Malaysian firm takes top spot in Q1 for new SEC audit clients

In a slightly slower period for new Securities and Exchange Commission audit clients, a small Malaysian firm netted the most new engagements in the first quarter of 2022.

Kuala Lumpur-based J&S Associate brought on five new clients, with three of them coming from another Malaysian firm, Total Asia Associates, which has frequently appeared in these quarterly rankings, but is deregistering from the Public Company Accounting Oversight Board.

A number of firms added more new clients — including BF Borgers, Deloitte & Touche and Ernst & Young, which all brought on seven apiece, and Marcum, which brought on six — but netted fewer than J&S. (See “Net engagement leaders”).

It was a particularly slow period for larger firms, with only four showing a net gain of SEC clients. Deloitte topped the charts by netting three, while EY, PricewaterhouseCoopers and BKD all netted a single new client each. (See “Client gains & losses”).

Clients by filing status, and more

Breaking the new engagements down by filing status, J&S Associate took the top spot for non-accelerated filers and smaller reporting companies, while PricewaterhouseCoopers led among accelerated filers and SRCs, and EY ranked first for large accelerated filers. (See “Audit leaders”).

Finally, Ernst & Young led the league tables for both new market capitalization audited and new audit fees, thanks in no small part to cancer-focused biotechnology company BeiGene Ltd., with a $12.34 billion market cap (and $3.8 million in audit fees), while PRA Group Inc. added $5.3 million in audit fees. (See “New client leaders.”)

Deloitte, meanwhile, took the lead in new assets audited, with California-based bank holding company Pacific Premier Bancorp providing $21.1 billion of its total of $30.6 billion. It also came second in terms of new market cap, thanks to Pacific Premier’s $3.37 billion, and $2.25 billion from Ohio-based hardware solutions provider Hillman Solutions Corp.

And PwC took second place in both new assets audited and new audit fees, thanks to $24.4 billion and $9.39 million, respectively, from Bermuda-based insurer Enstar Group.

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.