Two firms join IA's global network
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IA INTERNATIONAL, which had worldwide revenues of $213 million last year, is set to add members in India and Salt Lake City to its growing network of accounting firms.
The Indian firm Kantilal Patel & Company and US firm Jones Jensen Orton & Company will formally join the network at IA's annual worldwide meeting on May 15.
Kantilal, which was founded in 1949, is based in the industrial city of Ahmadabad. The firm has four partners and four other fee earners and its revenues total just less than $900,000.
"We chose Kantilal Patel because it has the same philosophy as IA," said Paul Chapman, the IA partner who travelled to India to review the firm. "It is an audit-based firm and its clients are of a similar size and profile."
IA's move into India could involve the recruitment of a second practice, according to Chapman. Another firm, which he declined to name, has shown an interest in joining the network and its addition would compliment that of Kantilal.
Chapman said India's accounting profession is still very much in the developing stage."Their accounting standards are not quite on the same level as the US or UK. The country is moving forward, but it still has some way to go. Their audit work is not quite as structured as one would like it to be," he explained.
In Salt Lake City, Jones Jensen Orton, which was founded in 1990, is set to join forces with IA. The firm has four partners and six other professional staff, and its fee income for 1994 was $827,000. Its revenues have grown by 56 percent in the last three years, according to IA statistics.
IA also recently elected a new global chairman. Quentin Symington, who heads the Paris-based firm Societe d'Expertise Economique & Financieres, will serve a two-year term. He is the group's first European chairman since Ian Frazer, of London-based Littlejohn Frazer, held the position in 1985.
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