Hubbry Logo
Forvis MazarsForvis MazarsMain
Open search
Forvis Mazars
Community hub
Forvis Mazars
logo
8 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Forvis Mazars
Forvis Mazars
Forvis Mazars
View on Wikipedia
from Wikipedia

Forvis Mazars is an international audit, accounting and consulting business formed in June 2024 by an agreement between Mazars and Forvis. Combined, the firms operate in the US and over 100[1] other countries, being among the top 10 global audit firms by revenue at the time of the agreement.[2]

Key Information

History

[edit]

The original Mazars firm was formed in Rouen, Normandy in France in 1945 by Robert Mazars. He would serve as chief executive officer until 1983, when Patrick de Cambourg was appointed the position. de Cambourg began internationalizing the local firm, which counted 33 employees in 1977.[3] From 2011 to 2016, Philippe Castagnac served as chief executive officer.[4][5] He was succeeded by Hervé Hélias,[5] who currently holds the position.[6]

In 2023, the US-based Forvis acquired the US operations of Mazars, and an agreement was reached to operate internationally under the brand Forvis Mazars from June 2024.[2] Subsequently, the firms operate as a network, doing business as Forvis Mazars LLP in the United States and Forvis Mazars Group SC in other countries, with a combined global workforce of over 40,000 in 2024 (7,700 in the US). The two firms are still owned by their respective partnerships, with separate profit pools, but are overseen by a global board.[1]

Notable clients

[edit]
See also: Trump v. Mazars USA, LLP and Personal and business legal affairs of Donald Trump § Lawsuits over congressional subpoenas

Since April 2019, US President Donald Trump's attorneys have had an ongoing controversy with a House Oversight and Reform Committee's request for some of the President's financial records which may be in the possession of Mazars USA.[7] On 25 February 2021, the House Oversight Committee in the 117th Congress, reissued the subpoena to Mazars USA for the same documents it had previously sought.[8]

In 2022, following the collapse of FTX, Mazars was engaged by Binance to perform an audit and report on its assets held in reserve.[9] This was later halted following $6 billion of outflows from Binance in December 2022, before Mazars decided to suspend all work with its cryptocurrency-affiliated customers.[10]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Forvis Mazars

View on Grokipedia
from Grokipedia
Forvis Mazars is a global professional services network that provides audit, assurance, tax, advisory, and consulting services to clients worldwide. Formed effective June 1, 2024, through the integration of the U.S.-based FORVIS and the international Mazars Group, it operates under a single brand as a unique two-member network consisting of two separate legal entities: Forvis Mazars, LLP in the United States and Forvis Mazars Group SC internationally. The network spans more than 100 countries and territories with approximately 40,000 professionals and reported combined global revenue of $5.2 billion as of August 31, 2024. As part of the formation, Mazars USA joined Forvis Mazars, LLP in the United States, adding 1,000 professionals and 14 office locations to strengthen the U.S. presence, which now exceeds 80 locations and over 7,000 employees domestically. This structure combines FORVIS's strong national partnership in the U.S. with Mazars' integrated international partnership, enabling enhanced global scale, agility, and client service consistency while maintaining separate ownership under each respective partnership. The network is governed by a Global Network Board to facilitate collaboration and is positioned as one of the largest global professional services networks, emphasizing an unmatched client experience through sectoral expertise, technology investment, and a focus on .

History

Predecessors

The Mazars Group was founded in 1945 when Robert Mazars established an accountancy practice near . The firm initially operated domestically but began international expansion in 1975 with the opening of its first foreign offices in and . Leadership transitioned in 1985 when Patrick de Cambourg became Chairman following Robert Mazars' resignation, setting the stage for growth through strategic mergers. In 1995, Mazars merged with Guérard Viala to form the Mazars CARL partnership, enabling equal partner involvement in the combined entity's development. Subsequent mergers included Neville Russell in the in 1998, Paardekooper Hoffman in the in 2000—establishing Mazars as a truly international organization with presence across most European countries, , , and several African nations—and Roever Broenner Susat in in 2015. The firm accelerated global expansion between 2003 and 2007 by adding offices in , , , , and the . Leadership further evolved with Philippe Castagnac becoming CEO and Chairman of the Group Executive Board in 2011, followed by Hervé Hélias in 2016. Forvis was formed on June 1, 2022, through a merger of equals between BKD LLP and Dixon Hughes Goodman LLP (DHG). BKD, headquartered in , and DHG, a major firm based in the , combined to create a top-10 national professional services firm focused on the U.S. market. Prior to their 2024 integration, Mazars Group operated as an international network with extensive presence across Europe and beyond, while Forvis maintained a primarily domestic U.S. footprint.

Formation

In November 2023, FORVIS and Mazars announced plans to form a new global professional services network under the unified brand Forvis Mazars, with the integration set to take effect on June 1, 2024. The agreement centered on Mazars USA joining Forvis Mazars, LLP in the , while the international Mazars Group would continue as a separate member. This structure created a unique two-member network designed for agility, consistency, and global scale to better serve clients with international needs. The formation was finalized on June 1, 2024, when the network officially launched as Forvis Mazars, operating through two independent legal entities: Forvis Mazars, LLP in the United States and Forvis Mazars Group SC internationally. The two entities maintain separate profit pools and ownership structures but collaborate under a single global brand and a shared Global Network Board to ensure seamless service delivery. At launch, the combined network was projected to generate approximately $5 billion in annual revenue based on the member firms' 2023 figures, positioning it as a new entrant among the top 10 .

Post-formation developments

Since its formation in June 2024, Forvis Mazars has emphasized integration of its two legal entities under a unified brand, focusing on , strategic investments, and targeted expansions to enhance global service capabilities. During its first full fiscal year as a combined entity (reflected in the 2025 Integrated Report), Forvis Mazars LLP reported U.S. revenue exceeding $2.24 billion, a 4% increase from the prior year, with growth in tax (6.6%), assurance (5.1%), and consulting (1.5%) services. The firm integrated over 1,000 additional team members in the U.S., bringing headcount above 7,000, advanced more than 100 new partners and managing directors, and invested in innovations such as the SALT Explorer tax tool and the Sub-K Partnership Tax Platform. Geographic expansion continued in key U.S. markets including , Philadelphia, Minneapolis, Florida, and . Network consolidation advanced through acquisitions, including the November 1, 2024, addition of MSL, P.A., a Florida-based firm with approximately 120 professionals (including 14 partners) specializing in audit, tax, and consulting for sectors such as healthcare, public sector, construction, and nonprofits. This transaction expanded Forvis Mazars' Florida presence with new offices in Orlando, Fort Lauderdale, and Tallahassee, enhancing resources for clients and career opportunities within the .

Organization

Structure and entities

Forvis Mazars operates as a global under a single brand, consisting of two separate legal entities: Forvis Mazars LLP in the United States and Forvis Mazars Group SC internationally. Forvis Mazars LLP, headquartered in , serves as the U.S.-focused entity, while Forvis Mazars Group SC, headquartered in Paris, France, encompasses the international operations. The two entities maintain separate profit pools to preserve the financial independence of each , even as they collaborate under unified branding and shared global oversight. This enables coordinated worldwide operations while respecting distinct legal and ownership structures established through the 2024 integration agreement.

Leadership

The leadership of Forvis Mazars is centered on the Global Network Board, which oversees governance and collaboration across the network's two primary legal entities: Forvis Mazars LLP (U.S.-based) and Forvis Mazars Group (international). Hervé Hélias serves as Chair of the Global Network Board and Chairman of Forvis Mazars Group. He previously led the legacy Mazars Group as CEO from 2016 until the formation of Forvis Mazars in 2024. Pascal Jauffret is CEO of Forvis Mazars Group and a member of the Global Network Board, having been appointed to the CEO role in December 2024 following the network's launch. Tom Watson serves as CEO of Forvis Mazars LLP and is a member of the Global Network Board. The Global Network Board also includes Vice Chair Rob Pruitt, along with board members David Chaudat, John Kmetz, Fran Randall, Véronique Ryckaert, Phil Verity, and Tim York, drawn from both entities to support strategic direction and global operations.

Global presence

Forvis Mazars operates in over 100 countries and territories worldwide, providing , , tax, advisory, and through a geographically extensive network. The firm maintains a presence across major regions, including (with a substantial base in the United States), Europe (where it draws on a long-established foundation), , , , and the . This distribution includes more than 400 offices and locations globally, enabling access to both established and emerging markets. This broad footprint allows Forvis Mazars to combine deep understanding of local contexts, cultures, and regulatory environments with a coordinated international perspective, supporting clients ranging from small and medium-sized enterprises to across diverse sectors.

Services

Audit and assurance

Forvis Mazars delivers a comprehensive range of designed to provide independent, objective assurance that enhances , builds trust, and supports informed decision-making across global operations. The firm’s core offerings include statutory and , where experienced professionals focus on higher-risk areas such as unique operations, , and financial statement amounts and disclosures. These audits identify potential risks and procedural weaknesses, ensuring compliance with applicable frameworks and providing confidence in the accuracy and reliability of financial reporting for both domestic and international entities. Forvis Mazars serves as auditor for U.S. subsidiaries of and domestic firms with outbound operations, navigating complex regulatory environments to support cross-border assurance needs. services are tailored to strengthen governance, enterprise risk management, and . The firm adopts a risk-based, flexible approach to assess and monitor risks, offering independent insights and objectivity as a third-line function. This helps organizations address evolving challenges such as technological changes, cybersecurity threats, regulatory pressures, and sustainability transitions while enhancing operational effectiveness and resilience. deliver actionable recommendations, promote prompt decision-making, and provide clarity for . Forvis Mazars applies sector-specific audit approaches by combining deep industry knowledge with its global network of professionals. The firm tailors methodologies to the unique risks, business models, and stakeholder expectations of diverse sectors, including , manufacturing, technology, and more. This sector expertise is supported by consistent global tools, methodologies, and collective knowledge, enabling agile, people-centric delivery that goes beyond compliance to provide constructive challenge and meaningful insight.

Tax services

Forvis Mazars provides comprehensive tax services, encompassing compliance, , and across domestic and international jurisdictions. The firm leverages its spanning more than 100 countries to deliver tailored solutions for , addressing complex regulatory requirements while optimizing tax positions. In the area of and compliance, Forvis Mazars assists clients with to reduce , design efficient legal entity frameworks for new markets, and align operations with short- and long-term business goals. This includes support for inbound and outbound investments, foreign tax compliance coordination, U.S. international information reporting, and centralized global compliance and reporting to enhance visibility, manage risk, and avoid penalties. The firm also offers tools for data collection, collaboration, and to streamline multinational obligations. services focus on ensuring compliance with local regulations and optimizing involving goods, services, , and financing. Offerings include strategic planning, preparation of master file, local file, and country-by-country reporting documentation, economic analyses such as , value chain transformation, risk assessments, , and support during audits or mutual agreement procedures. The firm employs tools like Reptune for OECD-compliant documentation workflow and database access for , while its global team provides industry-specific expertise and tracks regulatory developments. Indirect tax services cover areas such as VAT and other , integrated into broader compliance support for domestic and cross-border activities. This includes guidance on regulatory requirements and strategic compliance to meet evolving tax codes. For tax controversy and , Forvis Mazars offers assistance throughout dispute processes, including strategic advice on arbitration, court proceedings, settlement evaluations, and risk minimization. Services emphasize prevention through robust record-keeping and risk-based advice, support during audits, and handling of multi-jurisdictional issues via mechanisms such as Mutual Agreement Procedures and EU arbitration. Local teams in major jurisdictions provide procedural expertise, complemented by global knowledge in areas like .

Advisory and consulting

Forvis Mazars offers a broad range of advisory and consulting services designed to help clients align people, processes, and technology to achieve business objectives, improve performance, and manage risks in dynamic environments. These non-assurance services focus on , , transaction advisory, and specialized digital and technology solutions, delivered through a collaborative approach that combines global expertise with local insight. Business advisory encompasses strategy development, , , and enterprise solution design to support and efficiency. Risk consulting involves building customized , systems, and controls tailored to clients' sectors, priorities, and cultures, addressing , , cybersecurity, and regulatory compliance to enhance resilience and enable opportunity capture. Transaction advisory provides support during mergers, acquisitions, disposals, and reorganizations, including , valuation, and to deliver clarity, confidence, and value maximization. Forvis Mazars applies sector-specific expertise to deliver targeted consulting, particularly in , where it addresses regulatory changes, disruptive technologies, risk management, and for clients in banking, insurance, asset management, and real estate. The firm also offers technology and digital consulting to drive process automation, AI strategy, ERP and CRM implementation, and overall across industries. In select jurisdictions, advisory offerings include accountancy and legal services to complement broader consulting support.

Notable events

Trump financial records subpoena

In April 2019, the U.S. House Committee on Oversight and Reform issued a subpoena to Mazars USA LLP, the accounting firm that had served as Donald Trump's personal accountant for many years, demanding a range of financial records related to Trump, his family, and his businesses dating back to 2010. The subpoena, dated April 15, 2019, supported the committee's investigation into potential conflicts of interest, possible violations of the , and the accuracy of Trump's financial disclosure statements to . On April 22, 2019, Trump filed a lawsuit in the to block Mazars USA from complying, arguing the subpoena lacked a valid legislative purpose and violated separation of powers principles. The district court upheld the subpoena on May 20, 2019, and the affirmed that ruling in a 2-1 decision on October 11, 2019. The case reached the U.S. Supreme Court as Trump v. Mazars USA, LLP. On July 9, 2020, in a 7-2 opinion written by , the Court vacated the lower court decisions and remanded the case, holding that congressional subpoenas seeking a sitting president's personal records raise significant separation of powers concerns that courts must address through a . This test requires consideration of whether the subpoena advances a valid legislative purpose that could not be achieved without , whether it is appropriately tailored, the evidence supporting the purpose, and the burdens on the president. The original subpoena expired with the end of the in January 2021. On February 23, 2021, the committee, now under new leadership, issued a memorandum of intent to reissue the subpoena to Mazars USA, with the reissued subpoena dated February 25, 2021. After further proceedings, including a district court ruling on August 11, 2021, upholding the reissued subpoena with modifications, and a decision on July 8, 2022, affirming the committee's authority but requiring narrowing of the request, the parties reached a settlement on August 30, 2022. Under the settlement, Trump withdrew further appeals, and Mazars USA agreed to produce the responsive documents expeditiously to the committee. The agreement resolved the years-long litigation without requiring full enforcement of the original or reissued subpoenas in unmodified form. Mazars USA, as the U.S. affiliate of the international Mazars Group and predecessor entity to the U.S. operations of Forvis Mazars, was the firm subject to the subpoena throughout these proceedings.

Cryptocurrency client engagements

In 2022, Mazars Group conducted proof-of-reserves engagements for several cryptocurrency exchanges in the wake of the in November of that year, which heightened industry demands for transparency regarding asset holdings. On December 7, 2022, Mazars' South African branch published a proof-of-reserves report for Binance, verifying that the exchange held sufficient Bitcoin and wrapped Bitcoin reserves to cover user balances as of November 22, 2022, at 23:59 UTC, using Merkle trees for user verification. Mazars provided similar limited-scope proof-of-reserves reports for other clients, including Crypto.com and KuCoin. These reports were not or but rather findings based on at a specific historical point in time. On December 16, 2022, Mazars paused all proof-of-reserves work for its cryptocurrency clients globally, removing the dedicated website (veritas.mazars.com) that hosted the reports. The firm cited concerns regarding how the public understood and used these reports, noting that they did not reassure markets as intended amid the sector's volatility. Binance confirmed the pause affected its ongoing work with Mazars, along with other clients such as Crypto.com and KuCoin. The decision reflected broader caution among traditional auditing firms toward cryptocurrency engagements following heightened regulatory and reputational scrutiny in the industry.

Financial performance

Revenue and rankings

Forvis Mazars achieved combined global revenue of $5.2 billion for the period ending 31 August 2024, reflecting its performance in the first months following the June 2024 integration. This revenue positions Forvis Mazars among the top 10 largest global by revenue, marking its entry into this tier as anticipated at formation. The merger combined the revenues of FORVIS (the U.S.-based entity) and the international Mazars Group, with the combined total at formation projected at approximately $5 billion to establish a new top-10 ranking entrant. The reported $5.2 billion figure as of August 2024 slightly exceeded initial combined estimates, confirming the firm's scale in the global market.

Workforce statistics

As of 2024, Forvis Mazars employs more than 40,000 professionals worldwide, resulting from the integration of the U.S.-based Forvis firm and the international Mazars Group. This combined workforce operates across more than 100 countries and territories, reflecting the network's global scale and emphasis on leveraging diverse talent pools. The organization prioritizes diversity, equity, and inclusion (DEI) as core elements of its workforce strategy. A November 2023 people survey, drawing responses from 10,000 employees, indicated strong levels of : 76% of respondents take pride in being associated with Forvis Mazars, 81% feel they can be themselves at work, 78% believe everyone can succeed regardless of age, cultural background, gender, race, religion, or disabilities, and 87% feel respected while aligning with the firm's values. Gender representation has progressed, with women comprising 23% of in 2024 (an increase from 19% in 2020), 50% of the Group Executive Committee, one-third of the Group Governing Board, and 55% of in the group management team. The firm supports these efforts through gender action plans in 66% of its 103 countries of operation, with 59% tracking and sharing and many implementing . Beyond gender, 38% of countries actively address additional dimensions of diversity—such as ability, , , ethnicity, , sexual orientation, and —through dedicated programs. A network of 220 DEI champions across the partnership facilitates ongoing exchanges and local initiatives to advance inclusion.

References

  1. https://www.forvismazars.us/about-us/newsroom/news-releases/forvis-mazars-shakes-up-professional-services-industry-with-its-new-$5-billion-global-network
  2. https://www.forvismazars.com/uk/en/who-we-are/news/mazars-and-forvis-to-form-unique-global-network
  3. https://www.forvismazars.com/group/en
  4. https://www.forvismazars.us/about-us/newsroom/news-releases/forvis-mazars-revenues-top-$5-billion
  5. https://www.forvismazars.com/group/en/who-we-are/about-us/history
  6. https://www.businesswire.com/news/home/20220427006028/en/Introducing-FORVIS-New-Firm-Name-Revealed-From-the-Planned-Merger-of-BKD-and-DHG
  7. https://www.forvismazars.us/about-us/newsroom/news-releases/forvis-mazars-details-strong-growth-strategic-investments-in-2025-integrated-report
  8. https://www.forvismazars.us/about-us/newsroom/news-releases/msl-pa-joins-forces-with-forvis-mazars-in-florida
  9. https://www.forvismazars.com/group/en/legals/data-and-privacy/legal-information
  10. https://www.forvismazars.com/jp/en/who-we-are/news-events-and-publication/press-release/mazars-and-forvis-to-form-unique-global-network
  11. https://www.forvismazars.us/about-us/locations/springfield-mo
  12. https://www.forvismazars.com/group/en/who-we-are/news-publications/latest-news/new-headquarters-in-paris
  13. https://www.ft.com/content/e5a03ad6-775f-48f0-9817-897eabfc3dc3
  14. https://www.forvismazars.com/global/who-we-are/our-leaders
  15. https://www.forvismazars.com/group/en/users/our-team/herve-helias
  16. https://www.forvismazars.com/group/en/users/our-team/pascal-jauffret
  17. https://www.forvismazars.com/group/en/who-we-are/about-us/geographic-footprint
  18. https://www.forvismazars.com/global
  19. https://www.forvismazars.com/group/en/countries-territories
  20. https://www.forvismazars.us/getmedia/a66e95a7-6cde-4048-af65-057b90e7b0a8/Forvis-Mazars-2024-Integrated-Report.pdf
  21. https://www.forvismazars.com/group/en/services/audit-assurance
  22. https://www.forvismazars.us/services/assurance
  23. https://www.forvismazars.com/global/services/audit-assurance
  24. https://www.forvismazars.com/group/en/services/consulting/risk-consulting/internal-audit
  25. https://www.forvismazars.us/services/consulting/internal-audit-compliance
  26. https://www.forvismazars.us/services/tax/international-tax-services
  27. https://www.forvismazars.com/group/en/services/tax
  28. https://www.forvismazars.us/services/tax/global-compliance-reporting
  29. https://www.forvismazars.com/group/en/services/tax/tax-compliance
  30. https://www.forvismazars.com/group/en/services/tax/transfer-pricing
  31. https://www.forvismazars.us/services/tax
  32. https://www.forvismazars.com/group/en/services/tax/tax-disputes-governance
  33. https://www.forvismazars.com/group/en/services/consulting
  34. https://www.forvismazars.com/group/en/services/consulting/risk-consulting
  35. https://www.forvismazars.com/group/en/services/financial-advisory
  36. https://www.forvismazars.us/services/consulting/transaction-advisory
  37. https://www.forvismazars.com/group/en/industries/financial-services
  38. https://www.forvismazars.us/services/consulting/technology-consulting
  39. https://www.forvismazars.com/group/en/services
  40. https://levin-center.org/house-oversight-committee-mazars-case/
  41. https://www.supremecourt.gov/opinions/19pdf/19-715_febh.pdf
  42. https://oversightdemocrats.house.gov/imo/media/doc/2021-02-23%20Mazars%20Subpoena%20Memo.pdf
  43. https://oversightdemocrats.house.gov/news/press-releases/chairwoman-maloney-s-statement-on-oversight-committee-securing-agreement-to
  44. https://techcrunch.com/2022/12/16/audit-firm-mazars-ceases-proof-of-reserves-work-for-binance-and-others/
  45. https://www.coindesk.com/business/2022/12/16/binance-proof-of-reserves-auditor-mazars-pauses-all-work-for-crypto-clients
  46. https://www.reuters.com/technology/auditing-firm-mazars-pauses-work-binance-other-crypto-clients-coindesk-2022-12-16/
  47. https://www.forvismazars.com/cn/en/insights/latest-news/forvis-mazars-revenues-top-5bn
  48. https://www.cpapracticeadvisor.com/2025/03/12/forvis-mazars-tops-5-billion-in-global-revenue-in-2024/157260/
  49. https://big4accountingfirms.com/top-10-accounting-firms/
  50. https://www.forvismazars.com/group/en/who-we-are/news-publications/latest-news/mazars-and-forvis-to-form-unique-global-network
  51. https://www.forvismazars.com/group/en/who-we-are/diversity-equity-and-inclusion
Add your contribution
Related Hubs
User Avatar
No comments yet.