Grant Thornton, BDO South Africa merger completed
It will create the largest mid-tier accounting firm in South Africa.
The merger of audit firms Grant Thornton and BDO South Africa has been completed and is effective from December 1, 2018.
The successful merger is expected to create the largest mid-tier accounting firm in South Africa with fees in excess of R1.2 billion. It will also position the combined firm as a credible alternative to the four largest auditing firms in South Africa.
The deal will see BDO South Africa and Grant Thornton Johannesburg join forces – following the successful integration into BDO in February 2018 of the Grant Thornton offices in Cape Town and Port Elizabeth, South Africa.
Earlier this year, BDO South Africa CEO Mark Stewart said the merger is part of its business strategy to double the revenue of the organisation by the end of 2018. This will be done through the addition of new advisory services and an enhanced audit offering.
“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,” said Mark in a statement.
The merger will result in a combined 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.