BDO USA

Choreo, a Chicago-based independent investment advisory firm that spun off from Top 10 Firm RSM US last year, has acquired an $8.1 billion wealth management practice from BDO USA.

The board levied a $2 million penalty against the Chicago-based Top 10 Firm for violating its auditing rules and standards, and sanctioned two of its audit partners.

These are the first sanctions ever against a firm over independence violations because it's a member of an alliance where another firm did work for the same client.

It's not a private equity deal, says CEO Wayne Berson — it's private credit to realign the firm's debt and fund a powerful benefit for its employees.

The real challenge is that money from outside the profession is putting accountants into their 'discomfort zone.'

The firm reports a substantial revenue increase to $2.82 billion as it transitions from a partnership to a professional service corporation.

The Top 10 Firm is becoming a professional service corporation instead of a partnership in July, a move that could have a major impact on the finances of its partners and employees.

The CEO of BDO USA shares the importance of not taking credit, and how to go from $1 a day to $2.8 billion a year.

NJCPA and MassCPA both name next association leaders; Windes appoints first chief growth officer; and more news from around the profession.

BDO USA LLP unveiled its initial sustainability report, highlighting areas where it has made progress in its environmental, social and governance efforts.