BDO wins biggest international audit client replacing Big Four firm KPMG
BDO in the UK, German and the US has won its largest ever international audit client, replacing KPMG as auditor of software giant SAP.
The challenger firm will take over from KPMG as SAP’s auditor for the 2023 financial year. According to SAP, BDO has a “modern and innovative audit concept”.
The decision to take on BDO will officially be decided at SAP’s annual general meeting in 2022.
SAP said it started the audit tender process early to give the new audit firm sufficient time for onboarding and transition.
KPMG has audited SAP since 2002, but EU regulation around audits meant SAP could not extend the Big Four firm’s mandate.
SAP is the world’s largest provider of business software and has the largest market capitalisation in the DAX-30.
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.”
BDO UK managing partner Paul Eagland added: “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.”