BDO to take on big four auditors with new banking team
BDO is building a financial services practice and has a core team of 10 people in place
BDO is gearing up to audit banks and challenge the big four’s dominance in financial services. Brussels-headquartered BDO is an international network of tax, accounting and advisory firms in 162 countries. It employs 74,000 staff and posted global revenue of $8.1bn in 2017. A deal between BDO SA and Grant Thornton, which would add the latter’s Johannesburg office to BDO following the integration of its Cape Town and Port Elizabeth arms, would create SA’s largest mid-tier accounting firm, with turnover in excess of R1.2bn, the companies said on Friday. The transaction, which would create a firm of 1,500 staff, would position BDO as a "credible alternative to the four largest auditing firms in SA". These are Deloitte, KPMG, PwC and EY.
BDO planned to build a financial services practice, attracting a core team of about 10 people, CEO Mark Stewart told Business Day on Monday. As BDO bolsters its capacity, KPMG said in June it would lay off as many as 400 of its employees. That is ...
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