Three major changes in the current week. Deloitte, KPMG, and PwC lost one audit each. Deloitte and PwC lost their audits to non-big4 firms while KPMG lost their client to Deloitte.
Couple more changes this week due to the merger of Squar Milner practice with Baker Tilly. PwC, Deloitte, and EY each gained one audit client from non-big4 firms.
This month there are a lot of changes due to the merger of Squar Milner’s practice with Baker Tilly. KPMG lost 4 audit clients and gained 1. Deloitte and EY gained 4 clients each.
Let’s look at the Auditor changes for the current week. KPMG gained two audit clients in the current period. Adicet Bio switched from PwC to KPMG in the current week. Adicet paid PwC $1.8 million in audit fees in FY 2019. Fubo TV switched to KPMG from Soldinger. Fubo TV paid KPMG $1.4 million in audit fees for FY 21.
Deloitte lost 1 audit client while EY gained 1 in this week.
Company
Old Auditor
New Auditor
Token Communities Ltd.
MJF & Associates
AJ Robbins
Loop Media Inc.
Prager
Marcum LLP
Jubilant Flame Int. Ltd.
Thayer O’Neal
TPS Thayer LLC
Leader Hill Corporation
Total Asia Assoc.
JP Centurion
Comstock Mining Inc.
Deloitte
DeCoria, Maichel
Conversion Labs Inc.
BF Borgers
Friedman LLP
PHI Group Inc.
DylanFloyd
M.S. Madhava Rao
Xenous Holdings Inc
Pinnacle
JP Centurion
Zhen Ding Resources Inc.
Thayer O’Neal
TPS Thayer LLC
Addentax Group Corp.
Pan-China
BF Borgers
Data443 Risk Mitigation Inc.
Thayer O’Neal
TPS Thayer LLC
Generation Hemp Inc.
Haynie
Marcum LLP
Indoor Harvest Corp
Thayer O’Neal
WWC
GWG Holdings Inc
Whitley Penn
Grant Thornton
NorthWest Indiana Bancorp
Plante & Moran
BKD
Eagle Pharmaceuticals
BDO
E&Y
HighPeak Energy Inc
Withum
Weaver
Adicet Bio Inc
PwC
KPMG
fubo TV Inc
Soldinger
KPMG
Do read our other posts on Auditor changes for FY 2020.
Let’s look at the Auditor changes for the current week. No major changes in the current week except for Ocean Power Technologies switching from KPMG to EisnerAmper. Ocean Power Technologies paid KPMG $317K in audit fees for FY 2020.
Company
Old Auditor
New Auditor
Marizyme Inc.
KR Margetson Ltd.
WithumSmith Brown
Coro Global Inc.
Liggett & Webb
MaloneBailey
The OLB Group Inc.
Marcum LLP
Daszkal
Powerverde Inc.
Cherry Bekaert
D. Brooks
Tongji Healthcare Group
BF Borgers
Fruci
Ocean Power Technologies Inc
KPMG
EisnerAmper
Emmaus Life Sciences
BDO
Squar Milner
Auditor changes
Do read our other posts on Auditor changes for FY 2020.
Here is some big4 news I found interesting from around the world
1. UK’s FRC to probe EY and PwC for their audit of investment firm London Capital & Finance. PwC audited the company in 2016 and EY in 2017. The company failed in 2019 leading to 11,000 investors loosing ~$293 million. Read more here
2. After a long search GE appointed Deloitte as its auditor from fiscal year 2021 onwards. Deloitte replaces KPMG which audited the company from 1909. Fun fact! GE’s predecessor Edison General Electric Company was incorporated in NY on April 24, 1889. Wonder who audited it for the initial 10 years. Probably did a sloppy job then and KPMG was bought it!
3. There was a lot of staff churning in Big4 firms across the world. We won’t discuss any firing or hiring freezes here folks. Let’s keep this space purely for building and updating other big4 related knowledge
4. Auditor changes for this week in the US – There is obviously the big one GE. GE’s audit fees to KPMG have been coming down for a while now. In 2018 KPMG was paid $105 million which came down to $79 million in 2019. Guess, Deloitte would come under that maybe with a little bump in the initial year for transition. We’ll have to wait for that till 2022 proxy! Bad week for BDO. Although small in fees, tough losing clients in COVID season!
Auditor changes for week of 6/22/20
Before we leave, here is the picture of the week. Sign of times we live in [From CNN]
