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...This story has been updated to incorporate comments from BDO USA, including information on the use of funds from Apollo...
...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 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....
...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....
...BDO, whose audit fee from Revolut rose more than fourfold to £4.5mn for 2021, declined to comment....
...In a response published alongside the FRC’s findings on Friday, BDO said it had immediately launched an investigation once it found out about the auditor’s actions....
...Headcount at BDO jumped to 7,500 from 7,000 a year earlier....
...It was cited by BDO USA’s switch from a partnership to a corporation. This was followed by $1.3bn in debt financing from Apollo Global Management to fund purchases of shares by a new employee trust....
...So why are the 860 partners of BDO USA giving it all up?...
...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....
...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....
...The FRC said: “At BDO, the level of recurring findings is unacceptable....
...BDO did not renew the lease on its 470-person Aldersgate Street site while staff were forced to work remotely during lockdowns in 2020....
...Mentioned in this podcast: Shortage of young accountants leads BDO USA to double offshore workforce Brazil’s jewellery scandal adds to Jair Bolsonaro’s legal woes UK banks tighten up on work from home...
...The start-up added that it had appointed accountant BDO to replace Deloitte, saying that the companies had a “meticulously planned transition timeline”....
...BDO USA expects to double its offshore workforce in five years....
...the issues Deloitte flagged in its resignation letter “are adequately disclosed and addressed [by Adani]”, adding that Apsez has appointed MSKA & Associates, a member of international accountancy group BDO...
...BDO trades partnership for a private capital windfall Last month accountancy firm BDO USA took a rare step in abandoning its traditional partnership model — a long-held industry norm in which a chosen few...
...Apollo’s $1.3bn private debt deal with accountancy BDO USA this month is the biggest. There have been equity purchases too....
...BDO has been criticised by the UK accounting regulator over the quality of its large audits....
...The regulator is already carrying out similar probes into EY’s auditing of retailer Made.com, PwC’s audits of property group Intu, Mazars’ work at Studio Retail Group and BDO’s auditing of construction group...
...Wayne Berson, the head of BDO USA, told the FT earlier this month that his firm planned to double its overseas staff and shift more work offshore because of the shortage....
...It announced in a securities filing in December that BDO Canada LLP had resigned as auditor of its ETFs “on its own initiative” on November 3....
...Accounting firm BDO USA is planning to double the size of its offshore workforce, largely in India, after a slide in the numbers of young graduates becoming accountants in the US....
...That chimed with something the chief executive of BDO USA told the FT in May: that the accounting firm was finding it harder to recruit graduates for audit work because “they think it’s going to be more...
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