BDO Seidman LLP said that its revenues for the 2004-05 fiscal year increased to $440 million, a 21 percent increase over last year's revenues.
The company said that the revenue jump was led by the firm's assurance business line, which added more Securities and Exchange Commission audit clients than any other firm for a second straight year. The assurance practice now represents 62 percent of BDO Seidman's business, while the firm's tax and specialized services business lines represent 26 percent and 12 percent of revenues, respectively.
"In the past year, BDO Seidman has experienced unprecedented growth in the core assurance business line, as our superior SEC practice has made BDO the chief beneficiary of companies leaving the Big Four," said BDO Seidman chief executive Jack Weisbaum, in a statement. "Due to resource constraints brought about by the new regulatory environment, Big Four firms have walked away from clients for economic reasons or had clients leave for service concerns." BDO Seidman serves clients through more than 30 offices and 250 independent alliance firm locations nationwide.
