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Forvis Mazars

forvismazars.com ↗

Global mid-tier audit, tax, and advisory network born from the Forvis-Mazars merger.

Defensible for now
Assessed 23 July 2026 · Evidence as of 23 July 2026
Real protection, with named pressure against it.
On the recordSince 23 July 2026 · Checkable from mid-2027 · Every call on the record Checkpoint: Next FRC and PCAOB audit quality inspection cycle results
The call

Forvis Mazars keeps growing on licensing rules that block both AI and the Big Four, but its own audit inspection scores are the thing now under watch.

Forvis Mazars is a network of 40,000 people in over 100 countries that audits company financial statements, handles taxes, and advises on business issues. Competitors like Deloitte and PwC cannot easily steal its audit business because law requires an independent licensed partner to sign off on audits, and AI cannot hold that license or take on the legal responsibility. However, regulators recently found that only 46 percent of Forvis Mazars audits met quality standards, compared to 89 percent for the Big Four firms, which could push clients to switch and undermine the legal protection that currently keeps the business defensible.

Why
01
AI pressure: Generative AI tools (Copilot, Claude, Azure AI Services) used inside audit workflows. AI drafts testing, sampling, and research work faster, squeezing junior staffing and consulting fees, but cannot sign an audit opinion. Could AI do the core job? Unlikely.
02
Bigger players: Big Four (Deloitte, PwC, EY, KPMG). Big Four already run larger audit practices and just posted far higher UK inspection pass rates, raising doubts about Forvis Mazars quality control. Could a giant copy it? No, they are blocked.
03
What protects it. Statutory audit sign-off legally requires a licensed partner, and independence rules keep Big Four out of much of this client base.
What would change this call
PCAOB publishes new inspection reports on Forvis Mazars entities. Shows whether prior deficiency findings in the US, China, or Colombia recurred or were fixed.
FRC issues any enforcement action or PIE-audit registration restriction on Forvis Mazars UK. Would show regulators judge the audit quality gap severe enough to limit public company audit work.
Key numbers
  • Global revenue over $5.7bn, up ~11% YoY (2026-02-24)
  • US revenue $2.24bn, up 4% YoY (2025-09-04)
  • UK revenue £391.9m, up 8.1% YoY (2026-03-23)
Named risks
  • FRC rated only 46% of Forvis Mazars UK audits good/limited improvement vs 89%+ Big Four, July 2026. Severity: high
  • Recurring PCAOB audit deficiency findings across multiple jurisdictions including US, China, Colombia entities. Severity: medium
  • Consulting revenue growth lagging other service lines (+1.5% vs Tax +6.6%, Assurance +5.1%) in US FY25. Severity: medium
  • Legacy reputational overhang from Mazars USA's severed Trump Organization ties, Feb 2022. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Big Four (Deloitte, PwC, EY, KPMG)contestingFRC July 2026 rated Big Four 89%+ audit quality vs Forvis Mazars 46%, though independence rules block Big Four from most mid-market audits
BDOcontestingUK FRC groups BDO and Forvis Mazars as the two leading Tier 1 non-Big-Four audit firms as of July 2026
RSM InternationalcontestingBoth compete in the global mid-tier audit and advisory network segment as of 2026
Grant ThorntoncontestingOverlapping mid-market audit and consulting client base globally as of 2026
Questions people ask
Is Forvis Mazars profitable in 2026?
Forvis Mazars does not publicly disclose profit figures, but it reported global combined revenue exceeding $5.7bn for the fiscal year ended 31 Aug 2025, up about 11% year on year, announced 24 Feb 2026, indicating continued top-line growth across the network.
Could AI replace Forvis Mazars auditors?
No. Statutory audit sign-off legally requires a licensed, liable partner registered under PCAOB, FRC, or IAASA oversight, something no AI model can substitute. Forvis Mazars uses tools like Azure AI Services and Claude-based workflows internally for testing and drafting, but licensed human sign-off remains mandatory as of 2026.
Who is Forvis Mazars' biggest competitor?
UK regulator the FRC groups Forvis Mazars with BDO as the two leading Tier 1 non-Big-Four audit firms, per its July 2026 inspection review. The Big Four (Deloitte, PwC, EY, KPMG) are largely structurally blocked from mid-market audit work by auditor-independence rules.
Who owns Forvis Mazars?
Forvis Mazars is privately held, not publicly traded. It operates through two partner-owned network members, Forvis Mazars LLP in the US and Forvis Mazars Group SC internationally, under a joint global board chaired by Herve Helias as of 5 May 2026.
Is Forvis Mazars growing or laying off staff?
Growing. The US arm reported over 7,000 team members with 1,000+ new hires in FY25 (as of 4 Sept 2025), and the firm made three bolt-on acquisitions between Sept 2024 and March 2026, including The Innova Group in healthcare consulting.
How big is Forvis Mazars compared to the Big Four?
Much smaller. Forvis Mazars reported $5.7bn+ global revenue for FY ended 31 Aug 2025 (announced 24 Feb 2026) and 40,000+ staff across 100+ countries, versus Deloitte, PwC, EY and KPMG which each individually report tens of billions in revenue.
Timeline
  • 2026-07-22David J. Cohen of Forvis Mazars appointed to PCAOB Inspections Modernization Council
  • 2026-07-22FRC inspection rates only 46% of Forvis Mazars audits good or limited improvement vs 89%+ Big Four
  • 2026-05-05Forvis Mazars announces 50 new partners and managing directors in the US
  • 2026-03-23Forvis Mazars UK reports FY25 revenue of £391.9m, up 8.1%
  • 2026-03-09IAASA publishes Forvis Mazars 2025 Quality Assurance Review Report, 8.7% Irish PIE audit share
  • 2026-03-02Forvis Mazars acquires The Innova Group healthcare consulting practice in Tucson, AZ
  • 2026-02-24Forvis Mazars announces global revenue exceeding $5.7bn for FY ended 31 Aug 2025
  • 2025-09-04Forvis Mazars US 2025 Integrated Report shows $2.24bn revenue, +4% YoY
  • 2024-11Forvis Mazars acquires MSL, expanding Florida presence
  • 2024-06-01Forvis and Mazars network formation becomes effective as unified global brand
Revision history
23 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
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