In a relatively strong quarter for new Securities and Exchange Commission audit clients overall, Big Four firm KPMG took the lead, followed closely by Deloitte and CBIZ.
KPMG added 17 new clients and netted nine, while Deloitte added 15, but only netted four, and CBIZ added nine, and netted seven. (See "
It was the first quarter in a while where M&A didn't play a major role in determining the topmost slots, though Southeast powerhouse Carr Riggs & Ingram came in third in net and new engagements, thanks to adding seven clients from a firm that was acquired. The twist, though, was that the predecessor firm, Miami-based Top 100 Firm Berkowitz Pollack Brant, wasn't acquired by CRI, but by Top 10 Firm Baker Tilly. (See "
New SEC client leaders
KPMG's strong quarter helped it top the league tables for new audit fees, with $32.4 million, fairly evenly split among all 17 of its new clients. It also came in second in new market capitalization audited, with $32.2 billion, again spread across its new engagements. (See "
Its fellow Big Four firm PricewaterhouseCoopers, meanwhile led the lists in two categories — market cap and new assets audited. Almost half — $19.9 billion — of its $42.7 billion of new market cap came from one client, insulin management solution manufacturer Insulet Corp. Similarly, almost half of its $332.1 billion in new assets came from a single client, with fund manager Investment Co. of America accounting for $153.9 billion.
And Deloitte came in second in both new assets and new audit fees. Its $28 million of new audit fees were largely spread across its 15 new clients, but one client — variable annuity and life insurance investment options provider American Funds Insurance Series — accounted for a whopping $179.5 billion of Deloitte's $247.7 billion of new assets.
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,
