The UK, US and German divisions of mid tier auditor BDO have won the largest ever international audit client for the global firm, replacing KPMG
The software giant SAP plans to propose BDO as new auditor at its annual general meeting following a competitive pitch. The current auditor KPMG will remain in post until 2023 and was paid €10m (£8.5m) for the 2019 year end audit.
In a reflection of the growing strength of the BDO international network, a German-led team of BDO firms – including the UK and the US – has won its largest ever international audit client.
The Dax-30 listed software group, SAP has decided to propose BDO as the auditor for the 2023 financial year. SAP is the world's largest provider of business software and, in terms of market capitalisation, the leader in the DAX-30.
Holger Otte, BDO executive board chairman in Germany, said: ‘The ongoing development of our audit approach, the investments in quality and modern technologies as well as the alignment of structures and processes to the needs of our customers are the key to this great success. I would like to thank our employees, whose commitment enabled this success.’
According to SAP, BDO has a ‘modern and innovative audit concept’.
Christopher Sessar, chief accounting officer at SAP, said: ‘BDO convinced us in many ways during the selection process. That includes, among others, the excellent expertise in complex accounting and tax issues, the deep understanding of the SAP business model, and the modern and innovative audit concept. We are confident that with BDO we have chosen a very good auditor for SAP and are now pushing the transition process forward together.’
Paul Eagland, managing partner of BDO UK, said: ‘Audits are becoming increasingly global and complex. By winning the international audit of SAP we are demonstrating BDO’s ability to tackle these complex projects and that we have the technology and expertise to deliver across borders.’