Crowe Horwath Expands in Brazil and China
Crowe Horwath International has appointed Crowe Horwath RCS as its new member firm in Brazil and selected WanLongAsia as its lead firm in China.
Crowe Horwath RCS is the result of a merger of current member firm Horwath Tufani, Reis, & Soares, which was founded in 1989, with RCS Auditores Independentes, founded in 1985 and formerly a member of the Praxity network in Brazil.
Headquartered in São Paulo, the newly combined firm has annual revenues of approximately R$25 million ($13.88 million) and is in the seventh position among accounting firms in Brazil, with two additional offices in Porto Alegre and Belo Horizonte. Crowe Horwath RCS now has nine partners and more than 200 professionals providing auditing, tax and consulting services to over 500 clients in the financial services, real estate, health care, commerce, manufacturing and tourism industries.
Crowe Horwath RCS intends to work on its strategic plan to become the sixth-largest firm in Brazil, within three to five years, by combining with firms in other major cities in Brazil including Salvador, Fortaleza and Recife.
WanLongAsia is currently the seventh-largest accounting firm in China, and generated revenues of RMB 398 million ($57 million) in 2008. The firm was established in December 2008 by the merger of Shanghai-based WanLong CPA Co. Ltd. and Beijing-based Asia Corporation CPA Ltd.
WanLongAsia has 40 partners in 21 offices around China, and employs 1,700 staff. Clients include 400 state-owned enterprises and more than 20 publicly listed companies. The firm boasts of 600 CPAs, of which 30 provide services in the securities and futures industries.