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BDO USA Admits 48 New Partners

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) has admitted 48 professionals to the partnership.

By business line, 19 of the new partners are in tax, 18 are in assurance and 11 are in advisory.

“We are proud to welcome the largest class of partners at BDO in more than 20 years,” says Wayne Berson, CEO of BDO USA.

“Each of our new partners has directly contributed to the growth and success of our firm, exceling in their practice and driving innovative solutions to the opportunities and issues our clients face. They have demonstrated an impressive ability to lead and build relationships with clients and people at all levels within the firm.”

The newly appointed partners include:

  • Joann Arweiler, forensic investigations and litigation services, New York
  • Kevin Barber, assurance, San Antonio
  • Carrie Burnett, tax, Dallas
  • Yuan Chou, national tax office, Potomac, Md.
  • Dominic Coppolella, tax, Philadelphia
  • Charles Cuesta, assurance, New York
  • Doug Curtis, specialized tax services, Grand Rapids, Mich.
  • Jessica Davis, assurance, San Francisco
  • Barb Derus, specialized tax services, Minneapolis
  • Peter Diakovasilis, tax, Melville, N.Y.
  • Chris Dilley, assurance, Dallas
  • James Doughty, assurance, Anchorage, Alaska
  • Eric Fischer, tax, Grand Rapids, Mich.
  • Thomas Fuchs, industry specialty services, Stamford, Conn.
  • Matthew Gomes, tax, San Jose, Calif.
  • Charles Irvin, transaction advisory services, Costa Mesa, Calif.
  • Sean Kilbane, assurance, Cleveland
  • John Kincher, technology and business transformation services, Houston
  • Jake Kolipano, assurance, Anchorage, Alaska
  • Grace Li, national assurance, San Francisco
  • Jon Linville, national assurance, Dallas
  • Tony Manners, specialized tax services, Atlanta
  • Matt Manosky, tax, Detroit
  • Jonathan Matthews, assurance, Philadelphia
  • Karen McDaniel, assurance, Austin, Texas
  • Bo Monaco, assurance, San Diego
  • Daniel Newton, national tax office, Boston
  • Drew Olson, forensic investigations and litigation services, Dallas
  • Chuck Pine, forensic investigations and litigation services, Greater Washington D.C.
  • Traci Pumo, national tax office, West Palm Beach, Fla.
  • Aaron Raddock, industry specialty services, Greater Washington D.C.
  • Chad Rash, transaction advisory services, Charlotte, N.C.
  • Jason Rhodes, tax, Cincinnati
  • Blake Roberts, assurance, New York
  • Jose Rodriguez, assurance, Houston
  • Brian Rose, tax, New York
  • Gabe Rubio, specialized tax services, Los Angeles
  • Donna Sakony, tax, Cleveland
  • Michele Schmittel, assurance, Greater Washington D.C.
  • Todd Staples, assurance, Seattle
  • Joshua Swain, tax, Greater Washington D.C.
  • Thomas Terranova, forensic investigations and litigation services, New York
  • Brad Theel, assurance, St. Louis
  • Kirstie Tiernan, technology and business transformation services, Chicago
  • Brad Veltkamp, specialized tax services, Charlotte, N.C.
  • Michael Vierheller, risk advisory services, Greater Washington D.C.
  • Ben Williams, assurance, Minneapolis
  • John Woodward, tax, Chicago

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BDO Makes Inroads in Seattle Area with Peterson Sullivan Merger

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) is acquiring Peterson Sullivan of Seattle, marking further expansion into the Pacific Northwest with 175 staff, including partners. The deal should be complete Nov. 1.

Wayne Berson, CEO of BDO USA, says the addition is part of the targeted growth strategy of the firm, which is ranked No. 7 on the 2019 IPA 100 list. “Peterson Sullivan and BDO share common values – believing strongly that an exceptional culture with exceptional people results in an exceptional client experience.”

Chris Russell

Peterson Sullivan (FY18 net revenue of $31.9 million), founded in 1953, serves clients in a variety of industries, including auto dealerships, construction, hospitality and consumer products, life sciences, manufacturing, nonprofit, professional services, real estate and technology.

“Peterson Sullivan has built our reputation over the last 65 years by providing exceptional client service and developing deep connections within the community,” says MP Chris Russell. “In joining BDO, our clients will continue to receive the personalized and responsive attention they have come to expect, now with enhanced access to more specialized services, broader industry expertise, and BDO’s extensive global network.”

Russell will continue his focus on the region’s business and civic communities as the market MP for BDO in Seattle. Michael Reeves and Bob Filip will continue in their respective roles as BDO’s assurance and tax managing partners for the combined Seattle practice.

“BDO has fueled its tremendous growth by combining with entrepreneurial and successful CPA firms that not only complement their service offerings and culture, but add value for their clients,” says Allan Koltin, CEO of Koltin Consulting Group, who advised both firms on the combination. “Peterson Sullivan garnered interest from many national and mega-regional firms. Ultimately, they felt BDO provided their partners and associates with a great playbook and platform to expand services to their clients.”

BDO plans to consolidate its offices into the current Peterson Sullivan location. In the interim, the firm will maintain two offices.

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Brian McCuller Joins BDO’s Atlanta Office as Tax Partner

Brian McCuller

Brian McCuller

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) announces that Brian McCuller has joined the firm and been admitted as a tax partner based in Atlanta.

McCuller is an attorney and CPA with more than 26 years of experience. Specializing in multi-state taxes, he has advised Fortune 500, as well as middle-market companies, with multi-state and multi-national operations. He previously served as tax practice leader at a regional firm for three years, as well as state and local tax practice leader for 14 years at both regional and national firms. He is a frequent speaker and author on multi-state tax issues.

“His strong leadership skills, combined with his technical knowledge and commitment to client service, will make him an asset to BDO Atlanta,” says Karen Stone, tax MP for the Southeast region.

Prior to joining BDO Atlanta, McCuller spent much of his career in Tennessee, where he was actively involved in the community.

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BDO Acquires Loughlin Management Partners & Company

Chicago-based BDO USA (FY19 net revenue of $1.6 billion) announced the acquisition of Loughlin Management Partners & Company (LM+Co), a boutique business advisory firm focused on corporate restructuring and turnaround services. This group will operate as BDO Consulting Group, an affiliated company of BDO USA, effective Aug. 1.

The firm also offers interim management and operational services for private equity investors.

With the addition of LM+Co, BDO expands its suite of business advisory services to support clients throughout their corporate lifecycle. BDO’s corporate and deal advisory services include helping clients with mergers and acquisition transactions, business restructuring and turnarounds, operational consulting and business improvement, valuation advisory and investment banking.

The LM+Co team, which works across most industry sectors, has served in both advisory and interim management roles in more than 200 restructuring situations. The team has also completed more than 600 engagements, helping clients improve operating and financial performance and shareholder value. Also joining BDO are the senior professionals of LM+Co Capital, a boutique investment banking and financial advisory firm that is affiliated with LM+Co.

LM+Co principal and managing director, James J. Loughlin Jr., joins BDO as managing director. Most of the LM+Co team will relocate to BDO’s New York office, with others in Arizona, Florida, Southern California, Texas and Pennsylvania.

“We value the quality of service and extensive knowledge of middle market private equity and restructuring that Jim and his dedicated team of professionals deliver to the marketplace,” says Jay Duke, national MP of advisory services at BDO USA. “Our two firms’ commitment to excellence align well and will help to ensure a successful, bright future together.”

Loughlin says, “Bringing our firms together will strengthen our combined offering as a value-added service provider across the entire corporate lifecycle and mergers and acquisition continuum. With the national and international resources of BDO behind us, our ability to provide clients with effective, tailored solutions to complex situations is significantly enhanced.”

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EY’s Grier and BDO’s Berson Tapped to Lead the CAQ Governing Board

Kelly Grier

Kelly Grier

The governing board of the Center for Audit Quality (CAQ) has elected new leadership.

Effective Oct. 1, Kelly Grier, U.S. chairman and MP and Americas MP at Big 4 firm EY, will become the governing board’s chair. Wayne Berson, CEO at Chicago-based BDO USA LLP (FY18 net revenue of $1.46 billion) and global chairman at BDO International, will serve as vice chair.

“We are delighted and grateful that Kelly Grier and Wayne Berson will step into these leadership roles on the CAQ governing board,” says CAQ Executive Director Julie Bell Lindsay. “Their vision, energy and judgment will be instrumental to the CAQ’s continuing efforts to enhance investor confidence and public trust in the global capital markets.”

Wayne Berson

Wayne Berson

Grier says, “In an era of accelerating change, the CAQ’s overarching mission of fostering trust in audit quality and financial reporting is more important than ever.”

Berson says, “The auditing profession strengthens confidence in our capital markets, and the CAQ strengthens the work of public company auditors.”

The CAQ’s governing board is comprised of CEOs from leading public company auditing firms and the AICPA, as well as three independent board members from outside the public company auditing profession. The board provides oversight for the organization and leads the development of its strategic agenda.

CAQ governing board chairs and vice chairs are elected to two-year terms.

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BDO USA Expands Advisory Practice With AC Lordi Acquisition

Chicago-based BDO USA LLP (FY18 net revenue of $1.46 billion) has announced the acquisition of AC Lordi (FY17 net revenue of $18.7 million) of Malvern, Pa., effective June 1.

The addition brings 100 professions to BDO and expands its foothold in the Philadelphia area while expanding its advisory offerings. AC Lordi CEO Frank Lordi, along with the firm’s six other principals, will become BDO partners.

Founded in 2001, AC Lordi specializes in accounting, risk and compliance, business advisory and CFO services. The firm’s practice areas include SEC reporting, technical accounting, internal and IT audit, SOX compliance and finance transformation, among others. The firm has performed work throughout the U.S. and in more than 20 countries for a broad range of clients.

“As part of such a high-caliber advisory practice, we can take advantage of BDO’s resources and relationships nationally and around the world,” Lordi says, “In turn, our team will deepen BDO’s management consulting and regulatory compliance credentials in addition to strengthening its presence in the mid-Atlantic region. We are stronger together than apart.”

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BDO Acquires TAXPE

Chicago-based BDO USA LLP (FY18 net revenue of $1.46 billion) has acquired TAXPE LLC, a firm focused on improving income tax reporting processes for large corporate tax departments.

Scott Hice, CEO of TAXPE, joined BDO as a partner and national leader of BDO’s tax transformation services practice. The acquisition was effective April 1.

“Updating processes and advancing the use of technologies within a company’s tax function is becoming increasingly complex. Both changing tax laws and changing technologies have a direct day-to-day impact on the efficiency and effectiveness of the company workforce,” Hice says. “Our team now has the administrative backing of a global accounting firm; gaining access to BDO’s resources to better reinforce, broaden and execute our core competencies for our clients through BDO’s comprehensive, end-to-end tax services.”

The legacy TAXPE team has worked with more than 300 companies on tax performance engineering projects, all of which involved tax provision and compliance software improvements.

With the acquisition comes TAXPE’s expertise surrounding the offerings of the major third-party software vendors – Corptax, Longview, Oracle and Thomson Reuters ONESOURCE – along with TAXPE TAXPOWER workpapers, which can be integrated with general ledger systems and third-party tax software systems.

“As long as changes in policy, regulation and technology continue, tax transformation strategies will be necessary for companies looking to stay ahead,” said. “By adding Scott and his experienced team, BDO will be able to leverage TAXPE’s 20-plus years of process design and tax technology experience to deepen our analysis of operational efficiencies and development of tailored technology solutions, including automation and analytics,” says Barbara Torzewski, BDO’s tax transformation services managing director. “No two businesses will have the same tax transformation journey, and with TAXPE’s capabilities, companies can have even more specialized solutions that move the needle for their organizations.”

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BDO’s Merger, Growth into Biopharmaceuticals Explained

In light of BDO’s recent acquisition of BioProcess Technology Consultants (BPTC), INSIDE Public Accounting asked leaders from both firms to discuss further expansion within the life sciences industry, growth strategies and how the merger will help clients.

BPTC is a chemistry, manufacturing and controls consulting service. Chicago-based BDO (FY18 net revenue of $1.46 billion) sees the merger as expanding its existing services in developing new biopharmaceutical products while minimizing risk.

IPA spoke with Eric Jia-Sobota, national leader of BDO’s Industry Specialty Services and Life Sciences practices, and Howard Levine, Ph.D., managing director and national leader of the Bioprocess Technology Group within BDO’s Life Sciences practice.

IPA: It’s starting to become more common for accounting and advisory firms to acquire consulting firms, but often they’re related to technology, such as cybersecurity. Acquiring a consultancy related to the biopharmaceutical industry is unusual. Why the interest?

Jia-Sobota: Our clients frequently look to leverage the industry experience and client-specific insights our collective team has, including in the life sciences realm. The life sciences industry is an important vertical for BDO – especially as technology’s infiltration of the space continues to create both new opportunities and mirroring risks.

For instance, while breakthroughs in CAR-T and other cell gene therapies have huge potential, biopharmaceutical manufacturers can’t neglect investment in their manufacturing processes as demand for biopharmaceuticals continues to rise. While it may be tempting to invest in new facilities to alleviate production capacity shortages, in the long term, companies must invest in new technologies and methods for bioprocessing.

Biopharmaceutical manufacturers need to develop cost-effective methods for scaling their operations, or else lose a competitive edge to those whose investments in technology and new processes make their therapies more affordable. The addition of BPTC enhances our ability to help biopharmaceutical manufacturers meet these evolving demands and de-risk product development while at the same time capitalizing on new, tech-enabled opportunities to further improve patient outcomes.

IPA: What was so attractive about BioProcess Technology Consultants that made BDO pull the trigger on an acquisition?

Jia-Sobota: BDO and BPTC’s technical and operational services to life sciences entities are complementary, with a focus on helping organizations navigate risk, make informed investment decisions and seize new opportunities. The addition of BPTC supports the continued growth and diversification of life sciences capabilities at BDO.

IPA: How will this acquisition help BDO clients? Can you give me an example?

Levine: The addition of BPTC enhances BDO’s ability to advise clients on technical, strategic and regulatory aspects of biopharmaceutical development at all stages in the product lifecycle. For instance, there is growing concern within the biopharma sector that current processes and facilities may not have capacity to meet rising global demand for high-volume biologics. Through the addition of BPTC, BDO can further assist companies in implementing process intensification practices that can help bridge the gap between supply and demand, while also improving process efficiency and even product quality.

IPA: BPTC founder Howard L. Levine is quoted as saying his firm helped companies address “unmet medical needs and increase patient access to novel medicines.” How so?

Levine: While emerging technologies and innovations – like CAR-T therapies and others – show promise for treating formerly intractable diseases or injuries, rising costs limit their accessibility for patients. The professionals from BPTC who have joined BDO will complement our ability to help clients ensure the long-term success of therapies by helping them improve their cost-effectiveness while maintaining or improving efficacy. This may include developing and implementing process intensification strategies – such as continuous bioprocessing.

IPA: How does this acquisition fit into BDO’s growth strategy?

Jia-Sobota: The addition of BPTC aligns with recent investments BDO has made in innovation across the firm – including added resources in technology solutions, digital transformation, risk advisory and data privacy. These additions position us well for continued growth in the coming years and align with our commitment to offering our clients a comprehensive suite of services across both industry agnostic – and specific – business imperatives.

IPA: What can clients expect in the future in terms of additional acquisitions like this one?

Jia-Sobota: As part of our commitment to client service, we are continuing to make investments in innovation that can bolster the support we provide clients across industries.

BDO USA Acquires BioProcess Technology Consultants

Chicago-based BDO USA LLP (FY18 net revenue of $1.46 billion) has acquired BioProcess Technology Consultants Inc. The acquisition combines BPTC’s broad chemistry, manufacturing and controls (CMC) consulting services with BDO’s existing capabilities in the life sciences and biopharmaceutical industries.

Founded in 1994, BPTC was a biologics CMC consulting firm, providing a full range of technical, regulatory and strategic assistance related to the development and commercialization of biopharmaceutical products. BPTC assisted clients in developing manufacturing processes and strategies that enhanced the overall value of their products, while de-risking product development.

Howard Levine, BPTC founder, president and CEO will become managing director and national leader of the Bioprocess Technology Group (BPTG) within BDO’s life sciences practice and the majority of BPTC’s consultants will join the new BPTG. “Since our inception, we’ve worked with companies to advance and de-risk the biotherapeutic development process, address unmet medical needs and increase patient access to novel medicines,” says Levine.

“We are pleased to welcome BPTC’s knowledge and resources to enhance our focus in the life sciences industry and deepen our biopharmaceutical product development offerings,” says Eric Jia-Sobota, national leader of BDO’s industry specialty services and life sciences practices. “Joining forces with BPTC strengthens our ability to assist life sciences companies in managing risk, maximizing profitability and fostering continued innovation to unlock new value and deliver improved outcomes.”

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AICPA Financial Reporting Executive Committee Taps BDO’s Angela Newell as Chair

Angela Newell

Angela Newell

The AICPA has named Angela Newell as chair of the Financial Reporting Executive Committee, or FinREC.

Newell, based in Dallas, is a national assurance partner for Chicago-based BDO USA (FY18 net revenue of $1.46 billion). FinREC serves as the AICPA’s official voice on financial reporting matters and develops guidance on accounting for specific industries. The committee’s membership includes representation from business and industry, public practice and academia.

“Angela brings a unique skill set to FinREC, having experiences in both public accounting and industry, coupled with her deep knowledge of GAAP,” says Jim Dolinar, FinREC’s outgoing chair and a partner at Crowe LLP. Newell will succeed Dolinar after the committee’s May 2019 meeting.

In her role at BDO, Newell works with audit engagement teams to determine the appropriate accounting for a variety of topics. In addition, she has played a key role in the firm’s response to the new revenue recognition and leasing standards.

Prior to joining BDO, Newell served as vice president and corporate controller for Fiesta Restaurant Group in Dallas, and vice president of revenue assurance and corporate controller for Clearwire Inc. in Bellevue, Wash.