Beard Miller Co. LLP will sell its Financial Outsourcing Solutions practice to McKonly & Asbury LLP in a deal effective Jan. 1.
Financial terms of the deal were not disclosed.
The outsourcing group provides internal auditing and compliance services primarily to financial institutions. Any services currently provided by the BMC team will be transferred to McKonly & Asbury, and existing group staff, including partner Tom Strause, will be retained by McKonly & Asbury.
Bmc chairman and chief executive partner Lamar Stoltzfus said the transaction will allow the outsourcing practice to continue to grow. Current independence regulations restrict many companies from using the same accounting firm to provide both external audit and internal audit service. Stoltzfus said that growth of the group was limited by those restrictions, given the growing number of financial institution audit clients in BMC’s portfolio.
McKonly & Asbury LLP has offices in Camp Hill, Pa., and Lancaster, Pa. -- with over 100 employees and 40 CPAs.
BMC was ranked No. 45 on Accounting Today's 2006 list of Top 100 Firms, with revenues of $43 million.
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