BDO

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BDO Canada Took a Page Out of BDO USA’s Playbook of Bad Auditing

We’ve had some fun over the years picking on BDO USA for its auditing imperfections, from blowing the 2009 audit of General Employment Enterprises Inc. to three former BDO accountants getting into trouble for misdeeds made in the 2013 audit of AmTrust Financial Services Inc. to god-awful PCAOB audit inspection reports. How horrible have BDO’s […]

Platinum Hedge Fund Investors Aren’t Big Fans of CohnReznick

CohnReznick is being sued by 49 investors of an ill-fated Platinum Partners hedge fund who claim the accounting firm is complicit in and benefited from a fraud that doomed Platinum. Institutional Investor reported: The group of investors, who collectively sunk $63 million into the Platinum Partners Credit Opportunities Fund, filed a lawsuit against CohnReznick in the […]

BDO’s World Domination Tour Makes Its Next Stop: Baltimore

Cookies will be served. Why Baltimore? Maybe because BDO USA CEO Wayne Berson is a big fan of Under Armour apparel? Or maybe because he’s binge-watching all five seasons of The Wire on HBO Now? Nah, it’s because BDO just bought a Baltimore-area investment and tax advisory firm. Baltimore Business Journal reported: Chicago-based BDO completed […]

BDO Knows You Just Wasted One Minute of Your Life Watching Its Latest Holiday Video Card

I just did. Thanks for nothing, BDO. It might not be the lamest accounting firm holiday video card we’ve seen, but it ranks right up there.

BDO Is the Little Dipper of Accounting Firms

While we patiently wait for KPMG’s 2019 global revenue results to be released sometime within the next week, BDO slid into our inboxes today announcing that its global revenue hit $9.6 billion in 2019, up from $9 billion last year. One of the keys to BDO’s growth is all the shopping the firm has done […]

RKL Poaches Someone From BDO and Issues a Press Release, Part I

When the 61st ranked accounting firm in the nation steals someone away from a firm like BDO, it’s kinda newsworthy. Well, newsworthy enough for a slow Wednesday late afternoon in early December. And newsworthy enough for RKL that it warranted a press release: RKL LLP announced that Michael T. McAllister, CPA, CITP, CISA, has joined […]

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 […]

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Hiring Watch ’19: BDO Nashville Wants You and Some of Your Friends

It looks like EY isn’t the only firm going on a hiring spree in Nashville. BDO is getting some new digs and will be needing some new capital market servants. The Nashville Post reported: Fifth + Broadway developer Brookfield Properties on Tuesday announced professional services firm BDO USA will take space in the multi-building development’s […]

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Promotion Watch ’19: BDO Admits 48 New Partners

Wayne Berson is letting 48 lucky guys and gals join the club, in what is one of the largest new partner classes in BDO USA’s history. Says Wayne-o: “We are proud to welcome the largest class of partners at BDO in more than 20 years,” said Wayne Berson, CEO of BDO USA. “Each of our […]

Those Who Know, Know BDO CEO Wayne Berson Is Back for Another Term

You’d be smiling too if you were Wayne Berson. Wow, what a day at Bravo Delta Oscar! Not only did BDO USA announce that supreme leader and ex-cricket player Wayne Berson was re-elected by partners to a third term as CEO, but the firm achieved another record-setting year of revenue, topping out at $1.64 billion […]

Recruits Will Get to Virtually See Why They’d Be ‘Mad As a Hatter’ to Work at BDO

From Consultancy.uk: BDO has announced it has joined the workplace gaming scene. It is attempting to attract top new talent with an Alice in Wonderland-themed game which tests potential recruits’ abilities in problem-solving and assessing cause and effect. As reported by the Telegraph, the games will see recruits try to find a key in a specialist […]

Let’s Give a Big Hand to BDO For Not Having the Worst 2017 PCAOB Inspection Report

The PCAOB released the 2017 inspection report for BDO USA at the end of June, and while the firm should still hang its collective heads in shame for there being deficiencies found in nine of the 23 audits inspected in 2016, for a 39% failure rate, there are a few positive things that Bravo Delta […]

Man Who Was Arrested For Repeatedly Stabbing a Hiker Near Los Angeles Apparently Works at BDO

We got a tip the other day that said an employee of one of the top accounting firms in the U.S. got into some trouble with the law last week: Look into the stabbing from Altedena on May 29th. The alleged suspect, Kristopher Brown works as a Senior for BDO Los Angeles. He’s currently in […]

Promotion Watch ’19: DHG Admits 7 New Partners, New MP and 11 Partners at Wipfli, BDO U.K. Adds 14 New Partners

New partners were deified recently at DHG, Wipfli, and BDO U.K., plus new leaders were named at Wipfli and PwC in South Africa. Dixon Hughes Goodman admits seven new partners and principals Seven lucky boys and girls got their seat at the big kids table on June 1, but the class of 2019 is smaller […]

Thumbs down BDO LLP

Auditor Swap: AZZ Says Buh-Bye to BDO USA, Hires Grant Thornton

Auditor shopping has made the news a little more than usual of late, with high-profile companies like Fitbit and Goldman Sachs in the U.K. both kicking PwC to the curb in favor of a fresh, new set of eyes. Then there’s General Electric, which might end its century-old relationship with KPMG after this year. While […]

BDO

BDO Is Officially the Fifth-Largest Accounting Firm In the U.K.

Step aside, Grant Thornton. BDO’s merger with Moore Stephens has been completed, making Bravo Delta Oscar the largest non-Big 4 accounting firm in the U.K. From Economia: The merger gives [BDO] a combined workforce of 5,000 staff members and 350 partners working in 17 locations across the UK. The firm is expected to deliver revenues […]

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BDO’s Global Revenue Hit $9 Billion Mark in 2018

We could have been dicks and not rounded $8.99 billion up to $9 billion, but we decided to be nice. From BDO worldwide headquarters in Brussels on Dec. 11: BDO, one of the world’s leading global networks of independent public accounting firms, has announced that worldwide revenue for all BDO Member Firms (including the exclusive members […]

Apparently BDO and Moore Stephens Are Gonna Hook Up

The days of Grant Thornton being the fifth-largest accounting firm in the United Kingdom appear to be numbered, as Moore Stephens, a top 10 firm in the U.K., is reportedly getting into bed with BDO, the sixth-largest U.K. firm. The Times in London wrote yesterday: BDO, the accountancy and business advisory firm, has confirmed that […]

BDO

Three Ex-BDO USA Accountants Will Be Sitting on the Sidelines For a While Due to Really Bad Auditing Decisions

Coming off the heels of a horrible Public Company Accounting Oversight Board inspection report, in which 16 of 24 audits inspected in 2016 were found to have deficiencies, BDO USA is again in the news for all the wrong reasons. Three former BDO accountants were suspended by the Securities and Exchange Commission on Oct. 12 […]

Thumbs down BDO LLP

Those Who Know, Know BDO … Sucks at Auditing

So, the latest PCAOB inspection report of BDO USA is out, and man, it’s bad. You know it’s bad when even KPMG can do better. Well, at least according to the most recent available report, we’re still waiting on the suspiciously absent 2016 KPMG PCAOB inspection report. Anyhoo, back to BDO. They’re no strangers to […]

BDO

A 4.2% Increase in Revenue Must Give BDO USA All the Happy Feels

Nearly two months after announcing that 37 new partners would be joining the firm, BDO USA put the word out that its revenue for the fiscal year ended June 30, 2018, grew by 4.2% over the previous year. BDO USA’s self-reported revenue of $1.47 billion, which was announced on July 31, exceeds last year’s revenue […]

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BDO USA Admits 37 New Partners

Caleb sure picked a bad time to start a new job. New partner announcement season was one of his most favorite times of the year. I’m sure he’s celebrating the start of this season from afar. Today, BDO USA announced that 37 new partners will be admitted to the partnership, effective July 1. The 2018 […]

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Foreign Affiliates of Big Audit Firms Screwed Up Some Stuff

The Securities and Exchange Commission fined foreign affiliates of BDO, Deloitte, and KPMG for skirting oversight of the PCAOB. Here’s the skinny: According to the SEC’s orders, the Zimbabwe affiliates of Deloitte & Touche and KPMG improperly audited the majority of assets and revenues of a publicly traded company without registering with the PCAOB. The […]

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Here’s Your Open Thread for BDO Compensation Discussions (2017)

We’ve had a couple of requests for the BDO compensation thread, and the calendar is right, so we’re happy to oblige. One tipster that works in advisory told us “I just received an email from the partner saying to stop by his office” but added, “I don’t expect anything significant.” BDO hasn’t released its revenue […]

BDO new partners

BDO Admits 36 New Partners

Congratulations to the 36 very good boys and girls who can count themselves among the flock of BDO’s chosen ones. Okay, maybe that’s a touch extravagant for a BDO partner, but that does not diminish the achievement. This year’s class is a smidgen smaller compared to last year’s 39, but it’s still a large class […]

BDO new partners

Here’s Some BDO Partners Getting Pied in the Face

As far as good ol’ fashioned comedy bits go, a pie to the face still holds up well. It won’t get the biggest laugh, but it sure is satisfying to watch. Someone at BDO knew this and put it to work by incorporating it into their campaign to raise donations for National Red Nose Day. […]

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BDO Auditor Had Starring Role in ‘The Spy Who Bought Me Coffee’

The Wall Street Journal reported yesterday that BDO is at the center of a messy situation with one of its clients, thanks to a super slick auditor on the inside cruising the firm’s halls: The auditor at BDO USA LLP casually wandered around the accounting firm’s New York offices, striking up conversations with colleagues about […]

Here’s Your Open Thread for BDO Compensation Discussions (2016)

BDO is a firm on a roll. Just last week they announced a third straight year of 20%+ growth in revenue to $1.29 billion. They admitted 39 new partners this year, the largest class since we began covering those promotions. They're snapping up firms left and right. Yep, everybody sounds pretty happy. Oh, who am […]

BDO Admits 39 New Partners

Oh look, we have more new partner news. BDO actually made this announcement a few weeks ago, but no matter, the new partners officially got their stripes on July 1. The 2016 class of 39 marks the seventh straight year of growth. There were 30 new partners in 2015, 24 in 2014, 16 in '13, […]

Wayne Berson Gets Four More Years as BDO CEO

BDO partners seem to like Wayne Berson well enough to let him keep his job a while longer: BDO USA, LLP, one of the nation’s leading professional service organizations, today announced that the firm’s partnership has re-elected Wayne Berson to a second four-year term as chief executive officer, effective November 1, 2016.  During the first […]

BDO Shouldn’t Have Blown This Audit

This SEC Accounting and Auditing Enforcement Order against BDO will be the best thing you read today. That is, if you enjoy reading about audit firms issuing an unqualified opinion when they absolutely had no business issuing an unqualified opinion. That is the case with the story of BDO's 2009 audit of General Employment Enterprises, […]

Here’s Your Open Thread for BDO Compensation Discussions (2015)

The accounting firm known as BDO is having a good 2015. It recently admitted 30 new partners, the largest class since GC's been covering the promotions. Revenues eclipsed the billion-dollar mark back in May, thanks to its insatiable hunger for boutique firms. Oh, and it keeps stickin' ex-CEO Denis Field with those massive legal bills. […]

BDO Admits 30 New Partners

Effective July 1, 30 new partners will get a seat at BDO's adult table. This class is the largest since we've been covering the firm's partner promotions. There were 24 in 2014, 16 in '13, 15 in '12, 13 in '11, and 5 in '10. I count 7 women on this list and, oddly, everyone […]

Ex-BDO CEO’s Quest to Get Firm to Pony Up for His Legal Bills Not Going So Well

Former BDO CEO and Wolfpack leader Denis Field received some bad news in his quest to get BDO to pay his hefty legal bills: A panel unanimously affirmed rulings by Justices Saliann Scarpulla and Barbara Kapnick in Matter of Denis M. Field v. BDO USA, 600010/12, refusing to grant motions by Denis Field, former CEO of […]

BDO Should Be Thanking Its Lucky Stars That Swisher Hygiene Fired Them

BDO, an audit firm, had a difference of opinion with Swisher Hygiene, Inc., a client, about the company's internal controls over financial reporting. Specifically, BDO identified 12 material weaknesses and 5 significant deficiencies. Contrast that with Swisher's analysis that found no material weaknesses and 1 significant deficiency. Also! BDO's audit opinion for for 2014 contained a going […]

BDO Excited to Join Billion-Dollar Firm Club

Hungry Hungry Hippo BDO is still gobbling up accounting firms. Its latest morsel is St. Louis-based Stone Carlie & Company and it will push Bravo Delta Oscar's revenues over $1 billion, according to CEO Wayne Berson: Stone Carlie earns between $13 million and $14 million in annual revenue. BDO ranked 7th on Accounting Today’s 2015 […]

Ex-BDO Chairman Not About to Let His Former Firm Stick Him With Huge Legal Bills and Get Away With It

We thought we heard the last from former BDO chairman Denis Field when one "Jayne Field" emailed us demanding we "close the circle here" and report on the fact that Denis' 2011 conviction on conspiracy and tax-evasion charges was overturned in court at the end of 2013. In the interest of clearning his good name, […]

Those Who Know, Know BDO Got Their AS5 Kicked in Latest PCAOB Inspection Report

Another day, another PCAOB report. Today, our lucky victim is BDO USA, LLP. Of the 23 audits inspected, the PCAOB found deficiencies in 15 of them. For those of you playing along that home, that puts them at a 65% failure rate which means they are in the lead for crappiest audits in America of […]

Here’s The Real Reason Mid-Tier Firms Are Merger Mad

As we know, BDO and McGladrey have both been on a very busy acquisition streak lately. BDO picked up one of Ohio's biggest firms with SS&G and then grabbed UHY's Texas practice. McGladrey, meanwhile, gobbled up sub 100 firm Cole + Reed out of Oklahoma. We're talking apples and oranges when it comes to size, […]

BDO Fixin’ to Acquire UHY Texas

Following up its purchase of Ohio's SS&G, BDO announced today that it had reached agreement with UHY Advisors to execute….err…acquire its Texas Practice: The UHY Texas practice provides a broad range of financial and consulting services to a diversified client base with significant strength in the energy, manufacturing, distribution, professional services, healthcare and real estate […]

Accounting Firm M&A Rumor Mill: Will BDO Acquire UHY Next?

It had been a while since we've heard a good M&A rumor so we were excited to get a tip last week about BDO acquiring UHY. Just this week, we've received another tip from a reliable source that BDO would be announcing its acquisition of UHY "very soon."  Then, unexpectedly, this morning we learned that […]

Charlie Munger: EY Can’t Tell Its Ass From a Hole in the Ground

Back in June, Warren Buffett's BFF Charlie Munger canned EY, who were happily auditing his Daily Journal Corp, in favor of BDO. Now, we're sure this had absolutely nothing to do with the fact that EY expressed an adverse opinion on DJCO's internal controls when last these two ships passed in the night. And it […]

Which Big 4 Firm Audits the Most Large Accelerated Filers?

This is a question you've probably never asked yourself but now that you're here, you're dying to know. Our friends over at Audit Analytics broke it down and figured out not only which of the Big 4 audits the most large accelerated and accelerated filers but also how many of those filers are audited by […]

Here’s Your Open Thread for BDO Compensation Discussions (2014)

Well, folks, it appears BDO pulled a fast one on us and changed up the game by coming out with compensation way ahead of schedule (for BDO, anyway). Numbers have been known to come out as late as September in the past, which meant we totally ignored this person who wrote us at the end […]

BDO Boasts Massive Revenue Growth in Fiscal 2014

Of course, there is an accompanying press release to go with the good news: BDO USA, LLP, one of the nation's leading professional service organizations, today announced revenue for the fiscal year ended June 30, 2014 was $833 million, a 22 percent increase from last year’s revenue of $683 million.  The firm's growth was achieved […]

Grant Thornton Picks Up a New Client in the Interest of Penny-Pinching

Perma-Fix Environmental Services, a "global provider of safe, compliant, and environmentally responsible nuclear services and radioactive waste management solutions," has swapped auditors, and gives quite the compelling reason for it in their 8-K filed with the SEC: On June 25, 2014, the Audit Committee of Perma-Fix Environmental Services, Inc. (the “Company”) approved the dismissal of […]

BDO Gets SALTy with Latest Acquisition

BDO today announced an expansion of its state and local tax practice (SALT) through the addition of 1 partner and 10 employees formerly with HoganTaylor, LLP.  Tom Smith, who will be joining BDO as a partner, will serve as the SALT Practice Leader for the firm's Southwest region.  These new resources – effective July 1 […]

Ex-BDO Vice Chairman Given 16 Months to Think About His Choices

Let this be a lesson to anyone considering joining up with a "rogue group" of tax-sheltering jerks at your firm, you've been warned: Former BDO Seidman LLP Vice Chairman Charles Bee’s cooperation with prosecutors in a $1 billion tax fraud probe didn’t spare him from prison, as a judge, citing the magnitude of the crime, […]

Promotion Watch ’14: BDO Admits 24 New Partners

This just in from the BDO camp, 24 new partners have been admitted to the partnership effective July 1st; seventeen in assurance, six in tax and one from the national office. “I want to welcome each of these highly accomplished individuals to the BDO USA partnership,” said Wayne Berson, CEO of BDO USA.  “As a […]

McGladrey, Grant Thornton, BDO Will Break into Big 4 By 2019, Says Guy on Twitter

People say a lot of crazy things on Twitter. I know I have. But this guy just said the craziest:

McGladrey CEO: ‘Nah, bro. We’re cool right where we are.’

You need to go over to WSJ to read all about how BDO is aggressively gobbling up firms in order to get that much closer to the Big 4's backside. Here's a nibble: BDO, one of the midtier accounting firms below the Big Four, has been aggressively trying to grow faster under Chief Executive Wayne […]

Innocent Former BDO CEO Has a Bone to Pick With His Old Firm

If you aren't up on the no longer sordid tale of Denis Field, head here first and that'll get ya nice and caught up. Well now that Mr Field's legal troubles are behind him at last, he's going all wolf-like on his former firm. He doesn't want much, maybe just an "I'm sorry" and for […]

So BDO Isn’t That Good at Auditing Either, But Still Better Than Grant Thornton

Now this is just getting funny. And by funny I mean sad. The PCAOB has released its 2012 inspection report on BDO and the news isn't nearly as bad as it was for Grant Thornton so, well, there's that. Which really isn't much when you think about it but… hey… gotta take what you can […]

Let’s Talk About the Denis Field Tax Shelter Verdict Before We Get Any More Angry Emails

Alright, we have to admit we totally blew reporting this in a timely manner — or rather, I did, because it happened while Colin was off doing whatever it is he does when he isn't working. And someone named Jayne Field (coincidence?) made sure to let us know. In her first email, she sticks to […]

BDO CEO Moving Up in the World

Wayne Berson, only about a year into his new gig as BDO CEO, has been elected Chairman of the global board. That's pretty quick work! Wayne-o says he's looking forward to working "with BDO International CEO, Martin van Roekel, the Global Leadership Team and the rest of the Global Board on growing the BDO Network and […]

BDO Forgot to Ask Investors What They Thought About the PCAOB’s Proposed Auditor Report Changes

They managed to round up a lot of their (and their competitors') clients though! According to a new study by BDO USA, LLP, one of the nation’s leading accounting and consulting organizations, less than one-third (27%) of public company board members believe the Public Company Accounting Oversight Board's (PCAOB) proposed changes to the annual auditor's report […]

The Washington Redskins Got Beat by the Green Bay Packers, Presented By BDO

As you know, BDO serves as the official accounting firm of asshole of the century Dan Snyder's football team. Now, you might ask yourself, what would the exclusive provider of professional services of an asshole's professional football team actually do? Excellent question! The answer is: Stats-Pack presented by BDO. What is that exactly?  A list of notes […]

Hey Look, BDO Had Another Decent Year

If Bravo Delta Oscar's announcement of its 2013 fiscal year revenues are any indication, we're going to see big revenue numbers from accounting firms this year: BDO USA, LLP, one of the nation's leading professional service organizations, today announced revenue for the fiscal year ended June 30, 2013 was $683 million, a 10.5 percent increase […]

BDO Adds a Feather to Its Cap After Landing Exclusive Deal with Offensively Nicknamed Football Team

I can't help but think of this:  Anyway, here are the canned quotes from the principals: "We are thrilled to serve as the exclusive accounting firm of The Washington Redskins," said Wayne Berson, CEO of BDO USA, LLP. "The team's focus on providing a winning experience for fans and business partners complements BDO's commitment to […]

Promotion Watch ’13: BDO Admits 16 New Partners

For one reason or another, Bravo Delta Oscar announced their new partnership class late on Wednesday, so virtually everyone missed that news. Now that everyone has returned from their epic four day BBQ-beer-blowing off digits bender, we will present to you the 16 new BDO partners: Brandy Arbuthnot (Dallas – Tax) Matthew Cromwell (Bethesda – […]

Those Twelve ParenteBeard Partners That Quit to Join BDO Took Some of Their Friends Along

This is quite the impressive move by Bravo Delta Oscar. The firm issued this press release earlier today: BDO USA, LLP, one of the nation’s leading professional service organizations, today announced an expansion of its financial institutions practice through the addition of 12 partners and as many as 97 employees formerly with the banking practice […]

A Dozen ParenteBeard Partners Have Up and Quit; Probably Joining BDO

Joe DiStefano has nice scoop over at PhillyDeals about twelve ParenteBeard partners packing it in — sounds like it was unexpected — and taking their services over to Bravo Delta Oscar: According to industry sources, Richard T. Farrell from the firm's Philadelphia office, Alan Molin from its Clark, New Jersey office, and other audit partners […]

ICYMI: BDO Picks Up Skechers After…Ya Know

Bravo Delta Oscar has come to Skechers' rescue and will re-audit the two years worth of financial statements that KPMG abandoned after we learned that Scott London spent some of his billable hours counting cards. From henceforth, gaining a client due to a scandal of a notable degree shall be known as "picking up a London." […]

Public Accounting Winter Intern Full-time Offers, Round 2

Today, there are a lot of dazed tax interns walking around, wondering what happened to the last three months of their lives. However! They aren't so out of it that they can't help but wonder what their full-time offers look like compared to their peers around the country. We've had a couple of requests this […]

BDO Poaches a Prominent Healthcare Consultant From PwC and Issues a Press Release, Part I

Oh, how we love a good poaching expedition. Especially when a firm feels so good about their prize that they get the PR team involved. BDO USA, LLP, one of the nation’s leading professional services organizations, announced the expansion of the firm’s Healthcare Industry consulting capabilities with the addition of Patrick D. Pilch as a Managing […]

Ernst & Young Admits That Some of Its Partners Were Running a Tax Shelter Factory

What a fine thing for the Manhattan U.S. Attorney to announce on a Friday afternoon that it had reached at settlement with Ernst & Young over its tax sheltering activities: Ernst & Young LLP will pay $123 million to settle a U.S. tax-fraud probe as part of a non- prosecution agreement, according to a statement […]

(UPDATE) BDO Associate Eager for Work Picks Up Assignments, In ‘N’ Out Delivery Request All Along the West Coast

Undoubtedly, many of the seasoned public accounting hacks out there have received some variation of the following email: From: [Bored L.A. Assurance Associate] Sent: Wednesday, January 23, 2013 1:36 PM To: [Everyone at BDO, allegedly] Subject: Available   Hello All,   I have some free time today so if you would like for me to […]

ICYMI: PwC and BDO Both Passed Their AICPA Peer Reviews Just Fine

Remember how Deloitte's AICPA Peer Review finding of "pass with deficiency" was one of the lowliest of low points for the year in auditing? Sure you do. At the time, we learned from the AICPA's James Brackens that from 2008 to 2010, only 8% of the audit firms that participated in the peer review had […]

BDO Keeps Pace with Rival Audit Firms in Terrible PCAOB Inspection Reports

For whatever reason, BDO was excluded in the last-minute lump of coal the PCAOB delivered to Deloitte, Ernst & Young, and Grant Thornton right before Christmas, but that doesn't mean their inspection report wasn't in the same class of quality.  The Board inspected audits at 16 of BDO's 35 offices, inspecting 23 audits with 9 […]

SEC, China Will Probably Compromise Over Big 4 Chinese Affiliates Someday, Says Guy

The SEC's move against the Big 4's Chinese affiliates on Monday has people all worked up. On the one hand, yes, if the SEC were to delist a lot of Chinese companies that would make a lot of people sad. Also, if fewer Chinese companies were to consider accessing U.S. markets because they aren't so […]

SEC Finally Gets Around to Losing Patience with the Big 4’s Chinese Firms

China has been a thorny issue with the SEC and the PCAOB over the last couple of years. You see, there's been some concern that some Chinese companies have accessed U.S. markets through dubious means and then provided financial reporting and disclosures that weren't accurate in material respects. Audit firms charged with providing an opinion […]

Auditor Musical Chairs: 99¢ Only Stores Splurges on Ernst & Young, Dumps BDO

With a business name like "99¢ Only Stores," no one would blame you if you assumed the company and would try to pinch some pennies on their auditor. It's a commodity service that is just asking to be squeezed, after all. However, sometimes as a public company, you'd like a big name brand on your […]

Maybe If Non-Big 4 Firms Just Worked a Little Harder…

For some time now, observers have voiced concern about the relative lack of choice when it comes to large audit firms. Yes, they are all fine organizations with plenty of smart and capable people but some companies prefer to have a few more options. They're not asking for a Vegas buffet or anything, but, you […]

Recruiting Season: Looking for a Firm with “Longevity”; The Big 4 Toss-up; Opportunities Missed

Welcome to Rock the Recruitment Season. We'll be winding up the 2012 series very soon so if you still have a question about recruiting season, email us at advice@goingconcern.com with "Recruiting Season Questions" in the subject line. The recruitment season questions have slowed to a trickle, so you best get them in while you can, […]

Another Small Accounting Firm Gets to Know BDO

Two weeks after Argy, Wiltse & Robinson climbed aboard Captain Jack's ship, BDO has found a new firm to satisfy its insatiable appetite for small firms. The latest addition is Philadelphia's Asher & Co. and the firm's 100+ partners and employees will join up with Berson & Co. on November 1. Hopefully AWR won't mind that […]

Recruiting Season: Going Concern’s Guide to the Cultures of the Big 4 and Other Public Accounting Firms

Welcome to Tuesdays with More Anxious Accounting Recruits. Have a question about recruiting season? Email advice@goingconcern.com with "Recruiting Season Questions" in the subject line. Just a friendly reminder – if you have received an offer from a public accounting firm, by all means, share your excitement with us. We've received a fair amount so far, […]

A Little More Shakin’ Goin’ On at BDO

As BDO prepares for a Jack Weisbaum-less existence, there are some final pieces that need put in place. With Wayne Berson becoming CEO, his position as "presiding board member" was up for grabs and Matthew Becker grabbed. In addition to Mr. Becker, Scott Guertin (Boston/Tax) and Joe Johnson (Orange County/Assurance) will join the board for […]

BDO and Argy, Wiltse & Robinson Are Now in a Relationship

Effective November 1, AWR will succumb to the charms of the BDO after 20 years of blissful solitude. The DC-area firm has three locations in McLean, Virginia ,Bethesda, Maryland and Fort Lauderdale, Florida and BDO CEO Wayne Berson will let 26 more partners squeeze in. [BDO via WBJ]

Call for Submissions: Send Us The Worst Accounting Firm Recruiting Brochures You’ve Seen

Most of your offers are signed and many of you are ready to start at your new firms this fall but surely you've got some horrible recruiting brochures lying around that you'd love to show off. You know the ones I'm talking about; the smiling auditor hanging out in the jungles of Costa Rica, the […]

Hey Look, BDO Had a Pretty Decent Year

Jack Weisbaum's final year as the most interesting accounting CEO in the world will go down in the book as a good one. The firm announced $618 million in revenues for fiscal year 2012. That's an increase of 8%. Each line of business saw increases with consulting coming in 36% higher than last year, tax […]

Promotion Watch ’12: BDO Admits 15 New Partners

Now that everyone's time has been entered and accounted for, the TPTB at BDO figured it was appropriate to recognize the men (13) and women (2) who make up the final new partner class under Jack Weisbaum: “I am very proud to welcome each of these very deserving individuals to our partnership,” said Jack Weisbaum, CEO […]

Fiscal New Year’s Eve Fun: How To Handle Last Minute Time Entry Requests

Let no one say nothing good ever comes out of BDO. From the tip box: Hey Going Concern,   It's almost June 30, and you know what that means! Yep, BDO YE! That also means being bombarded with a million emails to enter all of our time. As a BDO lifer I don't know, but […]

There’s a Bit of Shake-up in the Works at BDO

Last week we heard some interesting news from a reliable source on a shakeup that will impact the regional and leadership structure of BDO. As you know, the next CEO of Bravo Delta Oscar will be Wayne Berson, the current head of assurance for the firm's Atlantic region. As the firm's CEO-elect, he is putting […]

Ex-BDO CEO Wins New Trial Because One of the Jurors Lied About Being a Drunk, Shoplifting Shellfish, Everything

Former BDO CEO and wolfpack leader Denis Field has won a new trial on charges of tax fraud thanks to a juror in his trial who lied about her alcoholism and, oh…pretty much everything: U.S. District Judge William Pauley in Manhattan today overturned the convictions, ruling that the presence of Catherine Conrad, who was Juror No. 1, […]

BDO Joins the Auditor Resignation Party

The firm has had about all the fun it can handle trying to audit Chaoda Modern Agriculture. In a statement Thursday, Chaoda said that in a letter on Apr. 26, BDO said that despite continuing with the audit for a prolonged period, it was not in a position to conclude. It said the move was […]

Grant Thornton Bailing Out BDO Down Under

Grant Thornton is officially picking up BDO's Victoria and New South Wales offices in Australia for $50 million, according to reports.  [This] comes after BDO announced last month it had decided to terminate the BDO Victoria and New South Wales offices, citing “unreasonable risks”, following a strategic review of the business taken over the previous […]

Wayne Berson Will Be the Next CEO of BDO

It was a very quick turn around from the time we learned that the most interesting accounting firm CEO was retiring, to learning the slate of candidates to the announcement of the successor but here we are. Wayne Berson, BDO's Atlantic Assurance leader will be the new CEO effective November 1.  “I am honored and […]

Going Concern March Madness 2012 Enters Round 2: No More Big 4

Today marks the day that you're pulling out brackets again that just serves as a reminder of how horrible you are at picking winners. Accordingly, we'll dive right into round two of Going Concern March Madness 2012: The Coolest Accounting Firm.  Again this year we saw a bunch of upsets in round one with all […]

Who Will Be the Next CEO of BDO?

Last month we learned that Jack Weisbaum would be retiring at the end of his current term as BDO's CEO. It's been quite the run for Captain Jack, but eventually you knew that things wouldn't stay interesting forever. A tipster tells us that the process to replace J. Dubs will soon be under way: The […]

BDO Chief Technology Officer Asks Everyone To Give Up Their God-given Right to Stream NCAA Basketball Tournament Games at Work

A deckhand on Captain Jack's ship sent us a copy of an email that will either be heeded begrudgingly or completely ignored: From: [BDO Chief Technology Officer] To: [Everyone] Subject: March Madness… March Madness means many things to many people.  Basketball, spring and snow in Michigan and APT & taxes here at BDO.  With that […]

KPMG Sorta Making Up for Losing All Those Partners to PwC By Taking Some of Their Audit Clients

Accounting News Report, using data from Audit Analytics, puts out an Auditor Change Analysis every year and it usually finds its way into our inbox, however, because the analysis is a subscription-based publication (and a pricey one at that), reproducing the whole thing is usually not an option. This year we asked pretty please, and we got […]

Jack Weisbaum to Step Down as BDO CEO

One last thing before you're off to make bad decisions this weekend…Oh, right! You're probably working this weekend and you probably don't get to make any decisions about that. ANYWAY, Captain Jack Weisbaum, the most interesting accounting firm CEO in the world will not seek reelection, and will retire effective October 31, 2012 when his current […]

Ex-BDO Partner Didn’t Realize You Were Asking About *That* $49,350

Bryan N. Polozola simply misremembered that he took that exact amount of money from a old employer. Problem is, he misremembered with the SEC: Polozola was the subject of a 2005 NASD (now FINRA) proceeding alleging that he took $49,350 in funds from a former employer for his personal use. Polozola neither admitted nor denied […]

Exodus Watch ’11: BDO Tax Partners

Apparently a grip (a half dozen or so) of them have left the firm in the past two months, says a source familiar with the situation at BDO. At least three are supposedly now with PwC (none worthy of P. Dubs press releases) and another two are off to Deloitte in various markets. If you’ve recently jumped Captain Jack’s ship or know of more details for your office, get in touch.

BDO Knows the Alamo

The most interesting accounting firm CEO would like to welcome the gang at Carneiro, Chumney & Co. to the club. “The addition of the partners and other professionals formerly with Carneiro, Chumney & Co. provides BDO with a fantastic presence in the important San Antonio market. Combined with our existing practices in Austin, Dallas and Houston, Captain Jack said. With this move, all San Antonioa-area professional recruiters are officially on notice that your leads at Carneiro now have incentive to rat you out. [BDO]

BDO Anthem to FIU Includes Tone Deaf MCs, Bad Wigs

As you’ve probably noticed, a lot of videos come through these parts that are of various production quality with the legendary “In a JIT” widely accepted as the best effort to date. While TPTB probably don’t appreciate the creativity, it always seems worthwhile for us to promote the talents (or complete lack thereof) of those willing to put the time into a such an extensive project.

Today in CPA-inspired video is from none other than the most interesting firm in the world, BDO. The mission of this particular video was to serenade recruits from Florida International University. And seeing how it’s a firm-sponsored production, it’s clear the firm is behind it.


Some thoughts:

1. How did the casting director consciously go with the two guys in the office that are completely tone deaf?

2. Will FIU recruits even attend an office visit after this display?

3. “Running through FASBs like Drano.”

4. At 2:35 they are clearly reading the lyrics off the screen. Poor form, gents.

5. Couldn’t they get Captain Jack to throw them out of the office instead?

We will give them an ‘A’ for effort since BDO is typically pretty quiet but they’ve got a long way to go. Feel free to share your own critique below.

Comp Watch ’11: What Do You Know, BDO?

From the mailbag:

Comp adjustments are coming out this week/ next week can you start a thread?


As we’ve pointed out in the past, BDO is probably the quietest of the top tier firms. Rarely do we get news of hookers, out-of-control happy hours or milestone awards. Sure, we got under the skin of Jeremy Newman once but he has a blog. He was asking for it.

This omertà of sorts by the rank and file has been discussed amongst the GC team and we’ve come up with this: we’vegotnofuckingidea. Not that we haven’t had the opportunity to report on the consolidation of regions or $5 Starbucks cards but the tips are so few and far between that whenever something about BDO come in, it gets us all sort of excited.

But enough about us. If you’re at BDO and you’ve had your sit-down or you’re waiting and are hearing rumors of raise percentages OR you’re simply doubtful as to Jack Weisbaum’s status as most interesting accounting firm CEO in the world, please tell us below.

Analysis: If Your Accounting Firm Was a College Football Team

Pack up your white pants and seersucker suits – Labor Day has come and gone which means only one (actually important) thing: college football is back. You NFL loving freaks can have your Sundays of Hollywood-produced sport; I believe the good Lord created Sundays solely as a recovery day for college football fans. Well, for that and drunk brunches, of course.

It is no secret that good ol’ Caleb is a vehement Husker fan,he only reason he’s given me the green light to churn out a post comparing your respective accounting firms to the likes of fried-butter-eating college football fanatics.

I can only pray that my effort will inspire the semi-regular infusion of sport, accounting, and bantering commenters around here, so I give you the “Accounting Firms If They Were A College Football Program” top nine rankings. Grab your body paint and come along for the tailgate.


Firm: Deloitte
Team: Oklahoma Sooners
First Take: Both are always in title contention but seem to shit the bed come Pay Day. Deloitte raises are on par with the Sooners’ BCS bowl record under Coach Bob Stoops (2-8).
Keep it in the Family: During Hurricane Irene, Deloitte encouraged employees to bunk up together, obviously a practice long in use in Oklahoma.
Sputter, Sputter: Sooner alum Blake Griffin jumped over a KIA at last year’s NBA slam dunk contest. A certain Deloitte consultant also prefers a certain overused and washed out mode of transportation…

Firm: PwC
Team: Oregon Ducks
First Take: They’re in the news for legit (raises, hurry-up offense) and controversial (fireside chats, BCS infractions) more often than you’d like. Also, their team colors are atrocious.
Hotties Everywhere: PDubs has Ireland. The Ducks have these ladies.
Just Pick One Already: PwC doesn’t churn out new logo/uniform re-designs as often as the Ducks but both cause a stir when they do. Whether the changes for either team result in better winnings has yet to be seen.

Firm: Ernst & Young
Team: Ohio State Buckeyes
First Take: You hate going up against them, but even if they do win, you’re thankful you’re not affiliated with their alumni.
Compliance? What Compliance? Former coach Jim Tressell thought it best to let a tattoos-for-autographs program run its course. E&Y is apparently doing the same with this minor Sino-Forest sitch.
Questionable Mascots: The poisonous nuts of the Midwest are no match for the Black & Yellow guy.

Firm: KPMG
Team: Notre Dame Fighting Irish
First Take: Still talking about that big win in 1983. An exodus of leadership. The general public has gone from loathing them to just feeling bad for them. Give it up, you’re no longer the powerhouse you (thought you) once were.
Johnny Be Good. The Chairman is also a proud ND alum. Need we say more?
Empty Promises: We’re going to win it all! We’re going to hire thousands!

Firm: Grant Thornton
Team: Northwestern Wildcats
First Take: As hard you they try to be tough, they’re still nerds dressed in purple.
Off-the-Mark Advertising: GT – the lack of aligned teeth took some bite out of your full-page WSJ ad. And Dan Persa for Heisman – really? Your mom for Heisman.

Firm: Rothstein Kass
Team: Boise State Broncos
First Take: First it was a feel-good story but their continued rise through the ranks is pissing off the traditionalists.
The-Anybody-But-The-Other-Guy- Vote: Whether it was Boise’s ridiculously fantastic win over Oklahoma years ago in the Fiesta Bowl or RK’s dominance in the Going Concern March Madness pool, oftentimes their fan support stemmed from us just hating their competition more.

Firm: McGladrey
Team: Missouri Tigers
Only Take: You’re supposed to be on this list; we know you belong on this list; we don’t know what you’ve done to deserve being on this list.

Firm: BDO
Team: Penn State Nittany Lions
First Take: Your parents would have been pleased if you went there but better options awaited you.
Race to the Retirement Home: JoePa is 84 and coaching from the press box. Rumor has it Jack Weisbaum calls the shots from his personal tanning bed.

Firm: CBIZ/Mayer Hoffman McCann
Team: University Buffalo Bulls
Only Take: You think you’re a big deal, but really everyone uses you as an exhibition punching bag.

How’d we do? What team best parodies your firm? Share it in the comments below.

Jeremy Newman’s Blogging Career Is Coming to End

Related: he’s also stepping down as BDO International’s CEO on September 30:

[After] 33 years in total with BDO UK and BDO International, I will be stepping down on 30 September 2011.

I have had a fantastic career and have been privileged to lead BDO UK for 7 years and BDO International for the last 3 years. I have had some great colleagues, worked with some brilliant people and, in my earlier career, been involved with some terrific clients.

Martin van Roekel, the firm’s Managing Partner in the Netherlands, will officially be the new International Chief on October 1.

Newman says “it is time for a change,” but he “[doesn’t] know what I will do but after 33 years in this business, I am looking forward to seeking new opportunities outside the accounting profession.” He is promising to keep blogging through September, so hopefully he’s still working on his delicate sensibilities.

Moving On [CEO Insights]

One Might Get the Idea That Glen Rose Petroleum Corp. Fired Its Auditor in Favor of a Firm That’s Less Likely to Issue a Going Concern Opinion

It’s not entirely clear why Jonathon P. Reuben’s services are no longer needed but you could easily conclude that the GCO wasn’t appreciated.

On June 20, 2011, the Audit Committee of the Board of Directors of Glen Rose Petroleum Corporation (the “Company”) approved the termination of services of Jonathon P. Reuben CPA, An Accountancy Corporation (“JPR”), effective immediately.

JPR was the independent registered public accounting firm for the Company for the fiscal years ended March 31, 2010 and 2009. The reports of JPR on the Company’s financial statements for the years ended March 31, 2010 and 2009 did not contain an adverse opinion or disclaimer of opinion, and such reports were not qualified or modified as to uncertainty, audit scope, or accounting principle, except that the reports of JPR on the Company’s consolidated financial statements as of and for the years ended March 31, 2010 and 2009 contained an explanatory paragraph which noted that there was substantial doubt as to the Company’s ability to continue as a going concern due to a deficit in working capital and incurring significant losses.

BDO will take it from here. Perhaps a nice welcome to the partnership gift for one of the newbies?

8-K [SEC via Citybizlist]