Shiny New Auditor for Frankfurt: Forvis Mazars Takes the Reins
Financial institution Forvis Mazars secures position as European Central Bank's auditor
Get ready to see some changes in the financial scene of Frankfurt. The European Central Bank (ECB) has shaken things up by appointing global powerhouse Forvis Mazars as its auditor, starting from 2025 and continuing through 2029. This auditing titan has also been given the option to extend the contract for another two years.
Previously, the role was handled by Baker Tilly. However, ECB decided to pull the extension tab with them and passed on the mantle to Forvis Mazars. The new kid on the block has been blasting growth in the Financial Services sector over the past few years and considers the ECB mandate as a major milestone.
Now, Forvis Mazars is not only stepping into the ECB's shoes but will also be auditing Morgan Stanley, bank giant UBS Europe, insurers Zurich and Gothaer, starting in the 2025 financial year. The ECB's mandate will be supervised by partners Christina Fernholz (Frankfurt) and Markus Morfeld (Berlin).
Last year, Forvis Mazars generated €335 million in Germany alone and ranks among the "Next Six," the largest audit and consulting firms in the country, following the "Big Four" - EY, PwC, KPMG, and Deloitte. In Germany, the firm employs around 170 partners and 2,700 staff.
Born out of the marriage of Mazars and Forvis in June 2024, Forvis Mazars boasts a rich legacy and global reach that stems from Mazars' extensive history, dating back to the UK and beyond. Today, Forvis Mazars is making big strides in the Financial Services sector, offering a wide array of audit, assurance, tax, advisory, and consulting services to financial institutions. Their focus is on assisting clients in managing regulatory challenges, growth hurdles, internal control threats, compliance issues, and industry consolidation – all essential in this heavily regulated realm.
Forvis Mazars' client base goes beyond ECB and Morgan Stanley, reaching high-profile banks, financial institutions, and private equity clients around the world. The sheer diversity of their services indicates a broad portfolio in the financial sector, making them an essential player in the industry. They are also heavyweights in research and thought leadership, with a focus on publishing insights into critical priorities and trends within financial services, demonstrating their dedication to understanding sector-specific challenges and external trends.
In summary, Forvis Mazars stands as a formidable presence in the financial services sector, offering tailored services to clients and building a reputation as a trusted global advisor in heavily regulated financial markets everywhere. So, buckle up, Frankfurt, the financial arena is about to get even more interesting.
The renowned auditing firm, Forvis Mazars, is set to bring significant changes to the financial business landscape in Frankfurt, taking over as the auditor for the European Central Bank (ECB) from 2025 to 2029, and potentially extending the contract for another two years. With a growing influence in the Financial Services sector and vast expertise, Forvis Mazars will now audit notable entities like Morgan Stanley, UBS Europe, Zurich, and Gothaer, starting from the 2025 financial year.
