Tag: deloitte clients

Auditor Changes in June 2020

by enthusiastUncategorized

Its June 30! End of another month under lockdown. Here are some stats on auditor changes for this month. Folks as an FYI, just looked into big4 auditor changes. So either the appointed or dismissed auditor had to be a big4 firm. Big month for Deloitte with no loss and gain of 7 audit engagements.

Auditor changes in June 2020 (#)

Here are the changes from a dollar perspective. Deloitte won engagements worth $86 million [Thanks to GE!]. The dollar gain was computed by using the fees paid to the dismissed auditor. The new auditor is probably not going to be paid that much but still a good datapoint! KPMG lost engagement worth $83 million [Again, Thanks to GE!] and won engagements worth $2 million.

Auditor changes in June 2020 ($)

So the score for the month of June is as follows;

FirmWinsLossNet
Deloitte707
PwC422
EY612-6
KPMG24-2
Big4 client changes in June 2020
Firm (in $’000)WinsLossNet
Deloitte86,192–86,192
PwC2,203(6,860)(4,657)
EY8,506(10,823)(2,317)
KPMG1,928(82,534)(80,606)
Big4 client changes in June 2020

I know some of my enthusiasts would like to see the data behind these numbers. Sure folks! that’s what this blog is all about. Openness and analytics! If you want the excel file for this calculation, drop a note in the comment section. Plus, if I missed any changes let me know!

CompanyPrevious AuditorNew AuditorTotal Fee Previous Auditor (‘000) $
Tetra Technologies Inc.EYGT1,238
CSI Compressco LPEYGT–
Marinus PharmaceuticalsKPMGEY650
Bristow Group Inc.GTKPMG1,024
Transworld Entertainment CorpKPMGFruci & Co.926
Open Lending CorpWithumEY–
Office Properties Income TrustEYDeloitte1,044
Diversified Healthcare TrustEYDeloitte1,512
Service Properties TrustEYDeloitte2,261
RMR Group Inc.EYDeloitte749
Industrial Logistics Properties TrustEYDeloitte1,080
Tremont Mortgage TrustEYDeloitte446
Menlo Therapeutics Inc.KesselmanPwC335
Urogen Pharma Ltd.KesselmanPwC571
Priority Technology Holdings Inc.RSMEY777
Nikola CorpRSMEY–
Riviera Resources Inc.KPMGBDO1,858
Circor International Inc.PwCEY6,611
Plymouth Industrial REITMarcumPwC867
Barings BDC Inc.EYKPMG904
Uranium Energy Corp.EYPwC430
Histogen Inc.EYMayer Hoffman502
Houston Wire & Cable Co.EYBKD LLP657
BRT Apartments CorpBDOEY468
Comstock Holding Companies Inc.BDOGT363
GE Inc.KPMGDeloitte79,100
Nexpoint Capital Inc.PwCRSM249
Big4 changes in June 2020

You’ll notice that EY lost a bunch of REIT clients. It’s all part of the RMR group Inc. Would be interesting to know why they switched. Also, Credit Suisse in Switzerland switched from KPMG to PwC as part of auditor rotation and filed with SEC the change this month. It was 64 million CHF in audit fees or $67 million USD. Would guess there are some Credit Suisse funds in the US which would have a new auditor this year! Did not include that change in this table since we don’t know the impact to the US firm. There will be a blog post soon on International auditor changes. Europe would be fun to watch here.

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Accounting firms in New York

by enthusiastDeloitte / EY / KPMG / PwC
Home » deloitte clients » Page 5

New York has some of the biggest names in the financial industry. Its no surprise that NY has 55 of the S&P 500 companies. That’s a solid 11% in one state. PwC New York office as expected leads over the other big3 both in terms of fees and number of clients. JP Morgan is the biggest client for PwC in terms of fees with a mind boggling $105 million. Probably the biggest fees among all clients [Check out our other posts!]. Deloitte New York office brings in $301 million total audit fees while KPMG New York brings in $278 million.

Auditor# of companies auditedTotal fees
($ million)		%
PwC22577.9844%
KPMG9277.5821%
Deloitte12301.1323%
EY11151.3111%
BDO17.971%

BDO makes it to the list for the first time. BDO audits Henry Schein, an health care distribution company. For my enthusiast friends who like to see the details, here you go! Some of the audit fees on this list are the biggest source of revenue for the big4 firm. Source of constant revenue even during a pandemic or recession.

SecurityHeadquarters LocationAuditorTotal
JPMorgan Chase & Co.New York, New YorkPwC104.80
Citigroup Inc.New York, New YorkKPMG97.40
International Business MachinesArmonk, New YorkPwC88.00
Goldman Sachs GroupNew York, New YorkPwC84.40
MetLife Inc.New York, New YorkDeloitte83.20
American International GroupNew York, New YorkPwC71.10
Morgan StanleyNew York, New YorkDeloitte56.30
Verizon CommunicationsNew York, New YorkEY50.90
The Bank of New York MellonNew York, New YorkKPMG46.74
Pfizer Inc.New York, New YorkKPMG46.53
Interpublic GroupNew York, New YorkPwC32.95
American Express CoNew York, New YorkPwC31.59
Bristol-Myers SquibbNew York, New YorkDeloitte29.00
Philip Morris InternationalNew York, New YorkPwC26.84
ViacomCBSNew York, New YorkPwC25.84
PepsiCo Inc.Purchase, New YorkKPMG25.60
Marsh & McLennanNew York, New YorkDeloitte24.54
BlackRockNew York, New YorkDeloitte24.45
Omnicom GroupNew York, New YorkKPMG23.61
News Corp. Class ANew York, New YorkEY22.13
Coty, IncNew York, New YorkDeloitte21.58
Loews Corp.New York, New YorkDeloitte20.79
AssurantNew York, New YorkPwC18.49
Howmet AerospaceNew York, New YorkPwC16.50
Colgate-PalmoliveNew York, New YorkPwC15.80
Estée Lauder CompaniesNew York, New YorkKPMG13.13
S&P Global, Inc.New York, New YorkEY11.53
Hess CorporationNew York, New YorkEY11.14
The Travelers Companies Inc.New York, New YorkKPMG10.72
Corning Inc.Corning, New YorkPwC10.31
Fox Corporation (Class A)New York, New YorkEY10.16
PVH Corp.New York, New YorkEY10.13
Intl Flavors & FragrancesNew York, New YorkPwC9.86
Nielsen HoldingsNew York, New YorkEY9.79
Mastercard Inc.Harrison, New YorkPwC9.63
Tapestry, Inc.New York, New YorkDeloitte9.47
Broadridge Financial SolutionsLake Success, New YorkDeloitte9.36
Ralph Lauren CorporationNew York, New YorkEY8.90
Nasdaq, Inc.New York, New YorkEY8.54
Henry ScheinMelville, New YorkBDO7.97
Vornado Realty TrustNew York, New YorkDeloitte7.87
Constellation BrandsVictor, New YorkKPMG7.85
Xylem Inc.White Plains, New YorkDeloitte7.64
E*TradeNew York, New YorkDeloitte6.92
Moody's CorpNew York, New YorkKPMG6.00
Consolidated EdisonNew York, New YorkPwC5.97
Tiffany & Co.New York, New YorkPwC5.83
M&T Bank Corp.Buffalo, New YorkPwC5.65
MSCI IncNew York, New YorkPwC5.43
Take-Two InteractiveNew York, New YorkEY4.72
SL Green RealtyNew York, New YorkEY3.38
Kimco RealtyNew Hyde Park, New YorkPwC2.38
MarketAxessNew York, New YorkPwC2.26
Regeneron PharmaceuticalsTarrytown, New YorkPwC2.26
Paychex Inc.Penfield, New YorkPwC2.08

Look into our other blog posts for the overall listing of big 4 accounting firms and their respective S&P 500 audit clients. Subscribe to our posts for up to date information on Big4 firms and if there is some data point that you would like us to analyze, just drop in a comment.

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Big4 Accounting firms in New Jersey

by enthusiastDeloitte / EY / KPMG / PwC
Home » deloitte clients » Page 5

NJ is the land of the big pharma and insurance giants. Looking at the S&P 500 companies in NJ and their big4 auditors throws up a very skewed result. PwC New Jersey office is a run-away winner with a whopping audit fees of $206 million. PwC represents 69% of the total audit fees collected in the market. Deloitte takes the second place followed by KPMG and EY. Here is the summary,

Auditor# of companies auditedTotal fees ($ million)%
PwC7205.9869%
Deloitte551.0017%
EY121.147%
KPMG222.397%

For folks who want to see the break-down, here you go.

CompanyHeadquarters LocationAuditorTotal Fees ($ million)
Prudential FinancialNewark, New JerseyPwC64
Johnson & JohnsonNew Brunswick, New JerseyPwC59.225
Merck & Co.Kenilworth, New JerseyPwC54.7
Honeywell Int'l Inc.Morristown, New JerseyDeloitte23.52
Becton DickinsonFranklin Lakes, New JerseyEY21.1415
Automatic Data ProcessingRoseland, New JerseyDeloitte12.353
ZoetisFlorham Park, New JerseyKPMG11.478
NRG EnergyPrinceton, New JerseyKPMG10.912
Campbell SoupCamden, New JerseyPwC10.622
Cognizant Technology SolutionsTeaneck, New JerseyPwC9.151
Public Serv. Enterprise Inc.Newark, New JerseyDeloitte6.9
Church & DwightEwing, New JerseyDeloitte4.674
American Water Works Company IncCamden, New JerseyPwC4.403
Quest DiagnosticsSecaucus, New JerseyPwC3.874
Verisk AnalyticsJersey City, New JerseyDeloitte3.559

Look into our other blog posts for the overall listing of big 4 accounting firms and their respective S&P 500 audit clients. Subscribe to our posts for up to date information on Big4 firms and if there is some data point that you would like us to analyze, just drop in a comment.

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6/22/20 – Big4 news round-up

by enthusiastAuditor changes

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]

The week in 42 photos
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Big4 clients in Philadelphia

by enthusiastDeloitte / EY / KPMG / PwC
Home » deloitte clients » Page 5

Let’s first look at the state where our constitution was drafted. There are 16 S&P 500 companies with their headquarters in PA. Kraft Heinz is one which has HQ in Chicago and Pittsburgh. Looking at the audit fees paid by these companies, PwC takes a nice share with 37% followed by EY with 27%, Deloitte with 25%, and KPMG with 10%. For my friends who like to see data in tables, here you go.

The table below will show PwC, Deloitte, EY, and KPMG clients in Philadelphia.

Auditor# of companies auditedTotal fees ($M)%
Deloitte446.8625%
PwC668.3837%
KPMG119.3910%
EY550.2627%

 The lone client for KPMG is FMC Corporation. Interested in seeing more data? Here you go. Here is the details for folks who want to audit these numbers:

SecurityHeadquarters LocationAuditorTotal
Comcast Corp.Philadelphia, PennsylvaniaDeloitte30.30
PNC Financial ServicesPittsburgh, PennsylvaniaPwC24.50
FMC CorporationPhiladelphia, PennsylvaniaKPMG19.39
Kraft Heinz CoChicago, Illinois; Pittsburgh, PennsylvaniaPwC15.76
Lincoln NationalRadnor, PennsylvaniaEY14.11
PPG IndustriesPittsburgh, PennsylvaniaPwC14.10
Wabtec CorporationWilmerding, PennsylvaniaEY11.13
AmerisourceBergen CorpChesterbrook, PennsylvaniaEY10.26
AMETEK Inc.Berwyn, PennsylvaniaEY9.57
PPL Corp.Allentown, PennsylvaniaDeloitte8.28
TeleflexWayne, PennsylvaniaPwC7.07
Air Products & Chemicals IncAllentown, PennsylvaniaDeloitte5.90
The Hershey CompanyHershey, PennsylvaniaEY5.19
Universal Health Services, Inc.King of Prussia, PennsylvaniaPwC4.25
West Pharmaceutical ServicesExton, PennsylvaniaPwC2.70
ANSYSCanonsburg, PennsylvaniaDeloitte2.38

The biggest client for Deloitte in the region is Comcast Corporation, the cable & satellite giant. For PwC, the biggest client located in PA is PNC Financial Services, a regional bank. For EY, the biggest audit client is Lincoln National, an insurance company.

Look into our blog post for the overall listing of big 4 accounting firms and their respective S&P 500 audit clients. Subscribe to our posts for up to date information on Big4 firms and if there is some data point that you would like us to analyze, just drop in a comment.

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