CBIZ/Marcum combo yields the most new SEC clients in Q1

A major merger with billion-dollar firm Marcum toward the end of 2024 put CBIZ firmly at the top of the list of new Securities & Exchange Commission audit clients for the first quarter of 2025.

Thanks to the merger, CBIZ added 19 new clients from Marcum in Q1 — the overwhelming majority of its 22 new and 21 net engagements for the period. (See "Net engagement leaders.") Marcum shed a total of 39 clients in Q1; it shed 27 clients in Q4 of 2024, after the deal was announced.

Two Big Four firms reported almost as many new clients, with KPMG adding 20 and Deloitte & Touche added 19 — though both netted only 12 in the first three months of the year. (See "Q1 2025 client gains & losses.")

Thanks in part to the transfer of clients from Marcum, the total number of new engagements in Q1 hit 189, up from 160 in the previous quarter.

New client leaders

Among large accelerated filers, Deloitte brought on the most new clients with 10, while KPMG added the most accelerated filers, with five. CBIZ, with its many new clients from Marcum, brought on 17 new non-accelerated filers/smaller reporting companies. (See "Audit leaders.")

Deloitte & Touche led the auditing field in terms of new market capitalization audited, with just around half of its total coming from a single client, diabetes management tool producer Dexcom, at approximately $30 billion. Dexcom's $6.5 billion helped Deloitte come in second in terms of new assets audited, helped by $5.1 billion from QXO Inc., a manufacturer of roofing, waterproofing and related construction products. Dexcom's $4.6 million in audit fees also helped Deloitte take second in that category, along with $4.3 million from environmental services company Enviri Corp. (See "New client leaders.")

Meanwhile, KPMG topped the league tables for new assets, thanks to $39.9 billion from global wealth management and investment banking company Stifel Financial Corp.; it also took first in new audit fees, thanks to $10.9 million from QuidelOrtho Corp., a diagnostic health care product manufacturer. It came in second in new market cap, with big boosts from Stifel Financial's $10.9 billion and $11.6 billion from video game and electronics retailer GameStop Corp.

Data for the quarterly rankings are provided by Ideagen Audit Analytics, a premium online intelligence service delivering audit, regulatory and disclosure analysis. Reach them at (508) 476-7007, info@auditanalytics.com or www.auditanalytics.com.