PKF South Africa

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PKF Back in Cape Town

PKF South Africa

PKF Back in Cape Town

04 Jun 2015

PKF South Africa announces that from 1 July Cape Town-based Rademeyer Wesson Chartered Accountants, will be joining the national professional services network as a new member.

PKF South Africa CEO Kevin Gertenbach says the PKF network has been particularly careful to ensure each of its new member firms closely match its needs.  In essence, says Gertenbach, this would be a firm with a young, energetic and entrepreneurial culture, as well as a good reputation within the market.

Over the past year PKF has been joined by quality new firms in Knysna and in Johannesburg, adding to its existing offices in Durban, Port Elizabeth and Welkom.

"Though we have been looking to re-establish our full national footprint, which we have now virtually accomplished with this deal, we performed many due diligences before partnering with Rademeyer Wesson - an independent six-partner firm with a 21-year pedigree and a culture and goals closely aligned to ours. Cape Town is a tremendously important economic sector that we've been looking for representation in.

"We have a client base of substantial companies that require national representation, so we are not stopping here. We have much more to do to create scale and a further geographic footprint, and we are therefore continuing with both organic scaling of existing firms within our existing network, as well as acquiring new membership in additional regional centres such as Pretoria and Nelspruit," explains Gertenbach.

Kevin Gertenbach Derick Wesson

Kevin Gertenbach                                                                              Derick Wesson

Gertenbach says that with the Cape Town addition the network has further consolidated its top-10 status, and in many of its markets is a top-three player.

With PKF South Africa now numbering 43 partners, Gertenbach says its next target is to become the 8th-largest accounting network in South Africa. Explaining its rapid expansion over the past year, he says the need in South Africa for an entrepreneurial firm such as PKF is greater than ever, with businesses needing assistance to take their growth to the "next level" and to manage the regulatory labyrinth, especially regarding black economic empowerment compliance.

It is for this reason that Rademeyer Wesson was selected as PKF's member in the critical Cape Town area, with the firm based in Tyger Valley. From this partnership, significant benefits accrue to the new PKF Rademeyer Wesson, says Derick Wesson, chairman and managing partner of the firm.

"In today's global business environment and in the light of changes to auditing, it has become essential to offer clients a national and global footprint and we had also been in negotiations for the past few years with many potential national firms to find the optimum network firm. We sought both a strong brand and the best match to our own culture, centred around people, values and independence. Our market is primarily entities ranging from family businesses, to middle-sized commercial entities and small corporates. We have a good image in our market niche, and with this traditional client base who select us because of our culture we could not venture far from our values. We form long-term relationships with clients to whom we provide a high quality service in all business spheres, and many of whom were looking for a succession plan to ensure continuity within their audit partner," says Wesson.

He explains that changes to the Companies Act have granted even large companies the option to replace the annual audit with the more informal 'review', and the focus of medium sized firms has therefore become this personalised level of service. "All firms are today considering their position, and there is a massive amount of consolidation occurring among medium firms, more so than smaller or large ones."

Being part of one of the larger international networks, PKF Rademeyer Wesson will benefit from improved access to specialists and the ability to offer the same level of skill as any of its competitors, thereby providing clients with a one-stop service. It also exposes staff to career enhancement through secondment opportunities within the 140 countries and more than 400 offices in which PKF is represented.

Gertenbach explains the drive to establish one-stop global footprints: "If a professional services firm wishes to be a player today, it has to be in the position of being able to refer clients to firms around the world with the assurance they offer the identical level of service whether in New York, Nairobi or Pakistan, as well as the entire spectrum of services. More and more of our clients are expanding internationally and expect us to be represented in each key economic zone. We are in most already," he says.

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