Audit Analytics publishes a lot of auditor market intelligence, usually with an eye towards the national marketplace. In this post we turn to our own backyard, namely Worcester County, Massachusetts.
Bollus Lynch may not have any public companies in its client roster, but it does have the most Single Audit1 accounts for non-profit and other institutions based in Worcester County. With 12 Single Audits for the 2016 fiscal year, including five colleges and universities, the Worcester-based audit firm had an 11% share of this slice of the non-profit audit market.2
Altogether, the top five firms by client count held about 42% of the market. 35 other firms split the remaining 58%.
Client count is only one way to slice the pie, however, another way to look at the market is by the size of the clients. In this case, we measure size by total assets.3
By that measure, some more familiar names rise to the top. KPMG, PwC, and Grant Thornton all have just two clients each, yet together audit 74% of the total assets of Single Audit clients in Worcester County.
In total, 40 different audit firms performed Single Audits in Worcester County for fiscal 2016. Of those, all but three are located in Massachusetts. Two others are located in other New England states (Rhode Island and Connecticut). One firm, Dooley & Vicars CPAs LLP, travels all the way up from Virginia to audit the Milford Housing Authority, in Milford, MA.
Audit Analytics’ Single Audit database is composed of over 60,000 non-profits (NP) and municipalities receiving over $500,000 annually in federal funding. Key data points include auditor, contacts, funding agency, assets and total federal expenditures. Please contact Audit Analytics for an online demonstration or to learn more about single audits. You can call us at (508) 476-7007 or e-mail email@example.com.
1. A single audit is a “rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of Federal assistance (commonly known as Federal funds, Federal grants, or Federal awards) received for its operations.”↩
2. We count 114 single audits in Worcester County, MA, in fiscal 2016, and more than 30,000 nation-wide. Non-profits and other institutions include municipalities, townships, and other governmental and quasi-governmental entities.↩
3. Not a perfect measure, of course.↩