September 25, 2022

Which Audit Firm Got Fired the Most In Q3?

Earlier this month Accounting Today reported the latest data from Audit Analytics on public company audit client gains and losses for the third quarter, with Florida-based CPA firm Assurance Dimensions picking up nine new ones thanks to an acquisition. Among firms you’ll usually see in SEC or PCAOB enforcement orders, Marcum and Deloitte were the big winners, taking 12 and nine new engagements, respectively.

As for the big loser in Q3, a certain three-letter firm had a bad 13 weeks, losing eight clients while picking up four for a net loss of four. That loss of eight clients and that -4 net is the worst among the top 12 firms in Audit Analytics’ analysis.

No, it wasn’t PwC, although Papa Whiskey Charlie didn’t have the greatest Q3 either, with only one new win and four losses. And RSM was a non-factor in Q3.

Unfortunately for Wayne Berson & Co., the big loser in Q3 was BDO. Here’s the breakdown from Audit Analytics in chart form:

Maybe the most embarrassing thing is Bravo Delta Oscar didn’t lose the majority of those clients to the Big 4 or to the likes of competitors RSM and Grant Thornton. While BDO did lose two to Deloitte, it lost five to “regional and local” firms.

Q2 was also rough for BDO, which lost 12 public company audit clients, the most among the biggest audit firms. BDO also lost four clients in Q1.

Not sure why BDO is having such a tough year holding onto audit clients, but we won’t stop you from speculating as to why that is.

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