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24 Mar 2011
A COMPLAINT could be lodged by BDO into the defection of its Brazilian member firm to KPMG.
Announcing the appointment of a new member firm for the country, BDO CEO Jeremy Newman heavily criticised the tactics behind KPMG Brazil's acquisition strategy.
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"BDO is not the first firm to have suffered as a result of our larger competitors using their dominant financial position to buy market share and we have expressed our concerns about this in BDO's recent submission to the European Commission's Green Paper on the role of the audit profession," said Newman.
"These tactics are not driven by client needs but by one firm's wish to buy market share and presumably achieve further economies of scale. We are concerned that when one firm looks to dominate it reduces choice for clients and leaves the market worryingly dependent on just a few players. BDO will be lodging an objection to this deal with the Brazilian competition authorities."
BDO's new Brazilian member firm is RCS Auditores Independentes, which was formerly part of the Crowe Horwath network.
The former BDO member firm is expected to complete its deal with KPMG on 31 March.
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Mr Newman has a short memory
Mr Newman has conveniently forgotten that when Binder Hamlyn was taken over by AA in the early 90s, BDO used its financial muscle to bring his firm, Stoy Hayward in those days, into BDO from Horwath. Nobody forced Stoy Hayward to jump ship and Horwath International felt rather let down.
He appears quite happy to take the Brazilian Horwath firm into BDO now!
Posted by: Stephen Davis, 25 Mar 2011 | 18:11
Accountancy's biggest whinger.
Good to see that Jeremy Newman hasn't lost his touch as accountancy's biggest whinger.
Even the staff working in BDO's press office must becoming tired of his whinging by now
Posted by: Duncan Harper, 25 Mar 2011 | 21:47