KPMG, Marcum Lead Pack in New Audit Clients for Q2
Among large firms, KPMG and Marcum LLP tied for the most new Securities and Exchange Commission audit clients in the second quarter of 2014.
The Big Four firm brought in a total of 17 new clients over, and netted 10, while Marcum brought in 10 overall, with no departures. (See the large-firm list in “Q2 Client Gains & Losses.”)
As many as seven of KPMG’s new clients came as part of its acquisition of Top 100 Firm Rothstein Kass, which was made official in late May. KPMG led in terms of gains among new large accelerated and non-accelerated, while Marcum was No. 1 in new clients among smaller reporting companies. (See the full breakdown in “Audit Leaders.”)
Interestingly, neither firm led the way in new market cap audited, new assets audited, or new audit fees. Ernst & Young topped the first two of those lists in large part thanks to its engagement by extraction giant Newmont Mining, with $11 billion in market cap and $24 billion in assets audited. BDO was tops in terms of new audit fees, with a single client, Bermuda-based insurer Tower Group International, accounting for $17 million of its almost $22 million in new fees. (See the full list in “New Client Leaders.”)
KPMG wasn’t the only firm that gained by acquisition Pritchett Siler & Hardy, for instance, gained three new clients by merging in Morrill & Associates.
Michael Albanese CPA, meanwhile, picked up a number of clients from Jeffrey & Co., which had its registration with the Public Company Accounting Oversight Board revoked after failing to abide by partner rotation rules, according to The Auditor Carousel blog. (See the full list in “Overall Engagement Leaders.”)
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 or email@example.com.