He has been Chief Executive Officer of Forvis Mazars in Switzerland for just over a year and a half. On 1 March 2025, Angelo Accardi took over the role. Accardi knows the firm, which specialises in auditing, consulting and tax and for historical reasons has its focus in French-speaking Switzerland, very well. In 2008, he was among the first employees at the Zurich office as a junior in Audit & Assurance for insurance companies, and in 2020 he became head of Financial Services and thus a member of the executive management.

The Zurich branch is located in the Sihlcity district – geographically and culturally somewhat removed from the actual financial centre around Paradeplatz. finews met with Accardi there to talk about a market that rarely seeks publicity.

Mr Accardi, under your predecessor José Caneda, Forvis Mazars grew from 100 to 450 employees in nine years. What is your target size?

In the age of artificial intelligence (AI), one has to ask whether headcount is still the right metric. However, in our industry people do not particularly like talking about revenue figures and the number of mandates. We expect to have around 600 employees in Switzerland in three years. Today, we generate almost two-thirds of our revenue in French-speaking Switzerland; however, we see our growth potential in German-speaking Switzerland.

"In our industry, people do not particularly like talking about revenue figures and the number of mandates."

If you do not want to mention revenue figures: what do the divisional shares look like?

Around 50 percent comes from audit. This is followed by fiduciary services, tax and consulting.

Auditing is heavily regulated by the legislature. Can you still grow there?

We grow by gaining market share. The market is increasingly opening up to internationally positioned audit and advisory firms outside the Big Four. We benefit from this because clients are looking for more choice and at the same time high quality, international reach and personal support.

"It would be risky to position oneself primarily on a low price."

What is behind this development? Are these firms simply cheaper?

No, it would be risky to position oneself primarily on a low price. Larger clients have realised that there are good firms outside the quartet that are also internationally connected, have a great deal of know-how and operate state of the art. Over the past few years, we have recruited many experts and won numerous large clients. These new mandates strengthen our credibility in the market and show that even very large and complex companies consciously choose alternatives to the Big Four. Our clients can rely on being served by experienced partners and teams from the outset. Our corporate structure also helps us in this respect.

In what way?

Our partnership is global and less country-specific. For internationally active companies, it is important that we are organised across borders and can therefore work efficiently. This means our clients each have a single point of contact.

Are you also considering acquisitions in order to grow?

Alongside the Big Four and second-tier firms, which include Forvis Mazars, there are many small firms operating in auditing and fiduciary services. We see a lot of consolidation there, also through acquisitions, with private equity acting as a driving force as a capital provider. In the UK, new players with this background have already entered the market; I also expect one or two players to emerge here in Switzerland.

"I expect that one or two players will newly enter the market in Switzerland."

And what is your strategy?

Our primary goal is organic growth. However, acquisitions involve a number of risks, for example with regard to corporate culture, integration or any legacy issues. That is why we are very cautious in this respect.

You have a Financial Services division that serves banks, insurers and asset managers, but you also count most other sectors of the Swiss economy among your clients. In terms of company size, you also serve the full range, from listed companies to SMEs. How is sentiment in the economy?

There is a great deal of uncertainty, not only because of geopolitics, but also because of the technological revolution driven by the use of AI. Added to this is, as ever, the strong Swiss franc. Additional uncertainty arises when regulatory requirements change in quick succession and companies have to adjust their planning accordingly.

Isn't more regulation positive for the auditing business? Every sustainability or climate report has to be audited, doesn't it?

Not every report is subject to a legal audit requirement. But regulatory requirements, and with them demand for corresponding audit expertise, are changing continuously. For us, the high frequency of regulatory changes is particularly challenging. We try to anticipate developments and build our know-how accordingly. One example of this is the zigzag course in EU sustainability regulation.

"SMEs look at it very pragmatically and say that the new world is simply the way it is now."

And how are SMEs reacting?

They look at it very pragmatically and say that the new world is simply the way it is now. They know they need more internal and external expertise, namely on the board of directors and from advisers, and they adapt. The aim is to identify risks at an early stage and to analyse contingencies rigorously.

What impact is AI having on auditing and consulting?

There is no unité de doctrine, neither internally nor in the industry. Unlike others, however, we are convinced that we will continue to need young employees and therefore train them as well. It is almost a truism that AI can reduce costs, increase efficiency and contribute to quality assurance. For me, however, another aspect is more important in our business.

Which one?

We still sell trust. Until now, we had to check whether, for example, a client’s accounting system was programmed correctly. Today, many of our clients use AI. For us, this means that in addition to the models, we also need to understand data quality, governance, controls, traceability and the human responsibility behind an AI application.

"In addition to the models, we need to understand data quality, governance, controls, traceability and the human responsibility behind our clients' AI applications."

How deep do you go?

We have expert teams for this. Depending on the need, they go more or less deep, whether in programming or now in AI agents and bots. In the end, responsibility in an audit cannot be transferred and remains with the lead auditor.

How have you regulated the use of AI in your own business?

Data security has always been central to us, but the exposure has now become even greater. We deliberately postponed the development of certain AI applications until clear objectives, responsibilities and standards for handling data had been defined. This initially cost us time, but it was the right decision. Today, we can further develop AI applications on a much better basis. Incidentally, there is an interesting trend among clients in this context.

Which one?

Clients are increasingly checking carefully in which AI-supported applications their data is processed at the audit firm or advisory firm. That is understandable and underlines the importance of clear governance, transparent terms of use and secure technical environments.