to $659 million during the year ended 30 June 2008. The US firm’s
best performing service line was the BDO Consulting practice, which
achieved 85 percent growth.
The US firm’s core business lines of assurance (7 percent) and
tax (11 percent) delivered solid growth. The assurance practice
generated 62 percent of the firm’s fee split, tax represented 23
percent and BDO Consulting represented 11 percent. Services
including real estate, wealth management and software sales
accounted for the remaining 4 percent.
According to the firm, its cumulative revenue growth over the
past four years has been 81 percent. The most recent year’s growth
rate was a significant improvement on the previous financial year
when the firm recorded just 6 percent growth.
BDO Seidman currently has 369 SEC clients. From 2003 through
2007, the firm experienced a net gain of 150 SEC clients.
The firm’s chief executive, Jack Weisbaum, commented: “Fiscal
2008 was another strong year for BDO Seidman. BDO Consulting
experienced especially strong growth driven by increased demand for
the group’s anti-money laundering, e-discovery and other forensic
A low point for BDO Seidman was being ordered to pay damages of
$521 million after a jury found it was grossly negligent in failing
to detect a fraud that led to the bankruptcy of Bankest, a Miami
financial services company. The ruling is being appealed.