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...This story has been updated to incorporate comments from BDO USA, including information on the use of funds from Apollo...
...BDO last year took an alternative approach, opting to convert to an employee-owned corporation, funded by private debt....
...BDO USA, which employs about 12,000 people, is aiming to have 5,000 people at its offshore joint venture “BDO Rise” within five years, Berson told the Financial Times....
...Chicago-based Grant Thornton is the seventh largest accounting firm in the US after the Big Four, RSM and BDO, with $2.4bn in revenue in its past financial year, which ran to July 2023....
...BDO, whose audit fee from Revolut rose more than fourfold to £4.5mn for 2021, declined to comment....
...BDO USA recently abandoned the traditional partnership model in favour of a structure more like a typical company, in search of tax advantages and greater flexibility to do deals....
...In a letter sent to the Global Public Policy Committee — a group made up of senior leaders from the Big Four firms PwC, Deloitte, KPMG and EY as well as BDO and Grant Thornton — Client Earth said it was...
...Headcount at BDO jumped to 7,500 from 7,000 a year earlier....
...vanessa.houlder@ft.com This article has been amended after publication to clarify BDO’s restructuring....
...Senior partners at the accounting firm BDO USA are in line for a big windfall after the arrangement of a $1.3bn debt deal with Apollo Global Management, according to people familiar with the situation....
...BDO had the largest deficiency rate among the six “global network firms”, which also include the Big Four and Grant Thornton, with almost two-thirds of the audits inspected failing to meet US standards....
...Scott Knight, head of audit at BDO, said the inspections showed improvement by his firm but added that he was “disappointed” by the findings....
...value of more than $2bn and capital to fund what its chief executive Jeff Ferro called an “extremely aggressive” acquisition strategy, signalling the firm’s ambition to challenge RSM, Grant Thornton and BDO...
...The firm’s demotion to “tier two” leaves the Big Four — Deloitte, EY, KPMG and PwC — plus BDO and Mazars as the remaining “tier one” firms....
...In March, BDO warned the bulk of Revolut’s 2021 revenues “may be materially misstated”, noting shortcomings in the company’s IT controls....
...The FRC said: “At BDO, the level of recurring findings is unacceptable....
...Brian Becker, managing partner at RSM US, said the firm had ruled out becoming an employee-owned corporation, like BDO, or taking an investment from private equity, as other US accounting firms have done...
...The rise in average partner pay to £644,000 puts Grant Thornton ahead of mid-tier rival BDO, which handed its partners an average of £609,000 last year....
...So why are the 860 partners of BDO USA giving it all up?...
...While the Big Four and the largest mid-tier firms such as BDO and Grant Thornton have remained independent, the long tail of smaller tax, accountancy and advisory businesses are being targeted....
...Dawn Register, head of tax dispute resolution at BDO, an accountancy firm, said: “There could be tens of thousands of people who will have been drawn into the self-assessment tax net for the first time in...
...In its last annual report, which missed the extended deadline and was only released in March, auditor BDO said that there was a risk that the bulk of its revenues were materially misstated....
...Inflation and increased operating costs were among other problems, affecting 56 per cent of the 500 companies surveyed, BDO said....
...Hinton started her career at mid-tier firm BDO before joining PwC in 2005. She was promoted to its executive board in 2016 as head of people....
...Dawn Register, head of tax dispute resolution at accountancy firm BDO, said: “The launch of this new disclosure facility highlights HMRC’s concern about non-compliance among crypto asset owners and underlines...
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