Integration launches new BDO in Australia
Leading audit, tax and advisory firms BDO and PKF East Coast Practice (PKF ECP), today confirmed the completion of integration negotiations, with the integration to take effect on 1 July 2012.
The integration will combine the BDO and PKF offices in Brisbane, and also see PKF’s Melbourne and New South Wales offices adopting the BDO brand.
BDO Australia National Chairman, Tony Schiffmann, said the process would bring together two firms with very similar cultures and values for the benefit of all stakeholders.
“A key driver to this arrangement was the clear value the leadership from BDO and PKF ECP see in bringing together like minded people striving for the same thing,” Mr Schiffmann said.
“Our joint focus is on demonstrating value to clients and staff, and in doing so, seeking to provide stability and success for them.
“While capability and capacity are important, at BDO we believe big just means big. What matters is the culture of our firm and the value we deliver to all of our stakeholders. This integration is just another way we are delivering on this.”
CEO of PKF ECP, Michael Grant, said the strength and reputation of the BDO brand in Australia and, significantly globally proved a very attractive proposition.
“There are natural synergies between our service lines and industry specialisations with benefits for both PKF ECP and BDO clients, but importantly, both firms’ relationship driven culture means we truly understand what our clients and people value most, and that is a compelling proposition. Cultural harmony post integration was an imperative for us in making such an important decision.
“It is this culture that positions BDO as one of the most respected brands in the Australian professional services industry and the PKF ECP partners see the natural fit with a firm like this,” Mr Grant said.
For BDO, the PKF East Coast Practice represented the logical choice, with its geographic coverage, reputation, and depth of capability.
Not only does the process re-establish BDO’s presence in Sydney and Melbourne following BDO International’s revocation of its licensing arrangements with its former practices in these markets, but it will expand its capacity to about 160 partners, more than 1,315 staff, and an estimated turnover of about $240 million.
PKF will also become part of the BDO global network with more than 48,700 people in 1,118 offices in over 135 countries.