Auditor changes roundup: Q3 2025
HTL International LLC gained a net of 7 audit clients, the highest net of all auditors in this third quarter. HTL lost no audit clients, and five out of the seven engagements were gained from Grassi & Co. CPAs PC.
CBIZ CPAs PC gained the most Securities and Exchange Commission (SEC) audit clients in the third quarter of 2025 with 11 new clients. 6 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 firms, including BDO, Grant Thornton’s Israeli international affiliate, and a variety of smaller firms.
Deloitte, KPMG, PwC, and BDO reported overall growth in client engagements. Deloitte added six clients while losing five, with only one departure to another Big Four firm. KPMG delivered a strong quarter, securing nine new clients and losing four. EY, in contrast, experienced a challenging period, ending with a net loss of six clients.
Market cap and audit fee gains
KPMG led in acquisition of clients with the highest net market capital total of $125.7 billion, nearly seven times its Q2 total of $18.6 billion. The largest market capital for a new client was LAM Research at $123.8 billion, who was previously audited by EY. Lam Research’s most recent filing reported audit fees of $7.9 million.
BDO gained B. Riley Financial Inc. from Marcum with an audit fee from 2024 of $10.5 million.
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Sherry is a data analyst with a background in statistics and sociology from the University of Connecticut. She works within the Ideagen Audit Analytics solution, exploring how data can be used to uncover insights and tell stories.
