The consolidation marks the last stage of the merger process in Johannesburg and will include the incorporation of Grant Thornton offices in Cape Town and Port Elizabeth into BDO. The move cements BDO’s position as the leading mid-tier audit firm in South Africa, making it a credible alternative to its larger competitors.
The consolidated BDO South Africa has 1 400 staff nationally, with 900 in the Johannesburg office and a total number of 131 partners and directors.
“The audit profession is undergoing significant change, and the demand for deeper technical and industry expertise, linked to an increased level of quality, is critical,” said BDO South Africa CEO Mark Stewart. “The merger adds to the BDO experience pool. By scaling up, BDO South Africa will now be in a strong position to take advantage of new opportunities in the market and to provide clients, and potential employees, with a credible alternative to our competitors.”
The move comes with significant opportunities to be leveraged from mandatory audit firm rotation, which comes into effect in 2023.
“Our merged entity, with strong representation in Durban, Port Elizabeth, Cape Town, Johannesburg and Pretoria, will be in a strong position to take advantage of the changing audit environment,” said National Head of Advisory and Managing Partner of BDO South Africa, Bert Lopes. “The auditing profession is under scrutiny right now, and this merger gives us a chance to make a difference. Our investment in technical skills and technology will contribute to enhancing our audit quality and our advisory capabilities.”
The merger will see GT staff and employees joining the BDO South Africa stable, with Grant Thornton bringing capacity and services to help BDO achieve its growth objectives in the changing environment.
The staff of BDO South Africa in Johannesburg will move into the former Grant Thornton premises in Illovo in early 2019.
Services offered by BDO South Africa include the full spectrum of professional services, including audit, business services and advisory, tax, corporate finance, business restructuring, cyber lab, HR advisory, internal audit and forensics, legal services, risk and tech advisory services.