Q4 2016 slow for new SEC clients
With a few notable exceptions, the last three months of 2016 were slow for auditors attempting to land new Securities and Exchange Commission clients.
Among large firms, KPMG brought in the most new clients, with four, but Crowe Horwath topped the list among its peers by netting two new clients (see “Q4 Client Gains & Losses”).
The only significant movement was among smaller firms, where Las Vegas based AMC Auditing netted 23 new clients, thanks to its acquisition of the practice of Seale & Beers, which was reported in client 8-Ks (see “Net Engagement Leaders”). Spokane, Wash.-based Fruci & Associates snagged 14 clients overall, with 10 coming from Seattle’s George Stewart CPA, who was discontinuing his practice, according to client reports to the SEC. Rounding out the big movers was BF Borgers in Lakewood, Colo., which netted 11 new engagements, including five related entities that had previously been audited by Anton & Chia.
AMC and Fruci led the list of new smaller reporting companies, with large firms taking the top spots for most of types of filers. (see “Audit Leaders”).
Big Four firm PwC engagement with integrated circuit manufacturer Maxim Integrated Products gave it the top slot among new market capitalization audited, at $10.1 billion. KPMG, meanwhile, was at the top in terms of new assets audited and new audit fees, thanks to its new retail and commercial bank client BBVA Compass Bancshares, which accounted for $90 billion in new assets, and $4.8 million in new audit fees (see “New client 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, firstname.lastname@example.org or www.auditanalytics.com.