BDO Seidman remains capable of handling US work for BDO Stoy Hayward’s
clients operating out of the states, the UK firm has said.
The US firm is facing a
liability of $521m after the fraud at Bankest, a figure that is thought
could imperil the future of the US firm, which turned over $589m last year.
Banco Espirito Santo, financial backers of Bankest, brought the case against
Seidman claiming the firm failed to spot the fraud.
Seidman intends to appeal the decision of the court, with UK firm Stoy
Hayward issuing a statement today: ‘BDO Stoy Hayward is confident that BDO
Seidman will ultimately be successful in its appeal. As with ourselves, BDO
Seidman has enjoyed strong growth in recent years which reflects the strength of
that firm. It remains capable of handling work for any of our clients operating
in the USA and is a key part of the BDO International global network.’
Seidman has insisted it was as much a victim of the frauds as anyone else:
‘BDO Seidman respectfully but forcefully disagrees with this verdict,’ the firm
said in a statement.’
The firm warned in court papers that losing the case could trigger severe
losses and large numbers of redundancies.
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton