BDO International is the world's fifth largest accountancy network and the fastest growing major international grouping. But we are not building scale for its own sake. What makes the network so powerful, and so beneficial for our international clients, is its status as a collaborative enterprise.

Our work for AWD, one of Europe's leading financial services groups, is a good illustration of the value of collaboration. BDO's Member Firm in Germany has a longstanding relationship with the parent company and is its group auditor. When we were appointed its UK auditor our relationship with the German firm was cited as an important factor.

International reach is vital in financial services. We are developing a strong list of fund management clients. Our BDO Member Firm in the US is auditor to Renaissance Technologies Corp., a global SEC registered investment adviser. Our appointment as auditor to its UK business, Renaissance Institutional Management (UK) Limited, is further evidence of the collaborative strength of the BDO International network.

With over 600 offices in more than 100 countries, the network has truly global capability. It also offers clients genuine local insight. BDO International's structure ensures clients receive advice and assistance that are attuned to local customs and reflect cultural differences: Member Firms are successful businesses, not merely branch offices.

The Manufacturing sector has been at the sharp end of globalisation for many years, and we have strong manufacturing connections with BDO Member Firms world-wide. In China, Member Firms have more than 2,000 people in offices in all major cities. In the UK our dedicated China Advisory team has worked on many China-based projects and we acted as reporting accountant on six Chinese IPOs during the last year.

China is also a strategically important market in the TMT sector. Chinese business is eager to acquire technology owned by Western businesses. US and European businesses are keen to participate in the large and increasingly sophisticated Chinese market.

Our TMT team has been building on its relationships with colleagues in the US and strengthening relationships in China and elsewhere. No table successes have included significant projects for major international organisations such as BT Global Services, Orange Business Services and M&C Saatchi.

Over the past two years, regulatory change and globalisation has had a huge impact on the commercial real estate market. We are providing high quality, cross-border advice to many of our top clients and helping UK businesses such as Matterhorn Capital and Raven Mount on international projects. We are also advising foreign companies, such as French real estate trader Deninvest SARL on their UK activities.

In the Professional Services sector we have provided tax and structuring advice to help Olswang acquire its Berlin office. We are also assisting international built asset consultants EC Harris with their expansion into new countries. They already work with our international network in 22 countries, and further opportunities are likely to arise as they pursue their international expansion strategy.