Accounting
RSM US forms audit quality board
Top 10 Firm RSM US today established an Audit Quality Board.
The Audit Quality Board is an advisory body composed of three independent board members — Tracey Golden, Dave Sullivan and Dan Sunderland — who are responsible for evaluating the effectiveness of quality control and system of quality management matters within the firm’s assurance practice. The members will also provide advice and recommendations on audit-quality related aspects of the firm.
“Audit quality is essential to ensuring confidence in the capital markets and is at the core of our role as gatekeepers for the public trust,” Joel Shamon, RSM’s enterprise assurance leader, said in a
In 2023, RSM US had a 47% Part I.A deficiency rate, up from 24% in 2022 and 2021, according to an
Photo courtesy of RSM US LLP
“The creation of our Audit Quality Board reinforces our commitment to the principles of integrity, independence, objectivity and excellence that are hallmarks of our profession,” Jamie Klenieski, RSM’s audit quality and risk management leader, said in a statement. “As we strive for continuous improvement in the effectiveness of our work, the board’s guidance and diverse viewpoints will help us ensure we’re consistently delivering high quality audits.”
Golden is a past chair of the boards of the American Institute of CPAs and the Association of International CPAs. She was an audit partner at Deloitte and previously served as a professional accounting fellow at the Securities and Exchange Commission.
Sullivan is currently a member of the Public Interest Oversight Board. He was an audit partner at Deloitte, leading global audit and assurance quality, and was a member of the firm’s executive committee and board of directors. He has served as a member of the Professional Practice Executive Committee of the Center for Audit Quality, Financial Accounting Standards Advisory Committee of the Financial Accounting Standards Board, Standing Advisory Group of the PCAOB, and the SEC and Financial Reporting Institute’s Advisory Councils. Previously, he was a practice fellow at the FASB.
Sunderland is currently a professor of practice in the accounting group at Northeastern University and an advisor on
Carr, Riggs & Ingram, a Top 25 Firm based in Enterprise, Alabama, has added CapinCrouse, a Regional Leader based in Indianapolis, effective Jan. 17, 2025.
The deal is CRI’s biggest merger in its history, and the first since it
CapinCrouse focuses on exclusively serving nonprofits, such as faith-based organizations and private colleges. The merger will add 40 partners, 185 professionals and 15 offices to CRI, which has 437 partners and 2,304 staff
After the outside investment, CRI split its attest and non-attest practices, as is common when accounting firms receive private equity or venture capital funding. Carr, Riggs & Ingram, L.L.C., as an independent licensed CPA firm, is providing assurance, attest and audit services. CRI Advisors, LLC (including its subsidiary entities) operates as a separate legal entity, providing clients with tax and business consulting services.
“This merger represents an exciting milestone in our firm’s history and a significant advancement for both CRI and CapinCrouse,” said CRI Advisors LLC chairman Bill Carr in a statement Tuesday. “We have previously invested in firms that specialize in serving faith-based organizations and private colleges. With the addition of CapinCrouse, CRI is now positioned to become the leading national provider in these vital markets. By combining our strengths, we will enhance the value we offer and greatly expand our national geographical presence. We are proud to welcome CapinCrouse to the CRI family.”
Financial terms of the deal were not disclosed. CRI ranked No. 24 on Accounting Today‘s 2024 list of the Top 100 Firms, with $455.36 million in annual revenue. CapinCrouse ranked No. 27 on Accounting Today‘s Regional Leaders list of the Top Firms in the Great Lakes region, with $35.51 million in annual revenue.
“We are very pleased to join CRI,” said Fran Brown, Managing Partner of CapinCrouse. “For over 50 years, our focus has been on providing innovative service to nonprofit organizations whose outcomes are measured in lives changed. CRI’s commitment to client service, respect, and integrity is an excellent fit with our mission and firm culture. We will continue to operate under the CapinCrouse brand and are excited to now have access to more offerings and resources to further drive exceptional client service.”
Koltin Consulting Group CEO Allan Koltin advised both firms on the merger. “It is interesting to note that this is CRI’s biggest M&A deal in its history, and it comes on the heels of their private equity deal with Centerbridge Partners and Bessemer Venture Partners,” he said in a statement. “CapinCrouse, a top 125 firm nationally, is viewed by many as the preeminent firm in the country when it comes to the audit and related advisory services of nonprofits and religious organizations. My intuition suggests that going forward, we will see CRI expanding its geographic reach nationally by combining with more top 200 firms.”
Last August, CRI added
In 2022, CapinCrouse acquired the
President Donald Trump named Mark Uyeda, a Republican member of the Securities and Exchange Commission, as acting chairman of the SEC, while confirmation hearings await for Trump’s official pick as chairman, Paul Atkins.
Uyeda has been an SEC commissioner since 2022 and a member of the staff since 2006. Last month, he
“I am honored to serve in this capacity after serving as a Commissioner since 2022, and a member of the staff since 2006,” Uyeda said in a statement Monday. “I have great respect for the knowledge, expertise and experience of the agency and its people. The SEC has a vital mission—protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation—that plays a key role in promoting innovation, jobs creation, and the American Dream.”
Last month, Trump
As acting chairman, Uyeda announced Monday that he would be launching a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets. The task force will be led by another Republican commissioner, Hester Peirce.
The task force plans to collaborate with SEC staff and the public to set the SEC on a regulatory path as opposed to pursuing enforcement actions to regulate crypto “retroactively and reactively,” according to a
“This undertaking will take time, patience and much hard work,” Peirce said in a statement. “It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics and other interested parties. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”
The task force plans to hold roundtables in the future, but in the meantime is asking for public input at [email protected].
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