Slow quarter for SEC audit clients closes rollercoaster year

In a relatively slow quarter for bringing on new Securities and Exchange Commission audit clients, Top 10 Firm BDO USA nonetheless turned in a strong performance, with 10 net and new clients in the fourth quarter of 2025.

Overall, auditors onboarded only 128 new SEC clients in Q4, the lowest number since Q1 2022. Mega-mergers between CBIZ and Marcum and between Baker Tilly and Moss Adams had caused a a major spike in Q2 of 2025, but Q4 still represented a three-year low for new audit engagements.

For more details, see "BDO adds most new SEC clients in Q4," and see selected data points below, including individual stats for the top eight firms in the quarter.

1. BDO USA

Net new engagements: 10
New engagements: 10
New market cap audited: $2,528,716,782
New revenue audited: $823,537,446
New assets audited: $21,186,368,027
New audit fees: $2,181,403

2. CBIZ CPAs

Net new engagements: 11
New engagements: 11
New market cap audited: $814,698,351
New revenue audited: $741,780,589
New assets audited: $1,562,710,343
New audit fees: $7,403,447

3. Assentsure

Net new engagements: 4
New engagements: 4
New market cap audited: $256,963,715
New revenue audited: $68,315,653
New assets audited: $90,433,374
New audit fees: $886,948

4. BDMP Assurance

Net new engagements: 4
New engagements: 4
New market cap audited: $517,847,184
New revenue audited: $167,577,172
New assets audited: $8,590,837,129
New audit fees: $728,960

5. HTL International

Net new engagements: 4
New engagements: 4
New market cap audited: $1,479,361,261
New revenue audited: $8,724,146
New assets audited: $504,491,303
New audit fees: $2,816,991

6. KPMG

Net new engagements: 4
New engagements: 4
New market cap audited: $11,521,309,248
New revenue audited: $5,255,218,000
New assets audited: $14,732,296,000
New audit fees: $11,074,998

7. M&K CPAS

Net new engagements: 5
New engagements: 5
New market cap audited: $49,150,831
New revenue audited: $49,580,661
New assets audited: $44,928,239
New audit fees: $857,991

8. LJ Soldinger Associates

Net new engagements: 3
New engagements: 3
New market cap audited: $78,236,035
New revenue audited: $12,533,443
New assets audited: $82,439,858
New audit fees: $119,988
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