BF Borgers, Wipfli lead in new audit clients in Q4

In a quarter marked by small gains among the top tier of firms, Lakewood, Colorado-based BF Borgers CPA and Top 100 Firm Wipfli led the way in terms of new Securities and Exchange Commission audit clients.

The Colorado firm brought on six new clients, all from different previous auditors, and netted five, while Wipfli brought on five new clients, all through an October merger with Atlanta-based Porter Keadle & Moore (see our story), and netted the same. (See the full “Net engagement leaders” table.)

Among the largest firms, only Moss Adams and RSM US saw positive gains, netting one new client apiece. (See “Client gains & losses.”)

Clients by filing status, and more

Gains in terms of large accelerated filers and accelerated filers were relatively small; there was more activity in terms of smaller reporting companies, with BF Borgers and Wipfli topping the league table. (See “Audit leaders”)

In terms of new market capitalization audited, New York-based Top 100 Firm Friedman led the quarter with over $3 billion, thanks to its engagement with Agape ATP Corp., a Malaysia-based pharmaceutical company. Deloitte came in second, with $1.07 billion in market cap from MTS Systems Corp., a Minnesota-based manufacturer of test systems and sensors, and $1.20 billion from Predictive Technology Group, a Utah-based therapeutics and life sciences company. (See "New client leaders.")

Deloitte was tops in terms of new audit fees, thanks almost entirely to $3.28 million in fees from MTS Systems, while Ernst & Young came second, with the bulk coming from Indiana-based industrial company Hillenbrand Inc.’s $2.75 million.

Finally, PricewaterhouseCoopers brought on the most new assets audited in the quarter, with $12.43 billion, all from investment fund Hartford Mutual Funds II, while Wipfli took second place, thanks largely to adding $3.10 billion in assets from Wisconsin-based regional bank holding company Nicolet Bankshares Inc., and $2.15 billion from Louisiana bank holding company Home Bancorp Inc.

Data for the quarterly rankings are provided by Audit Analytics, a premium online intelligence service delivering audit, regulatory and disclosure analysis. Reach them at (508) 476-7007, info@auditanalytics.com or www.auditanalytics.com.