organizations, representatives of audit SROs discussed the forthcoming reform of the audit market regulation, dumping and quality of audit services, as well as new technologies in the audit. The discussion was attended by Yulia Gladysheva, partner of Energy Consulting (HLB International).

Among other things, Yulia commented the dumping in the compulsory audit market in Russia: “If there is stagnation in the economy, and the total amount of money in the division of which the auditors participate, decreases, then dumping only reacts to this trend and feeds it. Customers begin to set the maximum price lower than in the previous year, explaining this is a cost reduction in the plan. There are those who are ready to audit ten percent cheaper, twenty, and so on. Sometimes even without falling to imitation of audit, and balancing on the border between quality and that price which allows not losing the client. However, the laws of the market are one for all, and in the end everything should reach the point of equilibrium and supply.”

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