FORVIS led the way this quarter in new SEC audit clients with a net of 26 new engagements in Q2 2022. FORVIS comes from the merger of BKD and DHG. The two firms agreed to a merger of equals in February, with an effective date of June 1, to create an enhanced, Top-10, national professional services firm providing assurance, tax and advisory services. The overall engagements saw a large increase from 130 in Q1 to 171 in Q2.
As noted in Accounting Today’s recent article, “The firm was created in June by the combination of two Top 20 Firms, Springfield, Missouri-based BKD CPAs and Charlotte, N.C.-based Dixon Hughes Goodman; the firm’s 26 “new” clients were all previously DHG engagements.”
In Q2 there was a large increase in Big Four and global & national firm engagements, with 58 disclosed in Q2, up from 35 in Q1 2022. There were also 66 departures in the quarter which was an increase from 48 departures in Q1.
The table below presents a complete view of the gains and losses of the major global and national firms. It shows the number of SEC audit clients that each auditor gained or lost. Additionally, it shows the auditor from or to which the client was won or lost.
KPMG broke Deloitte’s three quarter streak and led the way among Big Four firms. They gained eight new SEC clients and lost three during Q2 2022. PwC saw a positive quarter as well, gaining five and losing four SEC clients. Deloitte and EY both gained seven and lost nine SEC clients.
Among the other global & national firms, three firms had a positive net engagements this quarter. FORVIS had 26 new clients and saw zero losses. Grant Thornton gained 11 clients and saw five losses. EisnerAmper gained three clients and saw two losses.
Deloitte ranked first in terms of net audit fees won in Q2 2022, bringing in $36.1 million despite losing two net clients. Deloitte’s rank is largely due to the audit of T-Mobile US, Inc. which brought in over $36.5 million in new audit fees.
Large Accelerated Filer Auditor Changes
In these tables below, we broke down the auditor changes by the size of companies gained or lost. These changes are represented by the companies’ reported 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.
In Q2 2022, eight firms saw a positive net gain for Large Accelerated clients, with KPMG and FORVIS leading the way.
Among Large Accelerated Filers in Q2 2022, there were 23 audit firm engagements and seventeen departures. This is a large increase from last quarter where there were 10 audit firm engagements and 14 departures.
Accelerated Filer Auditor Changes
The next table shows a sample of the largest wins and losses for Accelerated Filers. Accelerated Filers are companies with a public float between $75 million and $700 million. Companies that identify as an Accelerated Filer + Smaller Reporting Company are subject to Accelerated Filer requirements. These requirements include an auditor’s attestation of management’s assessment of internal control over financial reporting. As a result, we’ve included these companies in the analysis for Accelerated Filers.

There was an increase this quarter of net client engagements for Accelerated Filers and/or Smaller Reporting Companies, with eight firms gaining positive engagements. Headlining those firms was FORVIS with seven net engagements. This marks the third quarter in a row that Accelerated Filers and/or Smaller Reporting Companies saw an increase in the number of engagements from the previous quarter.
Among Accelerated Filers and/or Smaller Reporting Companies, there were 21 engagements and 22 departures in Q2 2022.
Non-Accelerated Filers and Smaller Reporting Company Auditor Changes
The last table shows the top gains and losses for Smaller Reporting Companies. This population has a mix of companies that did not identify as Large Accelerated Filers, Accelerated Filers, or Accelerated + Smaller Reporting Company. For a list that is divided by all separate filer statuses, please contact us.

During Q2 2022, FORVIS led the way for Non-Accelerated Filers and/or Smaller Reporting Companies with 15 net SEC clients. Grant Thornton was the next best with five net SEC clients, followed by TPS Thayer with three. Nine firms each gained two net SEC clients during the quarter; 25 firms each gained a net of one Non-Accelerated Filer and/or Smaller Reporting Company.
In total, for Non-Accelerated Filers and/or Smaller Reporting Companies during Q2 2022, there were 115 engagements and 138 departures.
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