Q1 2017 saw an increase in the number of SEC registrants who changed auditors compared to Q1 of last year. Overall, there were 48 new engagements this quarter, compared to 42 engagements in Q1 of 2016. Deloitte was at the top for the second year in a row with 13 new gains and 4 losses, for a net of 9 new clients.
Additionally, RSM US, Crowe Horwath, and EisnerAmper each had a net increase in new clients this quarter.
The table below presents a comprehensive view of the gains and losses of the major global and national firms. It shows how many SEC audit clients each auditor gained or lost, and also the auditor from or to which the client was won or lost.
(Click to expand the image.)
In the following tables, we disaggregate the auditor changes by the size of the companies gained or lost, as represented by the companies’ filing status. The first table shows auditor changes for Large Accelerated Filers, i.e., those with a worldwide public float of more than $700 million.
The next table presents a sample of the largest wins and losses for Accelerated Filers, which are companies with public float between $75 million and $700 million.
Deloitte had the most client wins for both large accelerated filers and accelerated filers, with seven and two net engagements, respectively.
Finally, the last table presents the top five gains and losses for Smaller Reporting Companies.
DLL CPAs was the top firm among the smaller reporting companies, gaining six new clients, for an overall net of five new clients this quarter. As noted by Accounting Today, all of DLL’s new clients were picked up from Scrudato & Co PA due to the owner’s registration being revoked.
Audit Analytics tracks audit fees, auditor changes, restatements, and a wide range of audit and regulatory disclosures, with the ability to create daily email alerts for new disclosures by industry, auditor, location, and more. In addition to these and many other databases, we also offer qualitative red flag alerts for due diligence and risk assessment. Please contact Audit Analytics for an online demonstration or to learn more about these data sets. You can call us at (508) 476-7007 or e-mail info@auditanalytics.com.