BDO Seidman LLP announced that its revenue for the fiscal year ended June 30 increased to $558 million, a 27 percent increase over last year's revenue of $440 million.
The firm said that the revenue gains were achieved through strong growth across all of its business lines, with the assurance (28 percent), tax (10 percent) and specialized services (55 percent) practices all achieving double-digit increases in fees. Over the past two fiscal years, BDO Seidman revenues have achieved a cumulative 53 percent increase.
The firm's assurance business line represents 62 percent of BDO Seidman's business, while the tax and specialized services lines represent 23 percent and 15 percent of revenues, respectively.
Chief executive Jack Weisbaum noted in a statement that for three consecutive years his firm has seen a larger net gain in Securities and Exchange Commission clients than any other accounting firm, as well as an increase in initial public offerings from the financial community.
"The tax practice is successfully executing a strategy that capitalizes on Sarbanes Oxley by adding corporate work from Big Four audit clients," Weisbaum said. "Growth in the specialized services line has been led by increased demand for litigation support, fraud investigations and business restructuring services."
BDO Seidman was ranked No. 9 on Accounting Today's 2006 list of Top 100 Firms, with revenues of $440 million.
Previously on WebCPA:
BDO Seidman Admits 17 New Partners (June 7, 2006)
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