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Bush & Associates, KMPG take top spots for new SEC audit clients in 2024

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A small firm in Henderson, Nevada, Bush & Associates, topped the list of those with the most new Securities and Exchange Commission audit clients in 2024, followed by Big Four firm KPMG — but the audit firm that had what was likely the biggest impact on the market isn’t on the list at all.

Bush & Associates added 32 new SEC clients and netted 30 over the course of last year, while KPMG added 39 and netted 23. (See “Net engagement leaders.”)

Almost half of Bush’s new clients — 14 out of 32 — came from one-time star BF Borgers, which was permanently suspended from practice by the commission in May, and whose demise amid a welter of accusations of improper practice sent a huge number of clients out into the market seeking new auditors.

A significant number of firms picked up clients that had been with Borgers, including:

  • Michael Gillespie & Associates, with 15 Borgers clients;
  • Boladale Lawal & Co., with 12;
  • Fruci & Associates, with 10;
  • Olayinka Oyebola & Co., with 9;
  • Astra Audit, BCRG Group, and M&K CPAs, with six each; and,
  • BartonCPA and Beckles & Co., with five each.

BF Borgers wasn’t the only firm whose clients were looking for new homes: Astra Audit picked up 13 new engagements in 2024 from Accell Audit & Compliance, which closed down its SEC practice, and the exit of Morison Cogen from the SEC market helped Stephano Slack pick up 11.

Most of these firm departures didn’t have much of an impact on the largest auditors (see “2024 total gains & losses), but the combination of Top 10 Firms Marcum and CBIZ did shake out a large number of clients who were picked up by a wide range of firms.

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Clients by filing status, and more

In terms of clients by filing status, KPMG led among new large accelerated filers, while Bush & Associates took the lead among non-accelerated filers and small reporting companies. (See “Audit leaders.“) Deloitte took on the most accelerated filers in 2024.

As you might expect, KPMG topped the league tables for new market capitalization audited, with the biggest contribution coming from Grayscale Bitcoin Trust’s $25.5 billion, as well as for new assets audited, with insurance underwriter Everest Group accounting for $49.3 billion and Grayscale Bitcoin Trust for $26.4 billion. It came in second for new audit fees, energy distribution and services company UGI Corp. the biggest slice, at $9 million, and all the rest of its clients scattered below that. (See “New client leaders.)

Deloitte was No. 1 for new audit fees, with dental instrument and supply provider Dentsply Sirona Inc. coming in at $11.8 million and 3D printing company 3D Systems Corp. at $10 million, and all its other clients below that. The firm came in second for new assets audited, with insurance holding company American National Group’s $79.9 billion and cruise line Carnival’s $49 billion standing out.

Finally, PwC took second in new market cap audited, with a big boost from semiconductor manufacturer Global Foundries Inc.’s $32.1 billion.

Data for the quarterly rankings are provided by Ideagen Audit Analytics, a premium online intelligence service delivering audit, regulatory and disclosure analysis. Reach them at (508) 476-7007, [email protected] or www.auditanalytics.com

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Accountants on IRS and PwC layoffs, accounting students and more

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Complimentary Access Pill

Enjoy complimentary access to top ideas and insights — selected by our editors.

This week’s stats focus in part on the job titles seeing the greatest losses at the IRS during layoffs; as well as the states that have proposed or passed alternatives to the 150-hour rule; the percentage of master’s in accounting program applicants since 2020; the number of PwC employees laid off in May; the projected size of Deloitte’s new New York City headquarters; and the amount of 2026 HSA annual contribution limits, depending on coverage.

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CrowdStrike says DOJ, SEC sent inquiries on firm accounting

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CrowdStrike Holdings Inc. said U.S. officials have asked for information related to the accounting of deals it’s made with some customers and said the cybersecurity firm is cooperating with the inquiry.

The Austin, Texas-based company said in a filing Wednesday that it has gotten “requests for information” from the U.S. Department of Justice and the Securities and Exchange Commission “relating to the company’s recognition of revenue and reporting of ARR for transactions with certain customers.” ARR refers to annual recurring revenue, a measure of earnings from subscriptions.

The company said the federal officials have also sought information related to a CrowdStrike update last year that crashed Windows operating systems around the world.

“The company is cooperating and providing information in response to these requests,” the filing states.

U.S. prosecutors and regulators have been investigating a $32 million deal between CrowdStrike and a technology distributor, Carahsoft Technology Corp., to provide cybersecurity tools to the Internal Revenue Service, Bloomberg News first reported in February. The IRS never purchased or received the products, Bloomberg News earlier reported.

The investigators are probing what senior CrowdStrike executives may have known about the $32 million deal and are examining other transactions made by the cybersecurity firm, Bloomberg News reported in May.

Asked for comment about the filing, CrowdStrike spokesperson Brian Merrill said, “As we have told Bloomberg repeatedly, this is old news and we stand by the accounting of the transaction.” 

A lawyer for Carahsoft previously declined to comment on the federal investigations, and representatives didn’t respond to subsequent requests for comment about them.

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Elon Musk urges Americans take action to ‘kill’ Trump tax cut bill

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Tech titan Elon Musk ratcheted up his offensive against Donald Trump’s signature tax bill on Wednesday, urging that Americans contact their lawmakers to “KILL” the legislation.

“Call your Senator, Call your Congressman,” Musk wrote in a social media post. “Bankrupting America is NOT ok!”

The post came one day after Musk lashed out at the tax bill, describing it as a budget-busting “disgusting abomination” as Republican fiscal hawks stepped up criticism of the massive fiscal package. 

Trump hasn’t publicly responded to Musk’s comments, but the White House put out a statement Wednesday saying the legislation “unleashes an era of unprecedented economic growth.” 

And House Speaker Mike Johnson told reporters that Musk is “dead wrong” about the bill and that the tax cuts will pay for themselves through economic growth.

Musk’s public condemnation pits him against the president at a critical time as Trump is personally lobbying holdouts on the bill. His campaign against the legislation threatens to stiffen resistance and delay enactment of the tax cuts and debt ceiling increase. 

Musk has attacked the legislation days after leaving a temporary assignment leading the administration’s Department of Government Efficiency initiative to cut federal spending. The Tesla Inc. chief executive officer’s high-profile role in the Trump administration eroded his business brand and sales of his company’s electric vehicles plunged. 

The House-passed version of the tax and spending bill would add $2.4 trillion to U.S. budget deficits over the next decade, according to an estimate released Wednesday from the nonpartisan Congressional Budget Office.

The CBO’s calculation reflects a $3.67 trillion decrease in expected revenues and a $1.25 trillion decline in spending over the decade through 2034, relative to baseline projections. The score doesn’t account for any potential boost to the economy from the bill, which Johnson and Trump argue would offset the revenue losses. 

Musk, the world’s richest man with a net worth of about $377 billion according to the Bloomberg Billionaires Index, has become a crucial financial backer of the Republican party. After making modest donations most years, Musk became the biggest U.S. political donor in 2024, giving more than $290 million.

Johnson said Musk had promised to help reelect Republicans just a day before savaging Trump’s bill. Musk did not respond to a request for comment. 

Most of Musk’s giving was aimed at electing Trump but he also supported congressional candidates. America PAC, the super political action committee that Musk largely funded, spent $18.5 million in 17 separate House races. Though that total pales in comparison to the roughly $255 million he spent backing Trump, the spending means a lot in a congressional election, where challengers on average raise less than $1 million.

Control of the House will likely be decided by the outcome of fewer than two dozen close races in the 2026 midterm elections. The GOP’s chances of holding their majority would suffer a major blow if Musk were to withdraw his financial support.

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