Auditor changes roundup: Q4 2025
BDO USA PC gained a net of 10 Securities and Exchange Commission (SEC) audit clients, the highest net of all auditors in this fourth quarter. BDO gained 10 clients and lost no audit clients during the quarter, demonstrating strong market momentum.
CBIZ CPAs PC gained the most audit clients in the fourth quarter of 2025 with 11 new clients. CBIZ lost 3 clients in the quarter, resulting in a net gain of 8 engagements. This continues CBIZ's strong performance following its acquisition of Marcum's attest business in November 2024.
HTL International LLC, Assentsure PAC, and BDMP Assurance LLP each gained a net of 4 audit clients in the quarter. All three firms gained 4 clients without losing any engagements, showing consistent growth among mid-sized audit firms.
Among the Big Four firms, the fourth quarter showed mixed results with notable client movements between the largest auditors. Deloitte experienced a net loss of 5 clients, losing 8 clients total while gaining one and losing one from other Big Four firms. EY also faced challenges with a net and total loss of 3 clients, all to other Big Four competitors. Among global and national firms, BDO USA demonstrated the strongest performance in this category with 10 net client gains and Grant Thornton posted a net loss of 4 clients. RSM US and Marcum recorded net losses of 1 and 5 clients respectively. The Big Four collectively saw movement primarily among themselves, with PwC experiencing the most varied sources of departures while KPMG maintained relative stability with 4 net client gains when including all client sources.
Market cap and audit fee gains
KPMG led in acquisition of clients with the highest net market capital total of $11.5 billion. This represents a significant decline from KPMG's exceptional Q3 performance of $125.7 billion, which included the addition of LAM Research. Despite the quarter-over-quarter decrease, KPMG maintained its position as the market leader for high-value client acquisitions.
PricewaterhouseCoopers gained clients with a net market capital of $3.3 billion, followed by BDO USA LLP at $2.5 billion. HTL International LLC gained clients with $1.5 billion in market capital, while MaloneBailey LLP rounded out the top five with $0.9 billion.
KPMG also led in net audit fees gained with $11.1 million in the fourth quarter. CBIZ CPAs PC followed with $7.1 million in net audit fees gained, reflecting continued momentum from its November 2024 acquisition of Marcum's attest business. HTL International LLC gained $2.8 million in net audit fees, while BDO USA LLP added $2.2 million. Baker Tilly US LLP, who merged with Moss Adams in June of 2025, completed the top five with $1.5 million in net audit fees gained.
Explore audit and regulatory disclosure data
Expert data you can trust – and find within seconds. Your go-to place for public accounting, governance and disclosure intelligence.
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.
