Last year, there were 284 auditor departures (down from 318 in 2015) with the majority of auditor changes attributed to dismissals (85%) and the remaining 15% to resignations.
The table below presents wins and losses for the Big Four and top national accounting firms in Canada.
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MNP LLP led in number of wins, gaining 50 new clients while only losing 15, for a net increase of 35 new clients and 3 million in new audit fees. A close second was Dale Matheson with a net gain of 32 new clients. Not far behind, Davidson & Company won a net of 16 new clients, and UHY McGovern won a net of 13 new clients and 0.7 million in new audit fees.
Below are the changes for the top five audit firms as measured by the net audit fees gained:
PwC came in first with the powerhouse victory of gaining Arc Resources LTD.’s 0.8 million audit fees, a significant portion of their 4.5 million in new audit fees. MNP’s 50 client gains netted them 3 million in new audit fees. Despite losing a net of 17 clients, KPMG finished up third by gaining 2.6 million in new audit fees due primarily to the win of 1 million in audit fees from oil and natural gas company Baytex Energy Corp.
A breakdown detailing the leaders in audit firms this past year is also discussed by the Canadian Accountant.
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