BDO, a second-tier accounting firm, is the firm who gained the most new clients last year and with the highest net increase in audit fees. Last year, the firm won 54 new clients whilst losing only 14, and its net audit fees increased by about $36,2 million. According to Audit Analytics’ Auditor Change Roundup: 2014 Annual Summary, BDO’s gains were at the expense of the Big Four accounting firms.
BDO chief executive officer Wayne Berson told Accounting Today that 15 new clients were added through expansion and 39 by organic growth.
Other firms posting strong wins last year were KPMG and Marcum, each with a net gain of 15 clients; and Grant Thornton, with a net gain of 12.
Those who suffered the heaviest losses were Ernst and Young, losing 65 total clients against a gain of 22, for a net loss of 43; and PwC, losing a total of 49 clients against 21 wins, for a net loss of 28.