EisnerAmper, Haynie & Co. Lead in Q1 SEC Clients
Utah’s Haynie & Co., one of the top 10 firms in the Mountain States, led the field overall in new Securities and Exchange Commission audit clients in the first quarter of 2016, while Top 100 Firm EisnerAmper led among large firms.
Haynie brought on 26 new audit clients, all through its merger with fellow Salt Lake City firm HJ & Associates (see “Net Engagement Leaders”), which helped it top the list of new smaller reporting company clients (see “Audit Leaders”). EisnerAmper, meanwhile brought on five new clients, and netted four (see “Q1 Client Gains & Losses”).
Overall new client gains were fairly sluggish in the first quarter, with only two firms besides Haynie bringing on 10 or more new clients – RBSM and MaloneBailey – and seven of the 11 large firms we track either staying flat or showing a net loss of clients.
As in previous quarters, M&A activity helped drive changes. Pritchett Siler & Hardy, for instance, brought on its seven new clients by merging in Cutler & Co., according to client 8-Ks, while Hall & Co. added its nine new clients by bringing on the audit staff and partners of Hartley Moore Accountancy Corp., after a reorganization at the latter firm.
While new clients were less common among larger firms, they still brought on significant amounts of new market capitalization and assets audited, and new audit fees. (See “New Client Leaders.”)
Deloitte & Touche led the fields in new market cap audited and new audit fees. Semiconductor and related device manufacturer Marvell Technology Group was a big contributor in the first category, accounting for $7.92 billion of the Big Four firm’s $19 billion in new market cap audited, while natural gas distribution, marketing and energy services company AGL Resources accounting for $7.68 billion. AGL also accounted for a big chunk of Deloitte’s new audit fees, at $3.97 million, while clinical research company INC Research Holdings added $3.88 million.
Ernst & Young added the most new assets audited, at $56 billion, thanks almost entirely to its engagement by alternative investment provider Oaktree Capital Group.
Data for the quarterly rankings are provided by Audit Analytics, a premium online intelligence service delivering audit, regulatory and disclosure analysis. Reach them at (508) 476-7007, firstname.lastname@example.org or www.auditanalytics.com.