BDO adds professional services firm in Bolivia to network

11 February 2019 Consultancy.lat

Global professional services firm BDO has expanded its footprint in Latin America with the addition of a new member firm in Bolivia. 

The firm, trading as KPI Auditores y Consultores, was founded in 2010 and is managed by a team of seven partners, with managing partner Marcelo Berthin at the helm. Six of the new firm’s seven partners have a background at BDO, while the group also bring experience at tier-one accounting and consulting firms including EY, PKF and PwC to its new parent. KPI, previously affiliated with rival network Antea, which it joined in 2014, has been rebranded as BDO Bolivia. 

“BDO Bolivia’s goal is to deliver outstanding audit, financial advisory, tax, consulting, and digital services to clients,” said Berthin, who has been leading the firm since 2014, after serving a large bank, the United States Agency for International Development (USAID; a US agency that battles extreme global poverty) and EY, where he spent a decade in the firm’s audit department. While the firm works for clients across a range of sectors, its focus lies on clients in manufacturing, mining, not-for-profit, investment services and agriculture.

BDO adds professional services firm in Bolivia to network

According to Berthin, formerly KPI Auditores y Consultores will be able to benefit from BDO’s global reach – the world’s fifth largest accounting group has over 80,000 employees in 160+ countries – and the cross-border work which flows out of the network. “The recent increase in business enquiries from the UK, Germany, Panama, Chile and Brazil that we’ve received through BDO’s global organisation confirm this and points to further expansion for BDO in Bolivia.”

He added that the local teams based in La Paz (headquarter) and Santa Cruz will also be able to tap into BDO’s deep industry and functional expertise.

Commenting on the expansion in Bolivia, Albert Lopez, BDO’s Regional CEO for the Americas, said: “I am very pleased to welcome a leading firm in Bolivia to BDO. With significant experience in Bolivia, servicing national and international companies and institutions, the team have an established reputation that will launch BDO onto new paths of growth in Bolivia. The new firm’s ability to provide integrated solutions to its clients in the country will, when combined with BDO’s global reach, see business coming in from the wider Latin American region and beyond.”

Across Latin America, BDO has more than 5,100 professionals working from 63 offices in 23 countries. The firm’s largest offices are located in economic hotspots such as Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru and Uruguay. 

Late last year, professional services firm Andersen Global touched in Bolivia with the addition of Tufiño Villegas to its network. The tax and legal advisory was founded in 1995 and has offices in capital city La Paz, Santa Cruz and Cochabamba.

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EY completes scoop of KPMG's Dutch Caribbean member firm

01 February 2019 Consultancy.lat

Two weeks after announcing the company would continue as an independent entity, KPMG’s former member firm in the Dutch Caribbean has joined rival network EY.

With the deal, months of speculation and uncertainty come to an end for the former KPMG Dutch Caribbean firm. Rumours on the firm’s future first popped up last year after KPMG International revealed that it had revised its member firm strategy. The global accounting and consulting group concluded that it would be better off without a small group of mainly smaller players in its network. 

Local media ran a number of reports suggesting that KPMG Dutch Caribbean had not come through the global shift, casting doubt over the firm’s future. At the start of this year, the firm’s partner team announced that ties with KPMG International were indeed cut per the 1st of January 2019, and that the firm would continue as KDC Interim. While on several occasions reports leaked out that KPMG Dutch Caribbean was on the verge of joining EY, the trio of companies involved declined to comment.KPMG Dutch Caribbean joins rival EY

Now, two weeks later, the deal which was expected by many in the region has materialised. EY, which globally is larger than KPMG, has signed a conditional agreement to take over KDC Interim per the 1st of March, including the firm’s 50 employees in Aruba and Curaçao. “The former KPMG Dutch Caribbean practice has been one of our most respected and fierce competitors in the Dutch Caribbean for many years,” said EY Dutch Caribbean managing partner Bryan Irausquin to the Curaçao Chronicle. 

“It’s humbling and at the same time it fills us with pride knowing that this great group of professionals have decided to join our team. The KDC Interim team will be welcomed into our family with open arms and we are sure that we will learn a lot from each other as we continue forward as one.” 

EY’s Dutch Caribbean practice provides assurance, financial advisory and consulting services to clients across the island region, in Aruba, Curaçao, Sint Maarten, Bonaire, Sint Eustatius and Saba. EY Caribbean Assurance managing partner Erick Statius van Eps said: “We have a great opportunity ahead of us to strengthen our position in the Dutch Caribbean markets and deliver exceptional client service.” 

For KPMG, the move means that it has lost its presence in the region. In 2017, the accountancy and consultancy giant also lost four offices in Eastern Caribbean – Antigua, Barbuda, Saint Vincent and the Grenadines – to BDO, the number five accounting player globally. Meanwhile, competitor PwC saw its offices in the Dutch Caribbean switch to Grant Thornton, which now has around 160 staff in the region.

Related: The Caribbean is globe’s second largest tax haven, harboring $97 billion annually.