Market Share Entrants And Upward Movements

Who’s new to the ranking tables, which auditors are moving up the leader boards, and what does market share by region look like?

 
 

Audits are a vital part of a credit union’s mission to maintain the safety and soundness of its members' assets. A responsive and results-oriented audit firm is one of the most crucial business alliances a credit union can foster as a depository institution. The auditor’s role is to make sure the credit union’s financial statements are a true and fair representation of its actual position, which is increasingly important in an industry growing more financially, legally, and technologically complex by the day.

A perusal of this year’s national market share rankings uncovers a few fresh faces on the leader boards. The top five auditing firms by credit union clients with more than $40 million in assets remained unchanged with CliftonLarsonAllen continuing to lead the way. Ranking third, Nearman Maynard, Vallez, CPAs added the most credit union clients, 11, year-over-year. For the rest of the list, new entrants made their mark and other firms shuffled around.

Specifically, CU Resources Inc. — which serves 60 credit unions with more than $40 million in assets — joined the list in seventh place. CU Resources is the audit arm of the Cornerstone Credit Union League. Its credit union clients had previously categorized this auditor under “League Services” on their call reports.

Also sliding into the top 20 is Garvey, Steele & Company LLP, which acquired Robert Anderson & Co. and secured the 19th position. It serves 25 credit union clients with more than $40 million in assets.

Other notable upward movements include Financial Standards Group topping Cindrich, Mahalak & Co. this year after the reverse happened last year. Wipfli, LLP ousted both BKD, LLP and Peterson & Associates after coming in behind those firms last year.

In this guide, you’ll find national and state-level market share numbers, as well as the ability to view market share from an alternative lens, such as by NCUA region. That, too, can be valuable for credit unions in the auditor market-research phase.

The high-level geographical overviews of the top five credit unions in each NCUA region, quantified by the number of credit unions and their aggregate assets, enables credit unions to view which auditors their peers are using in each region.

NCUA REGION MARKET SHARE BY NUMBER OF CREDIT UNION CLIENTS

FOR CREDIT UNIONS >$40M IN ASSETS | FINANCIAL DATA AS OF 03.31.17 | AUDIT DATA 07.01.16 - 06.30.17

*This article ran originally in the Callahan & Associates 2017 Auditor Guide. It has been updated to reflect Warren Averette’s acquisition of Hutto & Carver, PA.

Source: Callahan & Associates.

As the frontrunner, CliftonLarsonAllen has nearly double the amount of credit union clients in the Central region than it does in the New England and Mid-Atlantic regions. Doeren Mayhew has established its presence in the Central and Eastern regions of the United States, placing in the top three in each region. Nearman, Maynard, Vallez, CPAs is the leading firm in the Southeast region, attracting 21 more clients than the runner-up. Moss Adams, with 75 credit union clients, captured the No. 1 spot for market share in the Western region.

NCUA REGION MARKET SHARE BY AGGREGATE ASSETS

FOR CREDIT UNIONS >$40M IN ASSETS | FINANCIAL DATA AS OF 03.31.17 | AUDIT DATA 07.01.16 - 06.30.17

*This article ran originally in the Callahan & Associates 2017 Auditor Guide. It has been updated to reflect Warren Averette’s acquisition of Hutto & Carver, PA.

Source: Callahan & Associates.

Crowe Horwath jumped into the Western region rankings, defined by aggregate credit union assets, bolstered by performing an opinion audit for the nation’s fourth-largest credit union by assets, BECU in Washington. PricewaterhouseCoopers followed suit in the Mid-Atlantic region, with the nation’s largest credit union, Navy Federal, as a client. Although Nearman, Maynard, Vallez, CPAs secured 54 more credit union clients than CliftonLarsonAllen in the Southeast region, CliftonLarsonAllen leapfrogged Nearman, Maynard, Vallez, CPAs to post the No. 1 spot in the region thanks to its larger client asset base.

For more detailed information on credit union auditor rankings, refer to the leader tables and state level data in Callahan & Associates' 2017 Supplier Market Share Guide: Credit Union Auditors. That’s where you’ll find the top CPA firms by market share and information on the largest credit unions in each state.

Take a look, and use this guide to help determine your next strategic business alliance.

Market Share Guide: Credit Union Auditors

Callahan & Associates' 2017 Supplier Market Share Guide: Credit Union Auditors is now available for download.

This comprehensive guide contains:

  • Best practices and insights from leaders in the field.
  • Macro and micro-level market share analysis to uncover which firms are most active in different states and across the nation.
  • Information on which firms serve a variety of credit union sizes.
  • Assessments on what overlap exists between auditing firms and specific data processing systems.
  • Contact information for CPA firms and other auditing-related resources.
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Aug. 11, 2017


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