Malaysia

BDO is pleased to announce the completion of integration negotiations between the BDO Member Firm in Australia and the PKF East Coast Practice (PKF ECP). The integration will take effect on 1 July 2012.

The integration will combine the BDO and PKF offices in Brisbane, and also see PKF's Melbourne and New South Wales offices joining the BDO network. The merger will expand BDO Australia's capacity to about 160 partners, more than 1,300 staff and an estimated turnover of about $240 million.

BDO Australia National Chairman, Tony Schiffmann, said the process would bring together two firms with very similar cultures and values for the benefit of all stakeholders: “A key driver to this arrangement was the clear value the leadership of BDO and PKF ECP see in bringing together like minded people striving for the same thing", Mr Schiffmann said.

“Our joint focus is on demonstrating value to clients and staff, and in so doing, seeking to provide stability and success for them".

CEO of PKF ECP, Michael Grant, said the strength and reputation of the BDO brand in Australia and - significantly - globally proved a very attractive proposition.

“Importantly, both firms relationship-driven culture means we truly understand what our clients and people value most, and that is a compelling proposition. Cultural harmony post integration was an imperative for us in making such an important decision".

"It is this culture that positions BDO as one of the most respected brands in the Australian professional services industry and the PKF ECP partners see the natural fit with a firm like this", he added.

For BDO, the PKF East Coast Practice represents the logical choice, with its geographic coverage, reputation and depth of capability. This announcement comes less than 3 months after BDO International Ltd‟s revocation of its licensing arrangements with its former practices in Sydney and Melbourne, and re-establishes its presence in these markets.

Martin van Roekel, CEO of BDO International Limited, said “The completion of this agreement within such a short timeframe is both remarkable and a testament to the strength of the BDO brand. We have always been committed to creating a truly integrated national firm in Australia for the benefit of our clients, and I am delighted that we are now able to establish a strong, vibrant and long-term presence in Sydney and Melbourne".

“The synergies between the 2 firms and their cultural alignment are obvious. PKF ECP will become part of a network that is dedicated to the delivery of exceptional client service right across the world and they will be joining BDO partners and staff in ensuring the highest technical and ethical standards accordingly. I am delighted to welcome them to BDO and look forward to seeing commensurate growth in BDO Australia as a whole”, he said.