BDO's position is cemented as leading mid-tier audit firm in South Africa
BDO South Africa is pleased to announce that it is in advanced negotiations for Grant Thornton Johannesburg to join the firm. This follows the successful integration into BDO, in February this year, of the Grant Thornton offices in Cape Town and Port Elizabeth.
BDO South Africa CEO, Mark Stewart, says the development is a key part of BDO’s business strategy, both in South Africa and globally to double the revenue of the organisation by the end of 2018 through the addition of new advisory services and an enhanced audit offering.
"The integration of Grant Thornton Johannesburg into BDO will create the largest mid-tier accounting firm in South Africa with fees in excess of R1,2 billion, thus positioning the firm as a credible alternative to the four largest auditing firms in South Africa," he says.
"The audit profession is undergoing huge change currently, and the demand for in-depth, technical and industry expertise is critical. BDO will now be in a far better position to take advantage of new opportunities in the market and to provide clients and employees with a significant alternative to the competition."
This transaction once completed will result in a firm with 1 500 partners and staff operating from seven different offices in South Africa, and a Johannesburg office of almost 900 partners and staff. The firm will continue to be led by Mark Stewart.
The transaction is expected to be effective during the fourth quarter of 2018.
BDO's services include the full spectrum of professional services: Audit, Company Secretarial, Business Restructuring, Business Services and Advisory, Corporate Finance, Cyber Lab, Economic Incentives, HR Advisory, Internal Audit and Forensics, Legal Services, Risk Advisory, Tax, Tech Advisory, and Wealth Advisory.
BDO's global revenues in 2017 were $8,1 billion. The organisation employs over 74 000 staff across 162 countries and territories.