BDO Seidman prospers as $521m suit lingers
Stateside arm of BDO global network posts double digit growth as demand for forensic and anti-money laundering services increases
Stateside arm of BDO global network posts double digit growth as demand for forensic and anti-money laundering services increases
BDO Seidman, the US firm appealing against a $521m (£261m) damage claim, has
posted a 12% increase in its revenues.
The firm said its had made $659m for the year ended 30 June, compared with
$589m in the previous year, citing more activity in the areas of forensic
services and anti-money laundering.
The revenue increase will come as a boost for the firm after Portuguese
company Banco Espirito Santo successfully argued that BDO Seidman was negligent
in its audits of factoring company Bankest, leading to the massive penalty.
BDO Seidman is currently in efforts to have the
ruling
overturned.
‘BDO Consulting experienced especially strong growth driven by increased
demand for the group’s anti-money laundering, e-discovery and other forensic
services,’ BDO Seidman chief executive Jack Weisbaum said.
Assurance and tax services also showed continued growth, at 7% and 11.2%,
respectively. Assurance represents 62% of BDO Seidman’s business, the tax
practice 23% and consulting 11% of revenue. The remaining 4% reflected other
services such as real estate, wealth management and software sales, the company
said.
‘BDO Seidman’s positive operating results in the intervening time period is
powerful evidence that the firm’s partners and clients believe the firm will
ultimately prevail in reversing this verdict,’ a spokesman added.
Further reading:
BDO
International distances itself from $521m claim
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article