Slow quarter for SEC audit clients closes rollercoaster year

In a relatively slow quarter for bringing on new Securities and Exchange Commission audit clients, Top 10 Firm BDO USA nonetheless turned in a strong performance, with 10 net and new clients in the fourth quarter of 2025.

Overall, auditors onboarded only 128 new SEC clients in Q4, the lowest number since Q1 2022. Mega-mergers between CBIZ and Marcum and between Baker Tilly and Moss Adams had caused a a major spike in Q2 of 2025, but Q4 still represented a three-year low for new audit engagements.

For more details, see “BDO adds most new SEC clients in Q4,” and see selected data points below, including individual stats for the top eight firms in the quarter.