Chicago-based IPA 100 firm BDO USA (FY21 net revenue of $2 billion) has formed a new audit quality advisory council and restructured its assurance practice to strengthen its governance in fulfilling its public interest mandate.
The new council is designed to provide input regarding BDO’s system of quality management, and is made up of the following members:
- Maria Karalis, chair and BDO board member (assurance)
- William Eisig, national MP and practice leader (assurance)
- Phillip Austin, national MP – professional practice leader and audit
- Steven Shill, BDO board member (assurance)
- Jim Brady, independent member, vice chairman of advisory services at alliantgroup and former vice chair at Grant Thornton LLP
The firm has also reorganized its assurance practice into two distinct functional areas and reporting structures. The first area consolidates the operational, professional and client services aspects of the business under one umbrella. The second area covers quality management, inspections and independence, and will report to Lillian Ceynowa, a former PCAOB associate chief auditor with more than 30 years of public company auditing experience, who has joined the firm as the audit quality and quality management leader.
“Delivering high-quality audits is fundamental to building integrity, trust and confidence in the capital markets,” says BDO USA CEO Wayne Berson. “By strengthening our commitment to audit quality through these strategic initiatives, we seek to bring investors and other stakeholders greater confidence in the overall financial reporting ecosystem.”