RSM member firms are now "Qualified Auditors" for the EBRD

RSM member firms are now "Qualified Auditors" for client companies of the European Bank for Reconstruction and Development (EBRD). This means that RSM member firms (full and provisional) are pre-qualified to act as auditors for entities that borrow money from the EBRD (Client companies). .

Why the EBRD has Qualified Auditors ?

The EBRD provides project financing for development projects in central Europe, the western Balkans and central Asia for businesses and governments. The Bank relies on the accuracy of the audit report to assess the creditworthiness of the borrower or investee company as well as for a continuous and timely source of information during the life of the operation, including financial covenants monitored against actual financial data. The risks of poor or delayed audits can result in higher losses, as early reaction and solution to problems is delayed. The Bank, therefore, stipulates in its debt and equity agreements that the client will maintain independent auditors acceptable to the Bank and authorise them to communicate directly with the Bank, and the borrower will furnish to the Bank audited financial reports prepared according to accounting standards acceptable to the Bank, usually International Financial Reporting Standards (IFRS) ).Further information can be obtained on the EBRD website.