Latest News

Referrals Update

The Referral Summary for MGI UK and Ireland in 2009 highlighted an interesting shift in opportunity. Previously, member firms have looked to their international colleagues to provide them with referral opportunities when work comes to the UK and Ireland; however, it now seems that work flowing between member firms in the UK and Ireland is becoming as important.

In 2009 the total value of work received by firms was approximately £600,000, although I am not convinced this is the complete figure as some work may have been gained many years ago, and the referral source forgotten. However, of the £600,000, nearly £280,000 was referred work between UK and Ireland firms.

As many of you will be aware, the sale of Seymour Taylor to the Hampden Group led to them giving up the audit of that company, which led to an opportunity for CBW. In addition, it is encouraging to see that six of our nine member firms received referral work from other local members. This is a trend that I have also seen so far in 2010 and I am expecting to see it continue.

It will be nice if over the next few years we can ensure that those opportunities are shared whenever possible so that all of the UK and Ireland firms gain some of the benefit from the new-found cooperation and opportunities that members are prepared to share with one another.

Whilst it is good to see the referrals which are taking place, it is also important to remember that this is very much a secondary benefit of MGI membership, as we should always remember that the provision of international services to clients is the primary benefit of membership.

Paul Winder