Auditor changes roundup: Q2 2025
CBIZ CPAs gained the most Securities and Exchange Commission (SEC) audit clients in the first quarter of 2025 with 124 new clients. 121 of these new engagements were previous clients of Marcum’s attest business which was acquired by CBIZ CPAs in November of 2024. The remainder of Marcum’s departures in the quarter were spread amongst a variety of smaller firms.
Baker Tilly benefited from their acquisition of Moss Adams, with 61 of their 65 new engagements arising from the deal. The deal was finalized in June 2025 at a reported seven billion dollars.
Deloitte and PwC had positive gains in client engagements on net. Deloitte gained 12 new clients but also but also lost 6 clients, only one of which was to another Big 4 firm. EY had a tough quarter with a net loss of 14 clients.
Marcum, for the second quarter in a row, had the most net audit client losses in Q2 with 141 departures. Marcum’s losses this quarter were a result of the merger with CBIZ CPAs, who engaged 124 of these clients.
Market cap and audit fee gains
KPMG led in acquisition of clients with the highest net market capital total of $18.6 billion, excluding the Baker Tilly ($23.5b) and CBIZ ($16.9b) transaction driven gains. The largest market capital for a new client was Trimble at $17.5 billion, previously audited by EY. Audit fees for Trimble were $8.7 million in their last filing, as well as additional $2.27 million in audit-related fees.
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Marie is a CPA and Accounting Research Manager at Ideagen, where she leads the research team and serves as a subject matter expert for Audit Analytics. With thirty years of experience spanning public accounting and corporate finance, Marie began her career at PwC managing audits of SEC registrants and international entities. She later specialized in post-acquisition integration, leading accounting teams, ERP implementations, and financial reporting and analysis. Her diverse leadership experience across accounting, IT, risk management and HR gives her a comprehensive perspective on financial operations and compliance.
