What's Happening?
In the second quarter of 2025, CBIZ and Baker Tilly emerged as leaders in acquiring new SEC audit clients, largely due to major mergers. CBIZ, following its merger with Marcum, added 124 new engagements, while Baker Tilly, after merging with Moss Adams, gained 65 new clients. These mergers have significantly impacted the audit landscape, with CBIZ and Baker Tilly topping various league tables for new audit fees and assets audited. Other firms, including Deloitte, saw modest gains, while Marcum shed 140 clients due to its merger into CBIZ.
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Why It's Important?
The mergers and subsequent client acquisitions by CBIZ and Baker Tilly highlight the dynamic nature of the audit industry, where consolidation can lead to significant shifts in market positions. These developments may influence competitive strategies among audit firms and impact the services offered to clients. The ability of these firms to onboard numerous new clients demonstrates their capacity to handle large-scale operations and may set a precedent for future mergers in the industry. This trend could lead to increased competition and innovation in audit practices.
