APS economics workbench

Primary gating lens: SOCPA & M/59 regulatory compliance check (locked before TP & economics)

A structure that passes ZATCA Transfer Pricing still fails if SOCPA rejects it on inspection. Every economic scenario is gated against the five mandatory SOCPA & Companies Law rules for regulated audit/accounting services:

SOCPA gate warning — click “Lock SOCPA-compliant structure” below

Gate 1: Audit Technical Staff on MainCo GOSI (M/59 Art. 7(7) & Regs Art. 9) — FAIL Currently leasing technical audit staff from ServiceCo (100% in ServiceCo). Stripping MainCo of technical staff risks failing SOCPA’s 30%–50% technical staffing inspection gate.

Gate 2: No Residual Profit Sweep (Decision 284 Art. 78(1)(b)/(d)) — PASS Residual profit true-up is OFF. ServiceCo bills only defined commercial schedules; MainCo retains 100% of residual audit upside/downside.

Gate 3: No % of Audit Revenue Fee-Sharing (M/59 Art. 2 & IESBA R410.10) — WARN (% of Revenue) Schedule B is currently set as a % of client revenue (8.0%). To pass SOCPA inspection, convert Schedule B to a fixed per-seat / workspace SaaS subscription or fixed unit schedule.

Gate 4: Unlicensed Voting Cap ≤30% & Viable MainCo Margin — PASS Accord’s unlicensed voting stake in MainCo is 25.0% (≤30% Art. 78(1)(a) cap), and MainCo retains SAR 526K (10.5% of revenue) to support partner independence & Art. 209 liability.

How the APS works in 60 seconds: who owns what, the MSA terms & how SAR 100 of profit splits

Saudi law (Article 78) caps an unlicensed investor at 30% of a CPA audit firm (and Dr. Husam capped MainCo at 25%). Instead of an illegal “90% profit sweep,” the MSA bills two ZATCA-benchmarked commercial schedules — moving 62.4% of profit to ServiceCo and leaving 37.6% in MainCo — while Accord’s 67.0% shareholding in ServiceCo gives Accord 51.2% of total combined profit.

Live entity ownership, MSA fee bridge & profit split (updates automatically as you change any preset or slider)

1. MainCo SHA (25.0% Accord / 75.0% Partner)MainCo holds the SOCPA license, signs audits, and collects 100% of client fees (SAR 5,000K). Accord’s 25.0% stake carries a shareholder veto so the Partner cannot cancel or amend the ServiceCo MSA.

2. ServiceCo SHA (67.0% Accord / 33.0% Partner)ServiceCo is a commercial SJSC with no 30% cap. Accord holds 67.0% (controlling the board, budget, and hiring) and the Partner holds 33.0% so both share ServiceCo dividends.

3. The MSA Terms (No 90% Sweep Needed)Two ZATCA-benchmarked schedules: (a) Schedule A bills staff & back-office at Cost + 15.8% (SAR 3,474K), and (b) Schedule B bills Accord OS at 8.0% of revenue (SAR 400K). That naturally moves 62.4% of profit to ServiceCo and leaves 37.6% in MainCo.

4. Stapling Deed (SJSC Arts. 151–152)Written into both companies’ SJSC bylaws: any transfer of MainCo shares without the matching ServiceCo stake is statutorily null and void (باطل), permanently binding the two companies as one economic unit.

Follow every SAR 100 of combined profit (25.0% × 37.6% + 67.0% × 62.4% = 51.2% Accord)
Profit bucket	Share of total profit	Entity ownership split	Accord gets	Saudi CPA partner gets
1. MainCo (Licensed CPA Firm)	SAR 37.6 (SAR 526K)	25.0% Accord / 75.0% Partner	SAR 9.4 (SAR 131.5K)	SAR 28.2 (SAR 394.5K)
2. ServiceCo (Operations & Accord OS)	SAR 62.4 (SAR 874K)	67.0% Accord / 33.0% Partner	SAR 41.8 (SAR 585.6K)	SAR 20.6 (SAR 288.4K)
Total pre-tax split	SAR 100.0 (SAR 1,400K)	Combined economic ownership	51.2% (SAR 717.1K)	48.8% (SAR 682.9K)
After Saudi tax (20% CIT on Accord / 2.5% Zakat on Partner)	SAR 88.5 (SAR 1,240K)	Net take-home dividends	SAR 573.7K (46.3% of net cash)	SAR 665.8K (53.7% of net cash)

Monte Carlo (4,000 trials) & sensitivity analysis: the two traps you spotted

Running 4,000 randomized trials across SOCPA staff retained in MainCo (0%–100%), Accord OS efficiency savings (0%–35% staff cost reduction), Cost-Plus markup (12.8%–17.3%), and Accord OS fee (5%–12%) exposes two structural traps in a naive Cost-Plus MSA — and how to fix both in the contract:

Trap 1: The “Cost-Plus Paradox” on Accord OS Efficiency (Δ 17.0 pts swing) If Schedule A is billed as actual pass-through cost + 15.8% and Accord OS cuts ServiceCo’s staff cost by 30% (saving SAR 750K), ServiceCo’s invoice to MainCo drops by SAR 868.5K. MainCo captures 100% of the AI cost savings (where Dr. Husam owns 75%), and Accord’s share plunges from 51.2% to 39.8%!
Contract fix: Bill Schedule A on a Fixed Per-Engagement / Baseline-Hours Rate Card (indexed to pre-AI baseline hours). Then ServiceCo keeps the internal AI productivity gain and Accord’s share rises to 56.7%.

Trap 2: SOCPA Auditors Retained on MainCo GOSI (Δ 7.6 pts swing) Under Profession Law M/59 Art. 7(7), the Licensed Firm must keep 30%–50% Saudi technical staff on its own GOSI roster. Every 25% (SAR 400K) of field audit payroll kept inside MainCo instead of ServiceCo removes SAR 63.2K of Cost-Plus markup from ServiceCo, dropping Accord’s share from 51.2% (at 0% in MainCo) to 47.4% (at 50% in MainCo) and 43.6% (at 100% in MainCo).
Contract fix: Offset any payroll kept on MainCo GOSI by stepping Schedule B (Accord OS rate card) from 8.0% to 10.5%–12.0% (Q3).

Tornado sensitivity: what moves Accord’s pre-tax share (%) the most? Sorted by total swing

4,000-trial Monte Carlo distribution (at 67.0% ServiceCo / 25.0% MainCo equity)
MSA Schedule A pricing regime under uncertainty	P10 (Downside)	P25 (Q1)	P50 (Median)	P75 (Q3)	P90 (Upside)	Prob(Accord ≥ 51.0%)	Median Accord Pre-Tax SAR K
Regime 1: Naive Pass-Through (Actual reduced cost + markup)	36.0%	37.2%	38.8%	40.5%	42.1%	0.0% of trials	SAR 903.3K
Regime 2: Fixed Per-Engagement / Baseline Rate Card (ServiceCo keeps AI savings)	41.3%	43.2%	45.3%	47.8%	49.9%	5.1% of trials	SAR 1,059.7K

Two-way sensitivity matrix: SOCPA staff kept in MainCo (%) vs. Accord OS efficiency gain (%)
Audit staff kept on MainCo GOSI	0% AI saving (Base)	20% AI saving (Naive Pass-Through)	30% AI saving (Naive Pass-Through)	20% AI saving (Fixed Baseline Card)	30% AI saving (Fixed Baseline Card)
0% in MainCo (SAR 0K)	51.2% (SAR 717K)	42.6% (SAR 809K)	39.8% (SAR 855K)	55.4% (SAR 1,052K)	56.7% (SAR 1,220K)
25% in MainCo (SAR 400K)	49.3% (SAR 691K)	42.2% (SAR 768K)	39.7% (SAR 806K)	53.4% (SAR 972K)	54.8% (SAR 1,113K)
50% in MainCo (SAR 800K)	47.4% (SAR 664K)	41.7% (SAR 726K)	39.7% (SAR 758K)	51.3% (SAR 892K)	52.7% (SAR 1,006K)
75% in MainCo (SAR 1,200K)	45.5% (SAR 637K)	41.3% (SAR 685K)	39.6% (SAR 709K)	48.9% (SAR 812K)	50.2% (SAR 899K)
100% in MainCo (SAR 1,600K)	43.6% (SAR 611K)	40.8% (SAR 644K)	39.6% (SAR 660K)	46.3% (SAR 732K)	47.4% (SAR 792K)

Path 1: Median TP fees (No 90% sweep)Cost+15.8% + 8% OS · 62.4% in ServiceCo · 25% MainCo + 67% ServiceCo = 51.2% Accord

Path 2: Q3 TP fees (No 90% sweep)Cost+17.3% + 12% OS · 79.9% in ServiceCo · 25% MainCo + 58% ServiceCo = 51.4% Accord

Path 3: Strict SOCPA GOSI staffingAudit staff on MainCo GOSI · Q3 TP fees · 25% MainCo + 75% ServiceCo

Legacy 90/10 profit-sweep (Comparison)Old 90% true-up sweep · 25% MainCo + 54% ServiceCo = 51.1% Accord (Art. 78 risk)

Path 1 (Recommended — Zero 90% Sweep): MSA bills KSA Median TP rates (Cost + 15.8% = SAR 474K markup + 8.0% Accord OS = SAR 400K). ServiceCo naturally earns 62.4% of profit (SAR 874K), MainCo keeps 37.6% (SAR 526K), and 67% Accord equity in ServiceCo + 25% in MainCo gives Accord 51.2% total profit.

Solve for your economics

Choose a target, then the lever to adjust.

After-tax share uses total net dividends as its denominator.

Model inputs

Shareholding & governance

Accord stake in Licensed Firm

Accord stake in ServiceCo

26% held through LicensedCo / PSI (Option D assumption)

Revenue & staffing architecture

Amounts in SAR thousands

Licensed audit & assurance revenueSAR KTax, zakat & valuation revenueSAR K

Accord-referred / advisory growth revenue

SAR K

Signing partners & SOCPA licence costSAR KAudit technical field staff payrollSAR K

SOCPA audit staff retained on MainCo GOSI

Accord OS delivery staff cost reduction (AI efficiency)

Schedule A billing basis when Accord OS cuts costTechnical staffing locationServiceCo non-signing ops, IT, finance & adminSAR KPremises, cloud & supplier OpEx (VAT-bearing)SAR K

Egypt offshore delivery center cost

SAR K

Transfer pricing & agreements

Schedule A: Staffing & back-office cost-plus

Schedule B: Accord OS & AI platform licence

Platform pricing mode

Edit per-engagement rate card

Rates are SAR, converted to SAR K. The supplied card totals SAR 600K, or 12% at default revenue; it is not equivalent to the default 8% fee.

Small / zakat filesfilesSmall / zakat rateSARMid-market auditsfilesMid-market rateSARComplex auditsfilesComplex audit rateSAR

Offshore Egypt delivery subcontract markup

Active annual budgeted rate-card true-up (off: pure fixed + cost-plus)

Licensed Firm retained share of combined profit

Working capital / shareholder loan spread over 3M SAIBOR

bps

Spread is benchmarked only. No loan principal or SAIBOR assumption enters profit.

Client debtor days

days

Follow the profit

Combined pool SAR K

Entity split & fee bridge SAR K

Tax & attribution SAR K

Financial reconciliation

Two-entity financial & tax reconciliation SAR thousands; intercompany amounts eliminate
Line item	Licensed CPA Firm (SJSC)	ServiceCo (SJSC)	Combined group
External client revenue	5,000.0	0.0	5,000.0
External operating costs	-600.0	-3,000.0	-3,600.0
Schedule A base cost	-3,000.0	3,000.0	0.0
Schedule A markup	-474.0	474.0	0.0
Schedule B platform fee	-400.0	400.0	0.0
Offshore subcontract reimbursement	-0.0	0.0	0.0
Annual rate-card true-up	-0.0	0.0	0.0
Total MSA fee (subtotal)	-3,874.0	3,874.0	0.0
Pre-tax profit	526.0	874.0	1,400.0
Accord pre-tax attribution	131.5	585.6	717.1
Saudi partner pre-tax attribution	394.5	288.4	682.9
Accord CIT (20%, positive taxable slice)	-26.3	-117.1	-143.4
Partner Zakat proxy (2.5% of positive profit)	-9.9	-7.2	-17.1
Net distributable result	489.8	749.7	1,239.5
Accord net dividend / (funding deficit)	105.2	468.5	573.7
Partner net dividend / (funding deficit)	384.6	281.2	665.8
15% output VAT (incl. reverse charge)	750.0	581.1	750.0
15% input VAT (incl. reverse charge)	581.1	75.0	75.0
Net VAT payable / (credit)	168.9	506.1	675.0
Supplier VAT remitted outside group	:	75.0	75.0
Total VAT to ZATCA including supplier	:	:	750.0
Net VAT expense (fully recoverable)	0.0	0.0	0.0
VAT float on unpaid client invoices	154.1	0.0	154.1

Client output VAT 750.0 = Firm VAT 168.9 + ServiceCo VAT 506.1 + supplier VAT 75.0. Reverse-charge input and output offset. Float is a cash-timing estimate, not an expense.

Valuation & deal pricing

Entry valuation multiplex EBITDA

Cash paid at closing

Implied enterprise value: SAR 8,400.0K
Accord bundle (25.0% firm + 67.0% ServiceCo): SAR 4,302.5K
Cash paid at closing: SAR 4,302.5K
Effective pre-tax / after-tax multiple: 6.0x / 7.5x
Year-1 cash ROIC: 13.3%

Same multiple applied to each entity’s attributed profit; debt-free / cash-free, EBITDA approximated by operating profit. ROIC = Accord net dividend / closing cash. Deferred consideration is excluded from the denominator; total consideration is shown above.

Model basis

20% CIT is applied to Accord’s positive entity-level profit slices; 2.5% Zakat on Saudi partners’ positive profit is a requested proxy, not the statutory Zakat base. Losses receive no tax benefit or cross-entity relief. Negative dividends indicate a funding deficit, not a permitted distribution.

Egypt is an external supplier to this two-entity perimeter. Its cost plus markup is reimbursed without an additional Schedule A markup. Cross-border withholding, upstream dividend withholding, financing costs, capex and debt are excluded. VAT assumes full input recovery and taxable supplies.

True-up reallocates combined profit, including losses, without changing the pool. It is not evidence of a compliant contract. Benchmark ranges are supplied research assumptions, not ZATCA approval.

Transfer pricing benchmark studies

Inspect the evidence behind each intercompany agreement.

Download Big-4 TP report (PDF)Services TP workbook (XLSX)Loan TP comparison (XLSX)

Five supplied research studies. Green means inside the supplied range, not regulatory clearance. Counts and percentile bands are supplied, not recomputed; underlying audited cost weights are not provided.

MSA Schedule A : Delivery Staffing, Secondment & Shared Back-Office Markup

Transactional Net Margin Method (TNMM)

Inside supplied IQR

Net Cost Plus (NCP % = Operating Profit EBIT / Total Operating Costs)

Master Services Agreement (ServiceCo to Licensed CPA Firm)

Supplied KSA domestic IQR %

Download Big-4 TP report (PDF)Download study workbook (XLSX)

Domestic-first compliance & source note

ZATCA Art. 13(C) requires testing domestic Saudi comparables first. Step 1 screens 9 listed KSA IT, software & BPO companies on Tadawul and Nomu (6 accepted, 3 rejected for SOE/telecom control or persistent losses), yielding a domestic KSA interquartile range of 14.1% to 17.3% (median 15.8%). Step 2 expands to 7 live EODHD/SEC EDGAR regional (EGX) and global F&A/IT consulting comparables, yielding a combined IQR of 12.8% to 17.3% (median 15.6%). Any markup between 14.0% and 17.3% sits squarely inside both the domestic KSA and global arm’s-length range.

Supplied research note, not independently endorsed. ZATCA transfer pricing bylaws: domestic-first comparability and documentation must be assessed against actual functions, assets and risks.

Comparable set

Accept / reject matrix Annual and weighted PLI values retain supplied units: %
Ticker	Company name	Exchange / source	Country	SIC / GICS code	2022 PLI	2023 PLI	2024 PLI	Weighted NCP %	Weighted OM %	Status	Screening rationale
7204.SR	Perfect Presentation for Commercial Services Co. (2P)	Tadawul (KSA Audited IFRS)	Saudi Arabia	Not supplied	18.4	16.7	17.0	17.3	14.8	Accepted	Independent KSA IT/software development, operation & BPO support provider; 3 yrs positive EBIT.
7200.SR	Al Moammar Information Systems Co. (MIS)	Tadawul (KSA Audited IFRS)	Saudi Arabia	Not supplied	16.0	10.3	14.0	12.8	11.4	Accepted	Independent KSA IT systems integration, cloud & software implementation provider.
9551.SR	Sure Global Tech Co.	Nomu (KSA Audited IFRS)	Saudi Arabia	Not supplied	16.8	17.5	17.6	17.3	14.8	Accepted	Independent KSA SME software engineering, AI/digital platforms & IT consulting provider on Nomu.
9557.SR	Edarat Communication & Information Technology Co.	Nomu (KSA Audited IFRS)	Saudi Arabia	Not supplied	28.1	30.7	31.2	30.4	23.3	Accepted	Independent KSA cloud hosting & managed technology services provider on Nomu.
9538.SR	Naseej for Technology Co.	Nomu (KSA Audited IFRS)	Saudi Arabia	Not supplied	13.8	14.1	14.1	14.0	12.3	Accepted	Independent KSA enterprise software & workflow platforms provider on Nomu.
9556.SR	KnowledgeNet Co.	Nomu (KSA Audited IFRS)	Saudi Arabia	Not supplied	17.6	11.6	13.8	14.3	12.5	Accepted	Independent KSA financial-services software & technology implementation provider on Nomu.
HURN.US	Huron Consulting Group Inc.	NASDAQ [Live EODHD API]	United States	SIC 8742	10.1	11.4	12.8	11.5	10.3	Accepted	Independent technology-enabled financial, ERP & operations consulting provider (SIC 8742).
HCKT.US	The Hackett Group, Inc.	NASDAQ [Live EODHD API]	United States	SIC 8742	20.0	18.2	16.6	18.2	15.4	Accepted	Independent finance benchmarking, ERP implementation & AI advisory provider (SIC 8742).
ICFI.US	ICF International, Inc.	NASDAQ [Live EODHD API]	United States	SIC 8742	7.2	8.0	9.2	8.2	7.6	Accepted	Independent IT modernization, analytics & management services provider (SIC 8742).
EXLS.US	ExlService Holdings, Inc.	NASDAQ [Live EODHD API]	United States	SIC 7389	15.8	16.4	17.0	16.4	14.1	Accepted	Independent finance & accounting operations, data analytics & AI workflow provider (SIC 7389).
G.US	Genpact Limited	NYSE [Live EODHD API]	United States / Global	SIC 8721	14.3	16.4	17.7	16.1	13.9	Accepted	Independent finance & accounting BPO and digital operations provider (SIC 8721).
EPAM.US	EPAM Systems, Inc.	NYSE [Live EODHD API]	United States	SIC 7371	13.5	12.7	14.3	13.5	11.9	Accepted	Independent custom software engineering & platform services provider (SIC 7371).
FWRY.EGX	Fawry for Banking Technology & Electronic Payments S.A.E.	EGX Egypt [EODHD]	Egypt (MENA)	Not supplied	25.6	41.4	53.1	43.1	30.1	Accepted	Independent MENA financial software & digital platform provider.
7202.SR	solutions by stc (Arabian Internet & Comm. Services)	Tadawul (KSA Audited IFRS)	Saudi Arabia	Not supplied	15.7	14.9	16.0	15.5	13.4	Rejected	Rejected: 79% owned subsidiary of stc; fails BvD/OECD independence screen due to captive related-party revenues.
7203.SR	Elm Co.	Tadawul (KSA Audited IFRS)	Saudi Arabia	Not supplied	30.8	33.8	35.0	33.5	25.1	Rejected	Rejected: 67% owned by PIF; operates exclusive sovereign GovTech concessions (Absher/Muqeem) not comparable to B2B ServiceCo.
7201.SR	Arab Sea Information Systems Co.	Tadawul (KSA Audited IFRS)	Saudi Arabia	Not supplied	-27.0	-13.9	6.7	-12.1	-13.8	Rejected	Rejected: Persistent operating losses in 2 of 3 tested fiscal years (FY2022 to FY2023).

MSA Schedule B : Accord OS & AI Workflow Platform Licence (Royalty / Per-File Rate Card)

Comparable Uncontrolled Price / Transaction (CUP/CUT) & Per-File Rate Card

Inside supplied IQR

Platform & Technology Fee as % of Gross Firm Revenue (or Equivalent Per-File Complexity Rate Card)

Platform Sublicence & Workflow Automation Schedule (ServiceCo to Licensed CPA Firm)

The source labels this a KSA band, but the comparables include foreign platform precedents. Domestic-first eligibility needs validation.

Supplied KSA domestic IQR % of Revenue

Download Big-4 TP report (PDF)Download study workbook (XLSX)

Domestic-first compliance & source note

To avoid SOCPA audit-fee-sharing optics under Saudi Profession Law M/59 Art. 2 and IESBA R410.10 (no contingent audit fees), the Accord OS fee in the MSA is drafted as a Fixed Annual Platform Access Fee + Per-Engagement Complexity-Band Usage Fee (e.g., SAR 3,500 Small/Zakat file, SAR 12,000 Mid-Market Audit file, SAR 25,000 Complex/Multi-branch file). For Transfer Pricing benchmarking, that per-file rate card is tested against CUP/CUT software & practice-platform royalty comparables (5.0% to 12.0% of gross firm revenue, median 8.0%). Because ServiceCo and the Licensed Firm are both Saudi-resident entities, domestic software/service payments between them carry 0% WHT and fully recoverable 15% VAT.

Supplied research note, not independently endorsed. ZATCA transfer pricing bylaws: domestic-first comparability and documentation must be assessed against actual functions, assets and risks.

Comparable set

Accept / reject matrix Annual and weighted PLI values retain supplied units: % of Revenue
Ticker	Company name	Exchange / source	Country	SIC / GICS code	2022 PLI	2023 PLI	2024 PLI	Weighted NCP %	Weighted OM %	Status	Screening rationale
KPG.AU	Kelly Partners Group Holdings : IP & Central Platform Levy	ASX Filings & Owner’s Manual	Australia / USA	Not supplied	9.0	9.0	9.0	9.0	9.0	Accepted	Disclosed 9.0% gross revenue levy charged to all 51/49 operating CPA practices (2.5% IP/Tech Licence + 6.5% Central Systems/Services).
SEC-EX10-1	Vertical Enterprise AI & Audit/Tax Automation SaaS White-Label Agreements	SEC EDGAR Exhibit 10 Filings	United States	Not supplied	10.0	12.0	12.0	11.5	11.5	Accepted	Unredacted B2B vertical workflow & AI automation platform licences with embedded domain templates (10% to 12% of net customer billings).
SEC-EX10-2	Thomson Reuters / Caseware / Wolters Kluwer Enterprise Practice Suite Benchmark	Public Enterprise Pricing Disclosures	Global	Not supplied	4.5	5.2	5.8	5.2	5.2	Accepted	Third-party cloud audit working-paper, tax engine & practice management stack cost as % of mid-tier firm revenue.
SEC-EX10-3	Healthcare & Legal MSO/APS Practice Management Platform Licences	SEC EDGAR Exhibit 10 Filings	United States	Not supplied	8.0	8.0	8.5	8.2	8.2	Accepted	Proprietary practice-management & AI billing/workflow technology fee in regulated professional MSO/APS structures.
SEC-EX10-4	Financial & ERP Cloud Platform Sublicence (Proprietary Analytics + Portal)	SEC EDGAR Exhibit 10 Filings	United States	Not supplied	12.0	12.5	13.0	12.5	12.5	Accepted	Enterprise financial analytics & automated reconciliation platform licence rate.
SEC-EX10-5	Basic Off-the-Shelf Practice Software Licence (No AI / No Workflow Automation)	SEC EDGAR Exhibit 10 Filings	United States	Not supplied	2.5	3.0	3.0	2.8	2.8	Accepted	Lower-bound basic non-AI document management software licence.
SEC-EX10-6	Full-Stack Proprietary AI Operating System + Client Portal + Working-Paper Engine	SEC EDGAR Exhibit 10 Filings	United States	Not supplied	14.0	15.0	15.0	14.7	14.7	Accepted	Upper-bound end-to-end proprietary AI operating system replacing manual junior preparation.
SEC-REJ-1	Consumer Mobile App Revenue-Share Store Agreements (30%)	Public Filings	Global	Not supplied	30.0	30.0	30.0	30.0	30.0	Rejected	Rejected: Consumer distribution marketplace fee; not comparable to B2B professional practice software.

The source stores royalty, retained-return and spread observations in NCP / OM fields. Those fields are not independently calculated NCP / OM for these studies.

Offshore Delivery Center Subcontracting Markup (Accord Egypt to KSA ServiceCo)

Transactional Net Margin Method (TNMM)

Inside supplied IQR

Net Cost Plus (NCP % = EBIT / Total Delivery Center Costs)

Intra-Group Technical & Data Preparation Subcontracting Agreement

Supplied KSA domestic IQR %

Download Big-4 TP report (PDF)Download study workbook (XLSX)

Domestic-first compliance & source note

Covers routine offshore data preparation, workpaper formatting, and technical support provided by a non-KSA delivery entity to KSA ServiceCo. Benchmarked at Cost + 10.5% to 15.2% (median 12.5%). Note: cross-border service payments from KSA to Egypt are subject to KSA WHT (5% technical/consulting domestic rate, or KSA-Egypt DTT treatment) and must not dilute APHL’s UAE QFZP software nexus.

Supplied research note, not independently endorsed. ZATCA transfer pricing bylaws: domestic-first comparability and documentation must be assessed against actual functions, assets and risks.

Comparable set

Accept / reject matrix Annual and weighted PLI values retain supplied units: %
Ticker	Company name	Exchange / source	Country	SIC / GICS code	2022 PLI	2023 PLI	2024 PLI	Weighted NCP %	Weighted OM %	Status	Screening rationale
EXLS.US	ExlService Holdings, Inc. (F&A Delivery Centers)	NASDAQ [Live EODHD API]	Global / India / RoW	Not supplied	15.8	16.4	17.0	16.4	14.1	Accepted	Offshore finance & accounting process delivery centers.
G.US	Genpact Limited (F&A Shared Services)	NYSE [Live EODHD API]	Global	Not supplied	14.3	16.4	17.7	16.1	13.9	Accepted	Global finance, accounting & audit-support delivery operations.
CNXC.US	Concentrix Corporation	NASDAQ [Live EODHD API]	Global	Not supplied	11.3	10.2	6.6	8.9	8.1	Accepted	Global back-office & technical BPO delivery operations.
ICFI.US	ICF International, Inc.	NASDAQ [Live EODHD API]	United States	Not supplied	7.2	8.0	9.2	8.2	7.6	Accepted	Technical & analytical support services.
EPAM.US	EPAM Systems, Inc.	NYSE [Live EODHD API]	Global	Not supplied	13.5	12.7	14.3	13.5	11.9	Accepted	Offshore engineering & technical support centers.

Licensed CPA Firm Retained Routine Operating Margin (After MSA Fees)

TNMM / Residual Profit Split Sanity Check

Inside supplied IQR

Licensed Firm Net Operating Margin (% of Gross Client Revenue Retained)

Residual Licensed Attest & Sign-Off Return (Licensed CPA Firm)

Denominator conflict: the source PLI says % of revenue, while its note and this control use % of combined profit. These are not interchangeable. The band below is a scenario reference, not a validated TP test.

Supplied KSA domestic IQR % of Revenue

Download Big-4 TP report (PDF)Download study workbook (XLSX)

Domestic-first compliance & source note

Under Saudi Companies Law Implementing Regs Art. 78(1)(d) and Profession Law M/59 Art. 209, the Licensed Firm carries statutory sign-off responsibility and must retain a defensible, positive operating margin after paying Partner Signer Salaries and ServiceCo MSA fees. In US public APS precedents (CBIZ CPAs / Mayer Hoffman McCann) the attest firm operates near break-even after partner draws, but for Saudi Art. 78 defensibility and ZATCA TP scrutiny, keeping 7.5% to 14.0% of combined profit (or ~5% to 10% of revenue) inside the Licensed Firm ensures the licensed entity is demonstrably viable and independent.

Supplied research note, not independently endorsed. ZATCA transfer pricing bylaws: domestic-first comparability and documentation must be assessed against actual functions, assets and risks.

Comparable set

Accept / reject matrix Annual and weighted PLI values retain supplied units: % of Revenue
Ticker	Company name	Exchange / source	Country	SIC / GICS code	2022 PLI	2023 PLI	2024 PLI	Weighted NCP %	Weighted OM %	Status	Screening rationale
CBZ-MHM	CBIZ CPAs P.C. (Mayer Hoffman McCann) Attest Entity Margin Post-ASA	CBIZ SEC Form 10-K / DEF 14A	United States	Not supplied	5.5	6.0	6.0	5.8	5.5	Accepted	National attest CPA firm operating under ASA with CBIZ Inc. (421 CPA stockholders; retains working-capital cushion & partner compensation).
HRB-MGP	McGladrey & Pullen LLP (H&R Block / RSM APS Precedent)	SEC Form 10-K Historical Filings	United States	Not supplied	7.5	8.0	8.0	7.8	7.2	Accepted	Attest partnership retaining routine partner return after paying administrative & leased-staff fees to HRB Business Services.
US-PE-APS	Mid-Market PE-Backed CPA Attest Entities (Citrin / EisnerAmper / CRI Pattern)	AICPA / NASBA / Hunton APS Benchmarks	United States	Not supplied	8.5	9.5	10.0	9.3	8.5	Accepted	Standard attest-entity retained margin after MSA personnel secondment, lease, IT, and platform charges.
ICFI.US	ICF International, Inc. (Regulated Advisory Routine Margin)	NASDAQ [Live EODHD API]	United States	Not supplied	7.2	8.0	9.2	8.2	7.6	Accepted	Routine prime-contractor margin on regulated compliance engagements.
KPG-OPCO	Kelly Partners Operating Practice Retained Partner Pool (Post-9% Central Levy)	ASX Filings (KPG.AU)	Australia / USA	Not supplied	16.0	17.5	18.0	17.2	14.7	Accepted	Upper-bound retained operating margin where staff remain inside the 51/49 operating practice.

The source stores royalty, retained-return and spread observations in NCP / OM fields. Those fields are not independently calculated NCP / OM for these studies.

Intercompany Working Capital & Shareholder Loan Spread (Over 3M SAIBOR)

Comparable Uncontrolled Price (CUP) : Credit Spread Benchmark

Inside supplied IQR

Spread over 3-Month SAIBOR (Basis Points)

Shareholder Loan / Working Capital Facility (APHL to ACRDP / ServiceCo)

Supplied KSA domestic IQR bps

Download Big-4 TP report (PDF)Download study workbook (XLSX)

Domestic-first compliance & source note

Head-to-head validation against Grant Thornton’s 15 July 2026 Intercompany Loan Report ($4,500 fee): GT Approach 1 (Capital IQ) accepted 12 bond records across only 8 unique companies (6 Turkish, 3x Kyivstar Ukraine, 1 Armenia, 1 Africa, and only 1 Saudi company: Arabian Centres 4321.SR), yielding Q1 = 4.11%, Median = 5.82%, Q3 = 7.56%. Our live EODHD BB+ to B Corporate Borrower screen accepted 16 unique non-financial companies (zero duplicates), yielding Q1 = 5.08%, Median = 5.84%, Q3 = 6.31% : within 2 bps of GT’s median (5.84% vs 5.82%) with 2x the unique company count (16 vs 8). Combined with GT Approach 2 (6 KSA bank published rates: Q1 = 7.44%, Median = 9.38%, Q3 = 10.94%), our executed 7.50% rate (4.75% SIBOR + 275 bps) is corroborated across both methods.

Supplied research note, not independently endorsed. ZATCA transfer pricing bylaws: domestic-first comparability and documentation must be assessed against actual functions, assets and risks.

Comparable set

Accept / reject matrix Annual and weighted PLI values retain supplied units: bps
Ticker	Company name	Exchange / source	Country	SIC / GICS code	2022 PLI	2023 PLI	2024 PLI	Weighted NCP %	Weighted OM %	Status	Screening rationale
ENOG.LSE	Energean Oil & Gas PLC (B, ICR 1.18x)	EODHD API [Live]	MENA (UK)	Not supplied	6.3 bps	6.3 bps	6.3 bps	6.3 bps	151.0 bps	Accepted	Live EODHD (GBX hard-currency audited effective borrowing rate 6.26%) : Effective rate 6.26% (SAIBOR +151 bps).
4007.SR	Al Hammadi Holding (BB+, ICR 6.8x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	6.6 bps	6.6 bps	6.6 bps	6.6 bps	185.0 bps	Accepted	SAR corporate term & working-capital loans (SAIBOR + ~185 bps) : Effective rate 6.60% (SAIBOR +185 bps).
4003.SR	United Electronics Co. (eXtra) (BB+, ICR 5.8x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	6.8 bps	6.8 bps	6.8 bps	6.8 bps	200.0 bps	Accepted	SAR short-term working capital murabaha (SAIBOR + ~200 bps) : Effective rate 6.75% (SAIBOR +200 bps).
HIK.LSE	Hikma Pharmaceuticals PLC (BB, ICR 5.36x)	EODHD API [Live]	MENA (UK)	Not supplied	6.8 bps	6.8 bps	6.8 bps	6.8 bps	200.0 bps	Accepted	Live EODHD (GBX hard-currency audited effective borrowing rate 6.75%) : Effective rate 6.75% (SAIBOR +200 bps).
7204.SR	Perfect Presentation for Commercial Services (2P) (BB+, ICR 6.4x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	6.9 bps	6.9 bps	6.9 bps	6.9 bps	210.0 bps	Accepted	SAR working-capital & project murabaha facilities (SAIBOR + ~210 bps) : Effective rate 6.85% (SAIBOR +210 bps).
4261.SR	Theeb Rent a Car Co. (BB, ICR 4.1x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	7.0 bps	7.0 bps	7.0 bps	7.0 bps	220.0 bps	Accepted	SAR fleet & corporate term facilities (SAIBOR + ~220 bps) : Effective rate 6.95% (SAIBOR +220 bps).
2081.SR	Alkhorayef Water and Power Technologies Co. (BB, ICR 4.5x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	7.1 bps	7.1 bps	7.1 bps	7.1 bps	235.0 bps	Accepted	SAR contract & working-capital facilities (SAIBOR + ~235 bps) : Effective rate 7.10% (SAIBOR +235 bps).
7200.SR	Al Moammar Information Systems Co. (MIS) (BB, ICR 4.2x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	7.2 bps	7.2 bps	7.2 bps	7.2 bps	240.0 bps	Accepted	SAR short/medium-term Islamic bank facilities (SAIBOR + ~240 bps) : Effective rate 7.15% (SAIBOR +240 bps).
4262.SR	Lumi Rental Co. (BB-, ICR 3.2x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	7.4 bps	7.4 bps	7.4 bps	7.4 bps	260.0 bps	Accepted	SAR corporate revolving & term facilities (SAIBOR + ~260 bps) : Effective rate 7.35% (SAIBOR +260 bps).
4322.SR	Retal Urban Development Co. (BB-, ICR 2.8x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	7.5 bps	7.5 bps	7.5 bps	7.5 bps	270.0 bps	Accepted	SAR corporate & project financing facilities (SAIBOR + ~270 bps) : Effective rate 7.45% (SAIBOR +270 bps).
1810.SR	Seera Group Holding (BB-, ICR 2.9x)	Tadawul Audited IFRS	Saudi Arabia	Not supplied	7.6 bps	7.6 bps	7.6 bps	7.6 bps	285.0 bps	Accepted	SAR corporate credit facilities (SAIBOR + ~285 bps) : Effective rate 7.60% (SAIBOR +285 bps).
4321.SR	Arabian Centres Co. (Cenomi Centers) (B+, ICR 1.6x)	Tadawul Audited IFRS (also in GT #10)	Saudi Arabia	Not supplied	8.5 bps	8.5 bps	8.5 bps	8.5 bps	375.0 bps	Accepted	SAR corporate sukuk & murabaha facilities (only Saudi company GT included) : Effective rate 8.50% (SAIBOR +375 bps).
HTWS.LSE	Helios Towers Plc (B+, ICR 1.6x)	EODHD API [Live]	MENA (UK)	Not supplied	9.3 bps	9.3 bps	9.3 bps	9.3 bps	458.0 bps	Accepted	Live EODHD (GBX hard-currency audited effective borrowing rate 9.33%) : Effective rate 9.33% (SAIBOR +458 bps).
AAF.LSE	Airtel Africa Plc (BB-, ICR 2.7x)	EODHD API [Live]	MENA (UK)	Not supplied	12.3 bps	12.3 bps	12.3 bps	12.3 bps	751.0 bps	Accepted	Live EODHD (GBX hard-currency audited effective borrowing rate 12.26%) : Effective rate 12.26% (SAIBOR +751 bps).
IDHC.LSE	Integrated Diagnostics Holdings PLC (BB+, ICR 10.19x)	EODHD API [Live]	MENA (UK)	Not supplied	12.9 bps	12.9 bps	12.9 bps	12.9 bps	817.0 bps	Accepted	Live EODHD (USD hard-currency audited effective borrowing rate 12.92%) : Effective rate 12.92% (SAIBOR +817 bps).
CACI.US	CACI International Inc (BB, ICR 4.27x)	EODHD Fundamentals API [Live]	USA	Not supplied	4.0 bps	4.0 bps	4.0 bps	4.0 bps	-75.0 bps	Accepted	Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 4.00%, Debt/Assets 45.6%, Spread vs 4.75% SIBOR: -75 bps).
BAH.US	Booz Allen Hamilton Holding (BB, ICR 5.61x)	EODHD Fundamentals API [Live]	USA	Not supplied	4.5 bps	4.5 bps	4.5 bps	4.5 bps	-29.0 bps	Accepted	Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 4.46%, Debt/Assets 55.7%, Spread vs 4.75% SIBOR: -29 bps).
SAIC.US	Science Applications International Corporation Common Stock (BB-, ICR 3.88x)	EODHD Fundamentals API [Live]	USA	Not supplied	5.0 bps	5.0 bps	5.0 bps	5.0 bps	24.0 bps	Accepted	Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 4.99%, Debt/Assets 50.5%, Spread vs 4.75% SIBOR: +24 bps).
KBR.US	KBR Inc (BB-, ICR 3.59x)	EODHD Fundamentals API [Live]	USA	Not supplied	5.1 bps	5.1 bps	5.1 bps	5.1 bps	31.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.06%, Debt/Assets 47.4%, Spread vs 4.75% SIBOR: +31 bps).
DXC.US	DXC Technology Co (B, ICR 1.19x)	EODHD Fundamentals API [Live]	USA	Not supplied	5.1 bps	5.1 bps	5.1 bps	5.1 bps	34.0 bps	Accepted	Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 5.09%, Debt/Assets 32.9%, Spread vs 4.75% SIBOR: +34 bps).
J.US	Jacobs Solutions Inc. (BB, ICR 5.92x)	EODHD Fundamentals API [Live]	USA	Not supplied	5.4 bps	5.4 bps	5.4 bps	5.4 bps	63.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.38%, Debt/Assets 24.1%, Spread vs 4.75% SIBOR: +63 bps).
ACM.US	Aecom Technology Corporation (BB, ICR 5.57x)	EODHD Fundamentals API [Live]	USA	Not supplied	5.5 bps	5.5 bps	5.5 bps	5.5 bps	73.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.48%, Debt/Assets 27.6%, Spread vs 4.75% SIBOR: +73 bps).
MMS.US	Maximus Inc (BB+, ICR 6.86x)	EODHD Fundamentals API [Live]	USA	Not supplied	5.8 bps	5.8 bps	5.8 bps	5.8 bps	107.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.82%, Debt/Assets 35.5%, Spread vs 4.75% SIBOR: +107 bps).
CBZ.US	CBIZ Inc (B+, ICR 2.18x)	EODHD Fundamentals API [Live]	USA	Not supplied	5.9 bps	5.9 bps	5.9 bps	5.9 bps	111.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.86%, Debt/Assets 41.5%, Spread vs 4.75% SIBOR: +111 bps).
TASK.US	Taskus Inc (BB+, ICR 7.68x)	EODHD Fundamentals API [Live]	USA	Not supplied	6.2 bps	6.2 bps	6.2 bps	6.2 bps	143.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 6.18%, Debt/Assets 28.3%, Spread vs 4.75% SIBOR: +143 bps).
HURN.US	Huron Consulting Group Inc (BB, ICR 5.83x)	EODHD Fundamentals API [Live]	USA	Not supplied	6.2 bps	6.2 bps	6.2 bps	6.2 bps	149.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 6.24%, Debt/Assets 35.9%, Spread vs 4.75% SIBOR: +149 bps).
CNXC.US	Concentrix Corporation (B+, ICR 2.1x)	EODHD Fundamentals API [Live]	USA	Not supplied	6.3 bps	6.3 bps	6.3 bps	6.3 bps	151.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 6.26%, Debt/Assets 43.1%, Spread vs 4.75% SIBOR: +151 bps).
NVEE.US	NV5 Global Inc (BB-, ICR 2.53x)	EODHD Fundamentals API [Live]	USA	Not supplied	6.5 bps	6.5 bps	6.5 bps	6.5 bps	170.0 bps	Accepted	Live EODHD FY2024 audited effective interest rate (Int Exp / Total Debt = 6.45%, Debt/Assets 20.2%, Spread vs 4.75% SIBOR: +170 bps).
KPG.AU	Kelly Partners Group Holdings Ltd (BB-, ICR 3.57x)	EODHD Fundamentals API [Live]	Australia	Not supplied	7.0 bps	7.0 bps	7.0 bps	7.0 bps	222.0 bps	Accepted	Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 6.97%, Debt/Assets 50.7%, Spread vs 4.75% SIBOR: +222 bps).
TTEC.US	TTEC Holdings Inc (B, ICR 1.34x)	EODHD Fundamentals API [Live]	USA	Not supplied	7.2 bps	7.2 bps	7.2 bps	7.2 bps	242.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 7.17%, Debt/Assets 66.7%, Spread vs 4.75% SIBOR: +242 bps).
GLOB.US	Globant SA (BB, ICR 4.23x)	EODHD Fundamentals API [Live]	USA	Not supplied	8.6 bps	8.6 bps	8.6 bps	8.6 bps	382.0 bps	Accepted	Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 8.57%, Debt/Assets 14.3%, Spread vs 4.75% SIBOR: +382 bps).
GT-CIQ-1	Bilkom Bilisim Hizmetleri A.S. (#1, BB+, 1Yr)	GT Report (S&P Capital IQ)	Turkey	Not supplied	3.1 bps	3.1 bps	3.1 bps	3.1 bps	-162.0 bps	Accepted	GT Capital IQ Approach 1 (duplicate issuer 1 of 2; Refinitiv FX-adjusted from 5.46%).
GT-CIQ-2	Kyivstar Group Ltd. (#1, BB-, 3.5Yr)	GT Report (S&P Capital IQ)	Ukraine / NL	Not supplied	3.4 bps	3.4 bps	3.4 bps	3.4 bps	-137.0 bps	Accepted	GT Capital IQ Approach 1 (triplicate issuer 1 of 3; Refinitiv adjusted from 6.45%).
GT-CIQ-3	Kyivstar Group Ltd. (#2, BB-, 1Yr)	GT Report (S&P Capital IQ)	Ukraine / NL	Not supplied	4.0 bps	4.0 bps	4.0 bps	4.0 bps	-75.0 bps	Accepted	GT Capital IQ Approach 1 (triplicate issuer 2 of 3; Refinitiv adjusted from 7.01%).
GT-CIQ-4	Otokoç Otomotiv Ticaret A.S. (BB+, 1Yr)	GT Report (S&P Capital IQ)	Turkey	Not supplied	4.2 bps	4.2 bps	4.2 bps	4.2 bps	-60.0 bps	Accepted	GT Capital IQ Approach 1 (Refinitiv adjusted from 7.30%).
GT-CIQ-5	Bilkom Bilisim Hizmetleri A.S. (#2, BB+, 6Mo)	GT Report (S&P Capital IQ)	Turkey	Not supplied	4.9 bps	4.9 bps	4.9 bps	4.9 bps	15.0 bps	Accepted	GT Capital IQ Approach 1 (duplicate issuer 2 of 2; Refinitiv adjusted from 7.57%).
GT-CIQ-6	Anadolu Efes Biracilik (IBSE:AEFES, BB, 1Yr)	GT Report (S&P Capital IQ)	Turkey	Not supplied	5.3 bps	5.3 bps	5.3 bps	5.3 bps	58.0 bps	Accepted	GT Capital IQ Approach 1 (Refinitiv adjusted from 8.90%).
GT-CIQ-7	Kyivstar Group Ltd. (#3, BB-, 1Yr)	GT Report (S&P Capital IQ)	Ukraine / NL	Not supplied	6.3 bps	6.3 bps	6.3 bps	6.3 bps	155.0 bps	Accepted	GT Capital IQ Approach 1 (triplicate issuer 3 of 3; Refinitiv adjusted from 10.01%).
GT-CIQ-8	Arçelik Anonim Sirketi (IBSE:ARCLK, B+, 2Yr)	GT Report (S&P Capital IQ)	Turkey	Not supplied	6.4 bps	6.4 bps	6.4 bps	6.4 bps	161.0 bps	Accepted	GT Capital IQ Approach 1 (Refinitiv adjusted from 10.35%).
GT-CIQ-9	Axian Telecom Holding PLC (BB-, 5Yr)	GT Report (S&P Capital IQ)	Mauritius	Not supplied	7.3 bps	7.3 bps	7.3 bps	7.3 bps	250.0 bps	Accepted	GT Capital IQ Approach 1 (Refinitiv adjusted from 11.97%).
GT-CIQ-10	Arabian Centres Co. / Cenomi (SASE:4321, B+, 6Yr)	GT Report (S&P Capital IQ)	Saudi Arabia	Not supplied	8.5 bps	8.5 bps	8.5 bps	8.5 bps	375.0 bps	Accepted	GT Capital IQ Approach 1 : ONLY Saudi issuer in GT’s 12 records (Refinitiv adjusted from 12.59%).
GT-CIQ-11	SETUR Servis Turistik A.S. (BB+, 1Yr)	GT Report (S&P Capital IQ)	Turkey	Not supplied	8.9 bps	8.9 bps	8.9 bps	8.9 bps	414.0 bps	Accepted	GT Capital IQ Approach 1 (Refinitiv adjusted from 12.90%).
GT-CIQ-12	ASCE Group OJSC (BB-, 1Yr)	GT Report (S&P Capital IQ)	Armenia	Not supplied	14.0 bps	14.0 bps	14.0 bps	14.0 bps	921.0 bps	Accepted	GT Capital IQ Approach 1 (Refinitiv adjusted from 15.98%).

The source stores royalty, retained-return and spread observations in NCP / OM fields. Those fields are not independently calculated NCP / OM for these studies.

Public accounting APS explorer

Compare fee mechanics, ownership and the economics of listed peers.

Download public APS filings report (PDF)

Listed APS & non-attest precedents Latest fiscal year in the raw EODHD snapshot, in reporting currency
Firm	Exchange	Structure	Fiscal year	Revenue (m)	EBITDA (m)	Margin	EV / EBITDA snapshot
CBIZ, Inc. + CBIZ CPAs P.C. (fka Mayer Hoffman McCann) + Marcum LLP	NYSE: CBZ	Pure Two-Entity Alternative Practice Structure (0% Equity in Attest Firm; 100% Ownership of Non-Attest ServiceCo + Long-Term ASA)	2025	2,758.0 USD	366.3	13.3%	12.63x
Kelly Partners Group Holdings Limited	ASX: KPG	51/49 Partner-Owner-Driver (POD) Roll-Up + Mandatory 9% Gross Revenue Central IP & Services Levy	2026	159.2 AUD	46.0	28.9%	7.16x
H&R Block, Inc. (RSM McGladrey / McGladrey & Pullen APS Precedent)	NYSE: HRB	Pioneer US Corporate APS (1999 to 2011 RSM McGladrey Precedent; Current Wave / Block Advisors Platform)	2026	3,945.4 USD	1,056.9	26.8%	7.03x
Resources Connection, Inc. (RGP : ex-Deloitte Spin-Out)	NASDAQ: RGP	Pure Non-Attest Accounting Execution, Finance Transformation & Secondment Platform	2026	452.0 USD	-27.9	-6.2%	9.71x

The public-firm summary labels several latest observations as FY2025; the raw history dates them FY2026. This table follows the raw fiscal-year labels and does not mix years or currencies.

Listed financial performance

CompanyChart metric

CBIZ Inc / USD millions except percentages. Source: saved EODHD fundamentals, 2 November 2026.

Revenue by fiscal year USD m

Multi-year financial performance
Fiscal year	Revenue (m)	EBITDA (m)	EBIT (m)	EBITDA margin	EV / EBITDA multiple
2022	1,412.0	182.4	168.3	12.9%	Not supplied historically
2023	1,591.2	222.7	165.2	14.0%	Not supplied historically
2024	1,813.5	140.3	73.7	7.7%	Not supplied historically
2025	2,758.0	366.3	234.0	13.3%	Not supplied historically

EV / EBITDA snapshot: 12.63x. Historical enterprise values were not supplied; the current multiple is not backfilled into prior years. Currency follows the raw EODHD record.

CBIZ, Inc. + CBIZ CPAs P.C. (fka Mayer Hoffman McCann) + Marcum LLP

NYSE: CBZ / United States

Structure: Pure Two-Entity Alternative Practice Structure (0% Equity in Attest Firm; 100% Ownership of Non-Attest ServiceCo + Long-Term ASA)
Licensed entity ownership: 0% owned by CBIZ, Inc. : 100% owned by 421 licensed CPA stockholders (as of Dec 31, 2025, 11-member CPA board; zero overlap with CBIZ senior officers).
ServiceCo ownership: 100% public shareholders (NYSE: CBZ; Marcum partners received 13.6M CBZ shares = $934.7M + $1,063.0M cash in Nov 1, 2024 merger, delivered in monthly installments over 36 months).
Fee mechanism: Administrative Service Agreement (ASA, 25+ year history): CBIZ leases all professional staff, office space, IT/computer equipment, bookkeeping, marketing, and admin support to CBIZ CPAs P.C. (and Myers & Stauffer LC, 43 CPA members) in exchange for an administrative service fee (~85% to 90% of attest gross collections).
Consolidation: Does NOT consolidate CBIZ CPAs P.C. under US GAAP VIE rules; instead, CBIZ records the ASA fees earned from CBIZ CPAs P.C. directly as CBIZ revenue, and holds $21.7M in working-capital notes receivable from CBIZ CPAs P.C.
Licensed / non-licensed split: Attest (audits, reviews, PCAOB/SEC opinions) sits strictly in CBIZ CPAs P.C.; Tax, advisory, valuation, benefits/insurance, and all technology/staffing sit in CBIZ, Inc. (Marcum Advisory Group LLC).
Independence & history: SEC Staff treats CBIZ, Inc. as an ’associated entity’ of CBIZ CPAs P.C. under Regulation S-X; Marcum merger triggered SEC/PCAOB conflict checks where CBIZ had to terminate prohibited non-audit services to Marcum SEC audit clients.
Supplied implication for Accord: Proves a ServiceCo can capture ~85 to 90% of attest economics purely via a leased-staff + technology + facilities ASA without consolidating the CPA firm, AND shows how M&A splits the target at closing into (1) Non-Attest Assets to ServiceCo and (2) Attest Assets to Licensed Firm.

Kelly Partners Group Holdings Limited

ASX: KPG / Australia / USA / Hong Kong

Structure: 51/49 Partner-Owner-Driver (POD) Roll-Up + Mandatory 9% Gross Revenue Central IP & Services Levy
Licensed entity ownership: 51% owned by listed parent (KPGH) / 49% retained by local operating CPA partners (’Partner-Owner-Drivers’) across 43+ offices.
ServiceCo ownership: 100% owned by listed parent (KPGH) : houses central management, proprietary ’KPG Intelligence’ AI/software stack, and a 1,150-seat offshore BPO hub.
Fee mechanism: Two-tier extraction: (1) Mandatory 9.0% of Gross Revenue central levy charged off the top of every operating practice (split explicitly into a 6.5% Central Services Fee for HR/IT/marketing/admin + a 2.5% IP & Software Licence Fee), PLUS (2) 51% of remaining operating profit via equity dividends.
Consolidation: Consolidates 100% of revenue and EBITDA of all 51%-owned operating practices under IFRS 10, deducting the 49% partner share as Non-Controlling Interest (NCI) on the second bottom line.
Licensed / non-licensed split: Because Australia (and KPG’s US non-attest/tax focus) permits 51% corporate ownership of tax/accounting practices, KPG holds 51% directly in each practice while centralizing IP, software, and offshore BPO in the parent.
Independence & history: Acquires SME firms at 4.0x to 6.0x EBIT using OpCo-level ring-fenced debt repaid over 4 to 5 years from the target’s own cash flows; expands EBITDA margins from ~18% industry average to 30%+ via the central platform and offshore BPO.
Supplied implication for Accord: Directly validates Accord’s playbook: combining a top-line Platform/IP + Central Services fee (9% of gross revenue = ~30% of pre-fee EBITDA) with equity ownership lifts parent effective economics well above the raw equity percentage while expanding firm EBITDA margins from ~18% to ~30%.

H&R Block, Inc. (RSM McGladrey / McGladrey & Pullen APS Precedent)

NYSE: HRB / United States

Structure: Pioneer US Corporate APS (1999 to 2011 RSM McGladrey Precedent; Current Wave / Block Advisors Platform)
Licensed entity ownership: 0% equity in McGladrey & Pullen LLP (remained 100% partner-owned CPA partnership during the 1999 to 2011 APS).
ServiceCo ownership: 100% owned by H&R Block (RSM McGladrey, Inc. acquired non-attest tax, consulting, and operational infrastructure).
Fee mechanism: Administrative Services Agreement + Personnel Lease + Brand/Network Royalty: RSM McGladrey leased staff and infrastructure to McGladrey & Pullen LLP.
Consolidation: Consolidated 100% of RSM McGladrey, Inc. (ServiceCo + non-attest advisory); did not consolidate the attest partnership.
Licensed / non-licensed split: Historical cautionary lesson: in 2011, disputes over the MSA fee formula, capital investment, and partner compensation between H&R Block and the McGladrey & Pullen CPA partners led McGladrey partners to threaten non-renewal of the MSA, forcing H&R Block to sell RSM McGladrey back to the CPA partnership for $610M.
Independence & history: Created the modern regulatory blueprint accepted by the AICPA and State Boards of Accountancy for all post-2021 PE APS transactions.
Supplied implication for Accord: The McGladrey divorce proves why Accord’s 3 structural protections are non-negotiable: (1) Accord must hold 25% to 30% direct equity INSIDE the Licensed Firm with a Shareholder Reserved Matter veto over MSA termination/amendment, (2) shares of the Licensed Firm and ServiceCo must be stapled under SJSC Arts. 151 to 152, and (3) CPA partners must hold meaningful rollover equity (e.g. 46% in ServiceCo) so both sides eat from the same economic pot.

Resources Connection, Inc. (RGP : ex-Deloitte Spin-Out)

NASDAQ: RGP / United States / Global

Structure: Pure Non-Attest Accounting Execution, Finance Transformation & Secondment Platform
Licensed entity ownership: 0% : Deliberately spun out of Deloitte in 1996 to 1999 as a non-CPA corporate entity so it could serve Big-4 audit clients without independence conflicts.
ServiceCo ownership: 100% public shareholders (NASDAQ: RGP).
Fee mechanism: Time-and-materials secondment and fixed-scope ERP/finance transformation contracts (gross margin ~38% to 40%, SG&A ~29%, EBITDA margin ~9% to 11%).
Consolidation: 100% consolidated commercial corporation.
Licensed / non-licensed split: Performs internal audit co-sourcing, technical accounting (IFRS/GAAP), close remediation, and ERP implementation under client management direction : never signs audit opinions.
Independence & history: Demonstrates the standalone economics of a pure staffing/secondment ServiceCo when it does NOT own proprietary software or an exclusive captive CPA firm.
Supplied implication for Accord: Shows why a pure staffing/secondment ServiceCo only earns ~9% to 12% EBITDA margins (Cost + 10% to 15%), whereas pairing staffing with a proprietary AI platform licence (Accord OS) and an exclusive CPA firm MSA captures 25% to 35%+ margins.

PE-backed APS platforms

Citrin Cooperman

New Mountain Capital (Nov 2021 @ ~$500M EV / ~11x EBITDA) to Blackstone (Jan 2025 @ ~$2.0B EV / ~15x EBITDA)

Reported revenue scale: $350M (2021) to $850M+ (2025)

Classic PE APS: ’Citrin Cooperman Advisors LLC’ (PE-controlled ServiceCo + Tax/Advisory) & ’Citrin Cooperman & Company, LLP’ (100% CPA-partner-owned Attest LLP). Linked by a 20 to 30 year MSA with automatic renewals, non-compete covenants, and shared partner equity in the parent.

First PE-to-PE flip in US accounting history. Partners rolled ~30% to 40% equity into the parent ServiceCo/HoldCo; 15+ tuck-in acquisitions executed at 6x to 9x EBITDA and re-rated to 15x at the Blackstone exit.

Baker Tilly US + Moss Adams

Hellman & Friedman + Valeas Capital Partners (Feb 2024 @ ~$1B+ investment; combined with Moss Adams Jun 2025 to form #6 US CPA firm)

Reported revenue scale: ~$3.0B+ combined

’Baker Tilly Advisory Group, LP’ (PE-backed non-attest & ServiceCo) + ’Baker Tilly US, LLP’ (CPA-owned attest partnership). All non-attest partners, tax, consulting, technology, and admin personnel transferred to Advisory Group LP.

Majority PE control of Advisory Group LP with significant partner equity rollover; MSA prices leased audit staff at Cost + arm’s-length mark-up plus technology/brand royalty.

Grant Thornton US

New Mountain Capital (majority) + CDPQ + OA Private Capital (Closed May 2024)

Reported revenue scale: $2.36B (FY2023)

’Grant Thornton Advisors LLC’ (PE-controlled non-attest & infrastructure entity) + ’Grant Thornton LLP’ (licensed CPA attest firm).

Implied ~$4B to $5B enterprise valuation (~12x to 14x adjusted post-carveout EBITDA).

CohnReznick

Apax Partners; supplied disclosure: 51% non-attest, February 2025

Reported revenue scale: $1.12B

Exact 51% Investor / 49% Partner split in the non-attest ServiceCo/Advisory entity alongside a partner-owned Attest LLP under a long-term MSA.

Mirrors Accord’s 54/46 ServiceCo target: sponsors take a 51% majority in ServiceCo while partners retain 49% of ServiceCo so partners are economically aligned with growing ServiceCo’s EBITDA.

Carr, Riggs & Ingram

Centerbridge + Bessemer Venture Partners; supplied disclosure: 51%, November 2024

Reported revenue scale: $455M

Exact 51% Investor / 49% Partner split in the non-attest ServiceCo/Advisory entity alongside a partner-owned Attest LLP under a long-term MSA.

Mirrors Accord’s 54/46 ServiceCo target: sponsors take a 51% majority in ServiceCo while partners retain 49% of ServiceCo so partners are economically aligned with growing ServiceCo’s EBITDA.

These are supplied research snapshots. Kelly Partners’ disclosed 9% levy is modeled exactly (6.5% central services + 2.5% IP); CBIZ’s 85 to 90% ASA is a disclosed range, modeled at an editable midpoint. HRB has no supplied fee rate. Foreign ownership and fee arrangements do not establish Saudi eligibility.

Saudi legal & regulatory matrix

Map the four agreements to statutory constraints and live model assumptions.

Download Saudi counsel opinion & scenarios (PDF)

Diagnostic screening only. A green result confirms a numerical condition or your attestation; it is not a legal opinion or a contractual safe harbor. Article mapping below is a review blueprint.

Licensed director majority and licensed voting thresholds confirmedStapling and permitted voting restrictions reviewed and executedLicensed Firm technical staff headcountstaff

Saudi technical staff ratio

Live regulatory risk diagnostic

Art. 78(1)(a): 30% unlicensed voting cap

Green / numerical or attested check

25.0% modeled unlicensed stake. Within numerical cap only; voting arrangements still need review.

Art. 78(1)(b) & (d): indirect control / independence

Amber / review required

Gross-revenue pricing active. Neither ownership nor pricing proves absence of indirect control.

Arts. 79 & 80: licensed board & decision majority

Amber / review required

Board composition and licensed director voting rights not yet attested.

M/59 Art. 7(7) & Regs Art. 9: Saudi technical staffing

Amber / review required

Technical staff leased from ServiceCo; eligibility unresolved. 0.0% Saudi technical staff; modeled headcount 20, required band 30%.

SJSC Arts. 151 to 152: stapling & voting suspension

Amber / review required

No executed stapling or voting-suspension provision attested. Review both bylaws and enforceability.

ZATCA Arts. 13(C) & 14(C): TP range defense

Amber / review required

Active fee/spread assumptions fall within supplied bands. Routine-profit denominator conflict and comparable validation remain unresolved.

Four-agreement blueprint

1. ServiceCo SJSC bylaws & SHA

M/132 Arts. 151, 152, 154, 200, 203

Share classes, transfer controls, governance and commercial activity perimeter. Define ServiceCo ownership and funding without professional-direction rights.

ServiceCo commercial control does not authorize control of licensed audit judgments.

2. Licensed Firm professional SJSC bylaws & SHA

M/132 Arts. 200, 203, 204, 207, 208, 209; Decision 284 Arts. 77, 78, 79, 80; M/59 Arts. 2, 7, 8, 10

Licensed shareholder qualification, professional purpose, responsibility and governance. Preserve licensed control and eligible board composition.

A PSI label alone does not qualify the additional 26% as licensed ownership. Obtain evidence of LicensedCo eligibility.

3. Master services & platform licence agreement

Decision 284 Art. 78(1)(b), (d); M/59 Arts. 2, 7, 8, 10 (as amended by M/169); ZATCA Arts. 13(C), 14(C)

Schedules A/B/C: services and staffing, platform usage, annual budgeted rate-card adjustment. Separate professional decisions, client confidentiality, GOSI staffing and pricing evidence.

Residual sweeps and gross-revenue fees need an independence analysis. Domestic software licence and offshore subcontract are different tax flows.

4. Stapling deed & share pledge

M/132 Arts. 151, 152, 154; Arts. 207, 208, 209; Decision 284 Art. 78

Coordinate transfers and permitted security enforcement through both constitutional documents, subject to professional ownership restrictions.

Statutory transfer provisions do not by themselves create automatic stapling or voting suspension. Enforceability and professional eligibility require document review.

Primary-source reference desk

Primary references checked 2 November 2026. Full M/132 and amended M/59 clause-level legal validation, independence analysis and enforceability remain open. The supplied study incorrectly attributes “Art. 209” to M/59; this blueprint attributes it to Companies Law M/132.