With eight overall new Securities and Exchange Commission audit clients and a net gain of five, Top 20 Firm Marcum topped the charts among large and national firms in the fourth quarter, and brought in over a million dollars in audit fees.
Among its new clients were a number of health care and pharmaceutical companies, including Amarantus Bioscience Holdings, First China Pharmaceutical Group, and DS Healthcare Group.
Big Four firm KPMG and McGladrey followed up with net gains of three clients each for the period (see "Q4 2013 Client Gains & Losses"). KPMG also pulled off a trifecta in other measures, topping the lists for new market cap audited, new assets audited and new audit fees (see "New Client Leaders"). It was helped there in particular by signing up box manufacturer Packaging Corp. of America (with a market capitalization of $6.2 billion) and lab instrument manufacturer Bio Rad Laboratories (with a market cap of $3 billion). PricewaterhouseCoopers came in second in terms of market cap audited on the strength of a single new engagement -- semiconductor manufacturer Cree Inc. (with a market cap of $7.5 billion).
BEYOND THE BIG FIRMS
Texas-based MaloneBailey was the biggest gainer in the quarter, bringing in 17 new clients for a net gain of 12 (see "Overall Engagement Leaders") -- an achievement made all the more impressive by the fact that its gains came from a wide variety of previous auditors.
Denver-based Cutler & Co. came in second in overall engagement gains, with nine clients picked up from previous auditor Ronald Chadwick PC. According to a report on the Auditor Carousel blog, Chadwick planned to retire, and steered his clients toward Cutler.
Newport Beach, Calif.-based Anton & Chia also picked up an impressive nine clients from different previous auditors, while HHC CPA picked up six new clients from RBSM in Q4 -- though it was reported that at least two of those had gone back to RBSM early in the first quarter of 2014.
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.
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