BDO Unicon to relaunch its historical name
21 September 2021
From 1 October 2021, the BDO Unicon Group of companies will officially change its name to Unicon.
The shareholders of the leading national audit and consulting group took the decision to transform the format of cooperation with the international BDO network and revitalize its historical brand.
The new corporate name will be:
The history of the oldest Russian audit and consulting group Unicon dates back to 1989 when Russia was starting to move towards a market economy. In 1990, the Group set up an IT department. In 1996, Unicon becomes the first Russian auditor of the Central Bank of the Russian Federation. In 2003, Unicon accepts the offer of BDO International to work together, obtaining rights to provide high quality services under the brand of BDO Russia. In 2009, BDO Unicon becomes the first Russian audit and consulting company concurrently approved by three stock exchanges: NYSE, LSE and FSE.
Unicon’s status of the professional services market leader is confirmed by consistently high positions in the national ratings. Since 1995 and beyond, the Group invariably ranks in Top 5 audit and consulting firms in Russia. Unicon is a Technology Partner of SAP, Oracle and Microsoft. For more than 25 years' cooperation, Unicon has been repeatedly awarded the status of SAP Best Partner. Since 2010, Unicon tops the Russian ratings for accounting function outsourcing (1-2 positions).
The invitation to join the BDO network demonstrated a high assessment of Unicon’s achievements and was absolutely in tune with the times: in 2003, Russia was opening up to the world economy and capital inflows. In 2021, we can see basically different legislative trends aimed at restricting involvement of foreign auditors and encouraging import substitution while countering international sanctions. In this context, a strategically wise move will be to use the strong Russian trademark and be legally independent from the international network, while sustaining global partnership relationships.
From 1 October 2021, Unicon becomes a member of the specially established BDO Global Alliance. Since joining the Global Alliance, the former status of the BDO network member firm is terminated. The new cooperation format makes Unicon independent from the network and, at the same time, enables to retain the right to use BDO’s methodology, information technologies, specialised audit software products as well as to participate in the network’s international projects. Within the Global Alliance, Unicon will continue to provide services to international clients on the recommendation of BDO member firms, and Unicon’s Russian clients will get access to BDO services around the world and to any of the international stock exchanges (if this does not violate the principle of auditor independence). Unicon will also retain the right to use the BDO logo referencing its membership of the BDO Global Alliance*.
About the company
The Unicon Group (formerly, BDO Unicon) is a leading Russian audit and consulting group of companies founded in 1989. Unicon provides its clients with comprehensive support in audit, tax and legal advisory services, financial consulting, business process outsourcing, business consulting and system integration. About 1 900 employees work in the Group's offices located in Moscow, St. Petersburg, Kazan and other major regional centers. In 2020, the Group notched up a turnover of about RUB 5.3 billion. Starting from 2003, the Unicon Group had been a member firm of the BDO network, one of the largest global networks in terms of revenue, uniting independent audit and consulting firms in 167 countries. Since October 2021, the Unicon Group is a member of the BDO Global Alliance.
*Disclaimer: The BDO Global Alliance is not a network as described in the IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards).
The new corporate name will be:
- in Russian: Аудиторско-консалтинговая группа Юникон
- in English: Unicon Audit and Consulting Group
The history of the oldest Russian audit and consulting group Unicon dates back to 1989 when Russia was starting to move towards a market economy. In 1990, the Group set up an IT department. In 1996, Unicon becomes the first Russian auditor of the Central Bank of the Russian Federation. In 2003, Unicon accepts the offer of BDO International to work together, obtaining rights to provide high quality services under the brand of BDO Russia. In 2009, BDO Unicon becomes the first Russian audit and consulting company concurrently approved by three stock exchanges: NYSE, LSE and FSE.
Unicon’s status of the professional services market leader is confirmed by consistently high positions in the national ratings. Since 1995 and beyond, the Group invariably ranks in Top 5 audit and consulting firms in Russia. Unicon is a Technology Partner of SAP, Oracle and Microsoft. For more than 25 years' cooperation, Unicon has been repeatedly awarded the status of SAP Best Partner. Since 2010, Unicon tops the Russian ratings for accounting function outsourcing (1-2 positions).
The invitation to join the BDO network demonstrated a high assessment of Unicon’s achievements and was absolutely in tune with the times: in 2003, Russia was opening up to the world economy and capital inflows. In 2021, we can see basically different legislative trends aimed at restricting involvement of foreign auditors and encouraging import substitution while countering international sanctions. In this context, a strategically wise move will be to use the strong Russian trademark and be legally independent from the international network, while sustaining global partnership relationships.
From 1 October 2021, Unicon becomes a member of the specially established BDO Global Alliance. Since joining the Global Alliance, the former status of the BDO network member firm is terminated. The new cooperation format makes Unicon independent from the network and, at the same time, enables to retain the right to use BDO’s methodology, information technologies, specialised audit software products as well as to participate in the network’s international projects. Within the Global Alliance, Unicon will continue to provide services to international clients on the recommendation of BDO member firms, and Unicon’s Russian clients will get access to BDO services around the world and to any of the international stock exchanges (if this does not violate the principle of auditor independence). Unicon will also retain the right to use the BDO logo referencing its membership of the BDO Global Alliance*.
Keith Farlinger, BDO’s global CEO comments: “At present, BDO International Limited does not intend to appoint a new BDO member firm in Russia. As a member of the BDO Global Alliance, the Unicon firms will independently continue to develop their market activities and presence, whilst remaining in an alliance relationship with the BDO organisation. The BDO network and the Unicon firms will continue building on their existing excellent business relationship in the years to come.”The Unicon brand becomes the principal one and capitalises all expertise, achievements and reputation of the oldest Russian audit and consulting group. For 30 years, the companies of the Group have built up a unique experience and portfolio of services integrating all types of consulting, the best international expertise in accounting methodology, business process outsourcing, innovations, state-of-the art digital solutions and IT technologies. In the field of IT and management consulting, Unicon has gone the way from developing and implementing in-house software products to delivering large-scale business transformation programs for Russia's largest companies. Using access to resources and advantages of the international network, Unicon will continue to provide its clients with a full range of excellent quality services, relying on its unique expertise and complying with the code of ethics and auditor independence principles.
About the company
The Unicon Group (formerly, BDO Unicon) is a leading Russian audit and consulting group of companies founded in 1989. Unicon provides its clients with comprehensive support in audit, tax and legal advisory services, financial consulting, business process outsourcing, business consulting and system integration. About 1 900 employees work in the Group's offices located in Moscow, St. Petersburg, Kazan and other major regional centers. In 2020, the Group notched up a turnover of about RUB 5.3 billion. Starting from 2003, the Unicon Group had been a member firm of the BDO network, one of the largest global networks in terms of revenue, uniting independent audit and consulting firms in 167 countries. Since October 2021, the Unicon Group is a member of the BDO Global Alliance.
*Disclaimer: The BDO Global Alliance is not a network as described in the IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards).