Archives for August 2014

Cardinal Joins McGladrey as Chief Technology Officer

Troy Cardinal

Troy Cardinal

Chicago-based McGladrey LLP (FY14 net revenue of $1.5 billion) announced that Troy Cardinal has joined the firm as its chief technology officer.

In his role, Cardinal will oversee the firm’s technology strategy, solutions and operations. He will be based in the firm’s Minneapolis office.

“Troy brings a depth of experience in professional services IT and operations, which will ultimately enhance the effectiveness and efficiency of our service to clients,” says Doug Opheim, CFO at McGladrey. “We are confident that Troy’s leadership will align IT objectives and programs to our enterprise objectives of providing the best possible service to our clients.”

“It’s a privilege to be joining such a committed and experienced team of professionals,” says Cardinal. “I look forward to working with the McGladrey team to provide innovative solutions and strategies as our clients’ and our own technology needs continue to evolve and expand.”

Cardinal brings more than 15 years of progressive leadership experience spanning the professional services, financial services, manufacturing and retail industries. His experience and leadership have helped guide domestic and global companies in areas including technology strategy and governance, IT mergers and acquisitions, IT innovation and social media, business relationship management, IT risk management and offshore operations.

Teal Becker & Chiaramonte Appoints First Non-CPA Partner

For the first time in the firm’s history, a non-CPA has been appointed partner at Teal, Becker & Chiaramonte, CPAs P.C. (TBC) (FY13 net revenue of $12 million) of Albany, N.Y.

Steven Egna

Steven Egna

Steven Egna, who has directed the business advisory services division at TBC for almost a decade, joins the rank of partner. After serving in various leadership, management and analytical roles for nearly 20 years, Egna was hired by the firm in 2005 to draw upon his diverse background to provide practical and relevant valuation-related guidance.

“Steve’s contributions to the firm’s clientele have been tremendous,” says MP James Drislane. “He has diversified and strengthened TBC’s client offerings through building the business advisory services division from the ground up and we are ecstatic to have him join the partner group.”

Egna, who specializes in the valuation of closely held businesses, including investment holding companies and professional practices, has developed the advisory services division at TBC over the last nine years.

Ageenko Joins Grant Thornton

Ilieva Ageenko

Ilieva Ageenko

Ilieva Ageenko has joined Chicago-based Grant Thornton LLP (FY 13 net revenue of $1.3 billion) as a managing director and leader of its financial services advisory model risk management practice, based in Charlotte, N.C.

“Ilieva’s wealth of knowledge and experience managing quantitative analytics teams, leading quantitative technology operations and managing advanced modeling capabilities to evaluate and adjust risk appetite will be invaluable assets to our clients,” says Nigel Smith, Grant Thornton’s U.S. financial services advisory leader. “She will be integral in expanding our model risk capabilities in order to continue to help our clients identify and manage the complex risks associated with the use of financial and economic models.”

Most recently, Ageenko was a senior vice president and quantitative risk executive at Bank of America, where she led the enterprise quantitative risk technology organization, built and managed data sourcing and modeling capabilities, and managed commercial loss forecasting model to support stress testing and Comprehensive Capital Analysis and Review. Previously, she held senior roles at Wells Fargo and Wachovia Bank.

New Jersey Firm Joins BDO Alliance USA

Bedard, Kurowicki & Co., CPAs (BKC) of Flemington, N.J., joined BDO Alliance USA. As an independent member of the BDO Alliance USA, BKC can expand the services offered to clients by drawing on the resources of BDO USA LLP, one of the nation’s largest accounting firms, and other Alliance members. As a member of BDO International Limited, BDO serves multi-national clients through a global network of 1,264 offices in 144 countries.

“Our client base is increasingly exploring business opportunities in other domestic markets and foreign countries. The BDO Alliance USA allows us to better serve our clients as they expand regionally, nationally and globally, while maintaining our autonomy,” says Ed Kurowicki, MP of BKC. “In addition to the geographic benefits, our firm will have access to greater technical knowledge and specialty services of BDO USA and its international organization.”

The BDO Alliance offers supplementary professional services, management consulting services, focused industry knowledge, customized state-of-the-art computer systems and internal training programs.

PrimeGlobal Welcomes Carr Riggs & Ingram

PrimeGlobal announced that Enterprise, Ala.-based Carr Riggs & Ingram LLC (FY13 net revenue of $161.3 million) is the newest member firm to join the association’s North American region.

Carr, Riggs & Ingram (CRI) was previously a member of Moore Stephens North America. CRI has more than 1,200 employees in 42 offices throughout Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Tennessee and Texas and is recognized as one of the fastest growing CPA firms in the United States. CRI’s industry specializations include construction companies, governmental entities, financial institutions, health care entities, insurance companies, not-for-profit organizations, manufacturing companies and distribution companies. CRI also offers specialized services including forensic accounting, IT audits, litigation support, SEC compliance, service organization control (SOC) reports and transaction advisory services.

“Being an active part of an association allows us to reach well beyond our Southern footprint, which is imperative given today’s global market,” says William Carr, chairman and MP of CRI. “Our membership not only provides channels for the CRI team to grow through peer interactions and educational sessions, but it also enhances our service delivery abilities for clients with international business.”

“Carr, Riggs and Ingram’s strategic office locations across the South provide resources in many communities, and we’re delighted to share their expertise with our members both here in North America and around the world,” says Michelle Arnold, PrimeGlobal chief regional officer, North America.

Russ Brandon to Appear as Spokesperson for The Bonadio Group

Russ Brandon

Russ Brandon

Pittsford, N.Y.-based The Bonadio Group (FY14 net revenue of $68.3 million) an independent provider of accounting, consulting and financial services, is engaging Russ Brandon, president and CEO of the Buffalo Bills, to appear as the firm’s spokesperson for an upcoming western New York business campaign. Brandon’s two-year relationship with The Bonadio Group will focus on the strategies that go behind building a successful business team in the Buffalo area.

“When we started to develop the concept of this campaign, we couldn’t think of a better representative of a successful Buffalo business professional than Russ Brandon,” says Thomas Bonadio, CEO and MP of The Bonadio Group. “Russ brings a high level of integrity and a strong work ethic to his iconic business – and these are also qualities that drive our employees in western New York and across the firm.”

The campaign will focus on the premise that building the right team leads to both individual and organizational success. The campaign launches in August with print, radio and online digital advertising.

“Sharing the same values as The Bonadio Group has helped make our relationship virtually seamless,” says Brandon. “As a Bonadio client and friend for many years, I know that we both are committed to success in and for the western New York region, and we both have solid plans to get the right results. In that spirit, I’m excited to be able to contribute to this campaign.”

Deloitte CEO Retires

Joe Echevarria

Joe Echevarria

Joe Echevarria, CEO of New York-based Deloitte LLP (FY13 net revenue of $13.9 billion), will retire later this month to pursue his interest in public service, the firm announced Friday. Frank Friedman, Deloitte’s CFO, was named CEO.

The Big 4 firm’s board of directors named Friedman to the top job until the completion of Deloitte’s formal leadership election, which is held every four years and is currently under way, according to the Wall Street Journal.

Echevarria was elected in 2011 to a four-year term as Deloitte’s CEO. A four-year term is standard for CEOs of the major accounting firms, but he decided not to stand for another term and will be leaving about nine months before his current term ends, the newspaper reported.

Frank Friedman

Frank Friedman

In a statement issued by Deloitte, Echevarria says he has “determined that this is the right time in my life to pursue my passion for public service.” In the past, he has participated in groups like Fix the Debt and the Business Roundtable. He didn’t mention any specific future plans Friday other than continuing as co-chair of My Brother’s Keeper, a White House initiative to assist minority boys and young men.

Echevarria has been at Deloitte since 1978. He served as the firm’s U.S. MP and COO before serving as CEO.

“Joe has overseen a period of robust growth, helping to establish key client relationships and development opportunities for our people, and we are thankful for his years of service,” says Punit Renjen, Deloitte’s chairman, in a statement.

Nevada Firm Fined $25,000 by State Board of Accountancy

Reno, Nev.-based Kafoury Armstrong (FY13 net revenue of $10 million) has been fined $25,000 and placed on probation for two years by the State Board of Accountancy, the Las Vegas Review-Journal reported.

The fine resulted from the firm’s relationship to its subsidiary business called Lakeside Mortgage Co. Some of the loans the company brokered were not paid back after the recession of 2008 hit. Lakeside relied in part on Kafoury Armstrong clients to back the loans, the newspaper reported.

The board determined that a conflict of interest existed between the firm and the subsidiary. Although the relationship between the two was revealed to clients, more transparency was needed to conform with board regulations, the board ruled.

Kafoury Armstrong claims 40 Nevada local governments and the state as clients, but state Controller Kim Wallin said residents should not be concerned. The disciplinary action had nothing to do with accounting or Kafoury’s performance on audits, she told the newspaper.

“They have always been very responsive,” says Wallin, a CPA. “They do good work.” The firm has produced the single audit report for the Legislature for 20 years.

Kafoury’s treasurer, Kirk Gardner, told the newspaper that company officials believed that the relationship between Kafoury and Lakeside was properly disclosed to clients, but the accountancy board decided its very specific rules were not followed completely. “It was a very narrow issue that had nothing to do with our auditing business,” he said. The mortgage company has not brokered new loans since 2008.

The disciplinary action was taken after a complaint was filed by a firm client relating to a loan brokered by Lakeside that was not repaid by the borrower. The client was a lender in the transaction. He also filed a second complaint concerning other loans brokered by Lakeside that he was involved in as a lender.

The disciplinary action, imposed on May 15, was agreed to by the firm.

MBAF Announces New Leadership of Tax and Accounting Department

Miguel Farra

Miguel Farra

Miami-based MBAF (FY13 net revenue of $84.2 million) has named Miguel Farra to chairman of the tax and accounting department, overseeing the firm’s nine offices. Emilio Escandon has been named PIC, tax and accounting national operations. The announcements were made by Tony Argiz, chairman and CEO of MBAF.

“MBAF’s continued growth depends on strategically leveraging the unique capabilities of our nine offices to provide our clients with increased access to a wide range of expertise, enabling our principals to utilize more resources within the firm, and ultimately strengthen our position in the accounting industry,” says Argiz. “Miguel and Emilio not only bring a wealth of knowledge and experience to the tax and accounting department, but have consistently guided their teams to success, and I congratulate them on their new roles.”

Emilio Escandon

Emilio Escandon

Farra is based in the firm’s Miami headquarters, where he previously served as PIC of the tax and accounting department. As chairman of the department, Farra will lead MBAF’s team of tax professionals working with clients both domestically and internationally in a variety of industries. He brings more than 38 years of experience working with public corporations and high-net-worth individuals, as well as forensic accounting expertise and experience serving as an expert witness in divorce and commercial litigation cases.

Escandon will remain based in the firm’s New York office, where he will continue to serve as the PIC of the tax and accounting practice for the Northeast Region. In his new role, he will oversee all operational matters related to the tax and accounting department. He will develop and execute strategies to maximize cross-utilization of the firm’s tax professionals throughout the different offices. Additionally, he will be in charge of maintaining all standard policies and procedures, and identifying and sharing continuing education opportunities for the firm’s employees.

McGladrey Adds Brusuelas As Chief Economist

Joe Brusselas

Joe Brusselas

Chicago-based McGladrey LLP (FY14 net revenue of $1.5 billion) announced that Joe Brusuelas has joined McGladrey as the firm’s chief economist. In this role, Brusuelas will be responsible for delivering macroeconomic insights to help middle market leaders succeed.

“As the influence of the middle market grows, McGladrey is seeking to expand its ability to deliver broader economic context and insight to our clients and other audiences,” says Joe Adams, MP and CEO. “I’m pleased that Joe has joined McGladrey to provide real-time, middle market relevant macroeconomic perspectives to help clients anticipate and address the unique issues and challenges facing their businesses and the industries in which they operate.”

As McGladrey’s chief economist, Brusuelas will produce monthly economic reports for the middle market and for key industries within that market. He will share these insights via webcasts, videos and written pieces. Additionally, Brusuelas will be available for key client meetings and speaking events.

“I believe we are entering a cycle where mid-sized companies will be increasingly important in driving the success of business in the United States,” says Brusuelas. “I look forward to providing economic context to McGladrey clients while also sharing relevant insights with other stakeholders to drive broader understanding of this often overlooked sector of economic growth and stability.”