Auditor changes roundup: Q3 2024

Sarah Keohane Date published: Jan 14, 25

Astra Audit & Advisory had the most net Securities and Exchange Commission (SEC) audit client gains in the third quarter of 2024 (Q3 2024), adding 10 new clients. Seven of these new engagements were previously audited by Accell Audit & Compliance. Multiple auditor change disclosures mentioned that Accell Audit & Compliance is ceasing to provide PCAOB audit services. Additionally, these disclosures mentioned Accell auditors moving to Astra Audit and Advisory, LLP.

Big Four firm KPMG ranked second for Q3 net SEC client gains with 11 new engagements and two departures for an overall gain of nine clients. Bush & Associates and Crowe followed with a net gain of eight clients each during the quarter. 

Global and national firms 

Overall, the top 10 global and national audit firms gained 49 and lost 64 clients during Q3 2024. 

The table below presents a complete view of the gains and losses of the major global and national firms. It shows the number of SEC audit clients that each auditor gained or lost. Additionally, it shows which firm the client was won from or lost to. 

KPMG had the most net clients gains of these top firms, adding nine new clients overall. Crowe followed closely with eight new engagements during Q3. BDO gained a net of five clients during the quarter with nine new engagements and four departures. This is the first quarter BDO has seen net clients gains since Q3 2021. 

Ernst & Young (EY) and Marcum each lost a net of 14 clients during the quarter, a continuation of large client losses for both firms from Q2 2024. 

Market cap and audit fee gains

KPMG had the largest net market cap gains from their new clients in Q3 2024. They added four new companies with market caps over $1 billion, the largest of which was TKO Group Holdings. The sports and entertainment media company had a market cap of nearly $6.7 billion and was previously audited by Deloitte since 2023.

KPMG also gained the most net audit fees in Q3 2024. Their largest new client in this respect was Burford Capital, a financial services company that specializes in the legal market. Burford Capital paid over $6 million in audit fees for FY2023.