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Culture and economic factors Legal aspects :

Contract law Employment law Intellectual property

Funding : Home or target country Equity or loan

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Taxation : Repatriation of profits & capital Tax incentives Transfer pricing Custom duties

Choice of corporate structure : Joint venture Sales office Subsidiary Merger and acquisition

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Accounting : Where to base the book-keeping ? Which connections between the local firm and the

mother : datas transfers ? Closing for annual accounts

Banking : Local ways of payments Control of money collection from clients Relationship with clients for collection Signature on the Bank account and payments

Compliance services : Audit Taxation

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The demand is for practices able to deliver crossbord services

International groups provide : International access to regional specialists Improved client retention and acquisition Inward referrals – national and international Raised profile of firm – influencing potential clients and

business referrers

Association or network ?

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ACEE choosed to mix Accounting and Law firms, in order to offer a full range of services

All the members are human-sized practices assuming a personalised service

Spread all over Europe, in principle with one Accountant and one Lawyer per country

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ACEE has never looked for any intensive development

The strategy has been to keep ACEE small but of a high quality of services

The philosophy is to preserve the independence of the members : no equity to share

ACEE is only an association, or a grouping

Leading networks and associations: fee data

Fee split (%)

Rank 2008

Rank 2009

Fee income

($m)Growth rate (%)

Audit & Accounting

Tax services

Management consulting

Corporate finance

Corporate Recovery / Insolvency

Litigation Support Other

Year-end

ASSOCIATIONS OF INDEPENDENT FIRMS1 1 Praxity 3 272,2 1% 63 23 9 1 >1 1 3 n/a4 2 Leading Edge Alliance 2 519,9 21% 43 31 22 1 1 1 1 dec-092 3 Moore Stephens International 2 077,9 -7% 54 27 7 2 >1 1 9 dec-096 4 AGN International 1 535,7 4% 49 24 - - - - 27 oct-095 5 Fiducial International 1 485,0 -1% 60 15 10 - - - 15 sept-097 6 IGAF Worldwide 1 267,8 -5% 34 26 16 16 - - 8 dec-088 7 BKR International 1 300,0 -2% 55 28 - - - - 17 june-099 8 DFK International 1 047,2 10% 49 30 7 1 2 5 6 sept-0910 9 IAPA 939,3 2% - - - - - - - n/a11 10 CPA Associates International 910,0 12% 47 32 12 - - - 9 oct-0912 11 Morison International 641,7 3% 40 9 3 3 11 4 30 dec-0913 12 JHI Intrnational 606,8 3% 43 28 8 2 2 8 9 n/a14 13 Polaris International 515,2 -5% - - - - - - - dec-0916 14 MSI Global Alliance 511,2 7% 56 22 7 2 7 6 - dec-0915 15 EuraAudit International 465,0 -5% 67 20 13 - - - - dec-0917 16 MGI 454,8 17% - - - - - - - june-0920 17 INPACT Group 320,3 13% 52 28 12 1 3 1 3 dec-0819 18 Kingston Sorel International 271,8 -13% 51 17 8 3 3 1 17 n/a22 19 GMN International 249,8 3% 50 30 10 1 >1 1 8 dec-0921 20 Integra International 249,1 10% 45 30 10 5 5 5 - sept-0923 21 Parker Randall International 157,2 26% 59 24 12 5 - - - dec-0924 22 A.C.E.E. 41,6 60% 99 - - - - - 1 dec-08

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Source : International Accounting Bulletin 2008

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Leading networks and associations: fee data

Fee split (%)

Rank 2008

Rank 2009

Fee income

($m)Growth rate (%)

Audit & Accounting

Tax services

Management consulting

Corporate finance

Corporate Recovery / Insolvency

Litigation Support Other

Year-end

NETWORKS1 1 PricewaterhouseCoopers 26 171,0 -7% 50 27 - - - - 23 june-092 2 Deloitte 26 100,0 -5% 46 22 - - - - 32 may-093 3 Ernst & Young 21 400,0 -7% 47 27 - - - - 26 june-094 4 KPMG 20 110,0 -11% 50 20 - - - - 30 sept-095 5 BDO International 5 026,5 -2% 60 19 5 4 5 2 5 sept-097 7 RSM International 3 875,6 8% 48 28 15 - - - 9 dec-098 8 Baker Tilly International 3 128,6 6% 50 25 10 4 4 4 3 june-099 9 Crowe Horwath International 2 746,7 -5% 52 24 9 2 - - 13 dec-0910 10 Nexia International 2 110,0 -5% 57 21 10 2 1 1 8 june-0911 11 PKF International 1 905,3 -6% 45 17 16 4 7 1 10 june-09n/a 12 Kreston International 1 642,0 -5% 52 20 9 3 1 - 15 oct-0912 13 HLB International 1 771,0 -7% 45 25 18 1 3 1 7 nov-0913 14 Mazars 1 057,5 -5% 86 12 - - - - 2 aug-0914 15 UHY International 630,0 -6% 58 18 9 2 1 1 11 dec-0915 16 Russell Bedford International 374,0 7% - - - - - - - june-0916 17 Rödl & Partner 286,2 -1% 33 25 7 - - - 35 dec-0817 18 ECOVIS International 251,5 5% 46 32 7 3 4 1 8 dec-09n/a 19 IEC/CPA-USA/EPR 136,5 - 56 24 20 - - - - june-0918 20 SMS Latinoamérica 45,6 -13% 45 32 15 - 8 - - dec-09n/a 21 UC&CS AMÉRICA 12,6 - 67 19 14 - - - - dec-09

Source : International Accounting Bulletin 2008

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Leading networks and associations: staff data

Offices Partners Professional staffAdministrative

staff Graduate hires Total staff2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

ASSOCIATION OF INDEPENDENT FIRMSA.C.E.E. 28 19 54 35 8 - 282 - - - 344 209AGN International 481 466 1 089 1 057 6 352 6 178 1 640 1 609 - - 9 081 8 844BKR International 262 276 941 1 016 7 589 7 667 1 112 1 183 - - 9 642 9 866CPA Associates International 287 296 840 870 5 850 5 220 3 220 1 570 - - 9 910 7 660DFK International 382 345 1 222 1 126 6 620 5 885 2 115 1 832 - - 9 957 8 843EuraAudit International 313 302 693 697 3 937 3 757 2 201 2 207 - - 6 831 6 661Fiducial International 1 257 1 307 - - - - - - - - 13 110 13 068GMN International 136 132 264 274 2 123 2 133 626 721 180 135 3 013 3 128IAPA 301 339 1 220 1 374 4 733 4 071 3 678 4 326 - - 9 631 9 771IGAF Worldwide 449 434 1 289 1 239 8 061 8 325 2 292 2 318 - - 11 642 11 882INPACT Group 200 - 604 - 2 925 - 558 - - - 4 087 -Integra International 148 129 363 326 1 824 1 634 374 331 - - 2 561 2 291JHI International 223 228 637 667 3 565 3 843 925 1 013 - - 5 127 5 523Kingston Sorel International 129 129 382 373 2 157 1 987 680 697 - - 3 219 3 057Leading Edge Alliance 455 430 1 615 1 433 15 185 10 063 2 989 2 683 - - 19 789 14 179MGI 305 278 697 623 2 597 2 630 2 221 2 023 - - 5 515 5 276Moore Stephens International 630 647 2 236 2 231 14 557 15 320 4 071 3 693 - - 20 864 21 244Morison International 209 221 633 580 5 237 4 583 1 199 1 281 1 280 1 175 7 069 6 444MSI Global Alliance 162 157 685 654 4 125 3 567 1 208 1 088 - - 6 018 5 309Parker Randall International 115 101 225 191 1 340 1 209 161 140 - - 1 726 1 540Polaris International 281 252 822 857 4 848 4 547 1 516 2 960 - - 7 186 8 364Praxity 515 511 2 401 2 211 19 962 17 934 4 776 4 547 - - 27 139 24 692

Source : International Accounting Bulletin 2008

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Leading networks and associations: staff data

Offices Partners Professional staff Administrative staff Graduate hires Total staff2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

NETWORKSBaker Tilly International 572 509 2 813 2 576 17 218 16 456 5 351 5 731 - - 25 892 24 763BDO International 1 138 1 095 4 098 3 443 34 156 33 437 7 781 7 122 - - 46 035 44 002Crowe Horwath International 588 558 3 271 3 324 16 995 17 729 6 481 5 196 - - 26 747 26 249Deloitte - - 9 555 9 100 130 208 124 000 28 888 28 200 - - 168 651 161 300ECOVIS International 201 188 292 268 2 041 2 087 343 327 98 37 2 676 2 682Ernst & Young - - - 8 244 - 99 203 - 28 283 - - 144 441 144 514Grant Thornton International 529 498 2 568 2 539 22 221 21 822 5 590 5 529 - - 30 379 29 890HLB International 447 451 1 719 1 721 10 819 10 355 3 141 3 164 - - 15 679 15 240IEC/CPA-USA/EPR 125 - 429 - - - - - - - 2 657 -KPMG 700 700 7 953 7 677 106 973 104 057 25 309 25 162 - - 140 235 136 896Kreston International 703 740 1 205 1 329 15 662 15 682 2 656 3 223 - - 19 523 20 234Mazars - 183 556 481 9 025 7 439 1 733 1 529 - - 11 314 9 449Nexia International 589 522 2 272 2 180 14 353 12 771 3 975 3 063 - - 20 600 18 014PKF International 408 400 1 827 1 928 12 493 12 431 3 294 3 262 - - 17 614 17 621PricewaterhouseCoopers 757 749 8 552 8 603 123 548 116 935 31 445 30 155 - - 163 545 155 693Rödl & Partner 83 81 117 100 2 623 2 395 260 255 120 180 3 000 2 750RSM International 736 732 3 150 2 918 23 262 21 424 6 080 5 916 - - 32 492 30 258Russell Bedford International 210 188 536 510 3 990 3 729 654 591 - - 5 180 4 830SMS Latinoamérica 67 61 136 126 1 219 1 040 108 87 133 - 1 463 1 253UC&CS AMÉRICA 69 - 135 - 663 - 129 - - - 927 -UHY International 245 211 709 636 5 603 5 079 1 322 1 340 - - 7 634 7 055

Source : International Accounting Bulletin 2008

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Low cost with very few resources No liability risk for members, without

any service provided directly by ACEE and without any invoicing

No common branding No inspection, quality control,

procedures, methodologies No active action for targeting clients

or international assignments to share

Do we want :

To stay as it is ?

To get more members ?

To conduct a pro active service :

for members ?

for ACEE ?

To perform a marketing strategy ?

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Do not forget that :

« People do business with people they

know, like and trust »

The main reason for an ACEE

membership is to serve our own clients

and offer them a crossbord service,

so not to loose them !

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