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Baker Tilly International
Baker Tilly International
Baker Tilly International
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Baker Tilly also known as Baker Tilly International is an international consulting and public accounting network based in London, United Kingdom. It is currently the 6th largest CPA advisory firm in the U.S. and 9th largest accounting network in the world by revenue with 43,000 people in 700 offices across 143 territories with combined global revenues of US$5.6 billion.[1]

Key Information

Baker Tilly is composed of member firms of Baker Tilly International Limited, a UK company limited by guarantee.[2] The network operates geographically through four regions: Asia Pacific; Europe, Middle East and Africa; Latin America; and North America. Each region has a chair, appointed by the International Board, who leads an advisory council elected by members in that region.[3]

History

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Logo of Baker Tilly International until 2018

In 1987 Summit International Associates, Inc. is incorporated. The network is represented in 20 countries by 50 firms, with combined revenues of US$200m. It ranked 22nd in the world in that moment.

2000 Stephen Flesch stepped down as CEO and President of the network after 13 years in the role. Geoff Barnes, is appointed the new CEO. The network's global office moves from New York to London. In 2003 the network breaks into the top 10 of the International Accounting Bulletin World Survey (where it remains today).

In 2008 Virchow Krause, LLP, the network's largest US member firm, announced it would rebrand as Baker Tilly, LLP, taking the Baker Tilly brand into the US market place.

Baker Tilly International announced in September 2014 that the UK firm MHA Macintyre Hudson (now just known as MHA) had joined its network replacing the former UK Baker Tilly firm who had joined RSM International earlier that year.[4]

After leading the network for 16 years, Geoff Barnes retired from the role of CEO in 2016. Baker Tilly International's Board of Directors unanimously voted EMEA regional chairman, Ted Verkade, as chief executive officer from 1 July that year

In 2019 the network unveiled a new logo, visual identity and a new slogan: 'Now, for tomorrow'. With this change, more than 90% of firms trade as Baker Tilly, strengthening the network's global presence.

In August 2020, Baker Tilly US, LLP and Squar Milner, LLP, announced to merge effective on 1 November 2020. The joint venture name is Baker Tilly US.[5] In November 2021 Baker Tilly US announced multiple acquisitions including New York–based Margolin, Winer & Evens LLP, one of the largest regional accounting and business advisory firms in the Northeast increasing Baker Tilly's New York team to nearly 400 professionals and West Virginia-based accounting and consulting firm Arnett Carbis Toothman, LLP. The firm also announced that it would enter Boston with the acquisition of The MFA Companies and acquire California-based The Compliance Group.[6] In May 2022 Baker Tilly US announced the acquisition of Seattle-based accounting firm Bader Martin,[7] in August local government consulting firm Management Partners[8] and in September tax consultancy firm True Partners Consulting.[9]

In December 2021 top 50 UK law firm Freeths became the first stand-alone legal practice in Europe to join Baker Tilly International continuing the global network's expansion into commercial law. As a full-service law firm, Freeths' 12 UK offices and team of 600+ lawyers provides advice to businesses in areas such as mergers and acquisitions, business immigration, environmental law, dispute management, insolvency and competition policy.[10]

In September 2022 Baker Tilly Spain announced details of a merger with the M&A, ESG and Real estate advisory services firm AddVANTE. The newly combined entity will rank among the top 12 business advisory firms in Spain, with a team of more than 375 professionals across 10 offices.[11]

On 16 March 2022, Baker Tilly International announced that it was separating member firms in Russia and Belarus from its global network saying that "this decision is a direct consequence of the actions of these governments, and not the individuals of these countries."[12]

On 1 June 2022, Baker Tilly International announced the appointment of Francesca Lagerberg as their new CEO.[13] She is the first British woman to be the global CEO of a top 10 accounting firm or network.[14] She regular appears in the media talking about accounting sector and industry issues.[15][16]

In February 2023 Baker Tilly International announced revenues of $4.66bn reflecting a 13% increase in constant currency terms on the last financial year. In North America revenues topped $2bn and in Asia Pacific $1bn for the first time.[17]

In 2023 Baker Tilly's UK member firm MHA announced several mergers with smaller firms in Wales, the North West of England and Scotland.[18][19][20]

In February 2024 Baker Tilly International announced revenues of $5.17bn with growth across all regions and service lines.[21]

In February 2024 they also announced the sale of majority stake to private equity firms Hellman & Friedman (H&F) and Valeas Capital Partners. As part of the transaction, Baker Tilly stated plans to adopt an alternative practice structure. Jeff Ferro, the firm's CEO, was named chief executive officer of Baker Tilly Advisory Group LP, which would include the firm's advisory, tax, and consulting services. Jere Shawver, then managing partner for risk and assurance, was appointed CEO of Baker Tilly US LLP, the licensed CPA firm responsible for attest services.[22]

In April 2025 Baker Tilly agreed to merge with Moss Adams in a transaction valued at approximately $7 billion, aiming to become the sixth-largest U.S. CPA advisory firm.[23]

Baker Tilly US

[edit]

Baker Tilly US, LLP (doing business as Baker Tilly) is a public accounting and consulting firm headquartered in Chicago, Illinois. Formerly known as Virchow, Krause & Company, LLP, the firm is the American member of Baker Tilly International. Having joined Baker Tilly International in 1999,[24] the firm officially adopted the Baker Tilly name on June 1, 2009.[25] Vault Accounting 50 has ranked Baker Tilly Virchow Krause, LLP as the 8th most prestigious accounting firm in their 2019 ranking.[26]

The US branch of the firm originated in 1931 and the present partnership was organized in 1953.

On June 1, 2009, the former Virchow, Krause & Company, LLP changed its name to Baker Tilly Virchow Krause, LLP, becoming the only U.S. member of the Baker Tilly International network to be branded as "Baker Tilly".

Baker Tilly Virchow Krause, LLP merged with Philadelphia-based ParenteBeard, LLC effective October 1, 2014.[citation needed]

On September 20, 2021, Baker Tilly, US, LLP acquired Charleston, WV based accounting and consulting firm Arnett Carbis Toothman. Baker Tilly US, LLP merged with the California-based accounting firm Squar Milner and acquired the New York–based firm Margolin, Winer & Evens effective November 1, 2020. It was also announced on November 3, 2021, that Baker Tilly, US, LLP is acquiring The MFA Companies, a Boston-based financial services and consulting firm.[27][28][29][30]

References

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Baker Tilly International

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Baker Tilly International is a of independent member firms providing including , , advisory, and legal expertise to clients worldwide.
Headquartered in , , the network comprises firms operating across 143 territories with 698 offices and 43,515 professionals, achieving $5.6 billion in worldwide as of 2024.
Its traces to 1870 with the founding of predecessor firm Walter Howard, evolving through mergers to form the international association in 1987 as Summit International Associates, Inc., and rebranding globally as Baker Tilly in 2002.
Governed by an international board and emphasizing a partner-led, client-focused approach, Baker Tilly International ranks among the top 10 networks, facilitating cross-border collaboration without centralized control over member operations.

Overview

Network Structure and Independence

Baker Tilly International functions as a coordinated network of independent member firms, each operating as a distinct legal entity that delivers advisory, tax, assurance, and related services within its local jurisdiction. Baker Tilly International Limited, incorporated in England, serves as the central coordinating body for the network but does not engage in direct client services or exert ownership over members. This model, common among global professional services networks, enables localized expertise and responsiveness while facilitating cross-border collaboration. The independence of member firms is structurally embedded to uphold objectivity, particularly in and assurance engagements where regulatory frameworks—such as those from bodies like the International Auditing and Assurance Standards Board— separation from centralized control to mitigate risks of impaired or conflicts of . Each firm maintains its own , , and liability, adhering voluntarily to network-wide and ethical standards without subordination to a . This arrangement limits shared liability across the network, protecting firms from the actions of others while allowing pooling for multinational clients. Governance occurs through an International Board composed of at least 15 senior partners elected from member firms, representing diverse regions and firm sizes, which convenes biannually to establish strategic priorities, core values, and operational guidelines. Chaired by Kreischer of the U.S. member firm, the Board provides oversight without impinging on firm . Complementing this, a Global in —led by CEO Francesca Lagerberg and COO Grainger—manages network coordination, including best-practice , standards via figures like Jeffrey, and support services in areas such as and , all through advisory recommendations rather than directives. Member firms commit to protocols for , , and compliance, monitored via internal network mechanisms, ensuring alignment with international standards like those from the while preserving local regulatory adherence and operational . This balance supports the network's , as evidenced by its evolution from 50 firms in 20 territories in 1987 to a presence spanning over offices in more than 140 countries today.

Global Scale and Revenue

Baker Tilly International's network consists of independent member firms spanning 143 territories, with 698 offices and 43,515 employees worldwide as of 2024. This structure provides extensive geographic coverage, particularly concentrated in (328 offices), (138 offices), and (106 offices). The reported record global revenues of $5.62 billion for the ended , 2024, marking a 9% increase (or 9.5% at constant exchange rates) from $5.2 billion in 2023. growth varied by , with EMEA at 13%, North at 11%, Latin at 18% in terms (despite a slight dollar decline), and Asia-Pacific at 2% in . By service line, advisory services expanded 16%, tax 11%, legal services 17%, and assurance/accounting 5%. Of the 3,480 partners, 26% were female. These figures position Baker Tilly International as a top-10 global accounting network by revenue, per the 2025 Annual International Accounting Bulletin World Survey. The network's scale supports its ranking as the ninth-largest professional services organization worldwide.

History

Origins in the 19th Century

The earliest roots of Baker Tilly International's network lie in independent accounting firms established in the United Kingdom during the late 19th century, when the profession was emerging amid industrialization and expanding commerce. Walter Howard, founded in 1870 in London, served as a key predecessor, providing auditing and financial advisory services that emphasized meticulous record-keeping for growing businesses. This firm exemplified the era's shift toward formalized accountancy practices, driven by demands for transparency in joint-stock companies following the Joint Stock Companies Act of 1844. Concurrent developments included the short-lived Tilly & partnership, operational in before its dissolution in , which focused on similar in the burgeoning sector. John Henry Tilly, a principal in this venture, participated in early professional governance, including the inaugural Council of the Society of Accountants in , reflecting the period's efforts to standardize qualifications and amid rapid economic change. These practices contributed to the foundational expertise later integrated into Tilly through subsequent mergers. By the 1870s and 1880s, additional firms like that of Harvey Edward Preen, started in 1875 and reorganized as Harvey Preen & Co. in 1891, expanded the network's antecedents by serving clients in and , where accurate financial reporting became essential for and . The formation of the Institute of Chartered Accountants in in 1880 further professionalized these entities, enforcing examinations and charters that elevated their and . Such origins how Tilly's member firms evolved from localized 19th-century partnerships into a global structure, rooted in empirical auditing demands rather than centralized origins.

Formation and Early International Growth

In 1987, Baker Tilly International was formed as International Associates, Inc., incorporating approximately fifty independent accounting firms across twenty countries to enable coordinated global services in audit, tax, and advisory. This structure emphasized member firm autonomy while providing a platform for international collaboration, addressing the growing demand for cross-border expertise amid increasing globalization of business in the late 1980s. The founding aimed to position mid-sized firms competitively against larger networks like the Big Four, leveraging collective resources without centralizing operations. During its initial years, the network expanded its membership and geographic footprint, growing from its original twenty countries to broader representation in Europe, , and emerging markets by the mid-1990s. Key developments included strategic affiliations that enhanced service capabilities, such as shared knowledge on international compliance and standards, which supported client needs in multinational transactions. By 2000, Summit International Associates relocated its headquarters to , facilitating closer alignment with European regulatory environments and administrative efficiencies. The network rebranded to Baker Tilly International in , adopting the name derived from historic predecessor firms to unify branding and capitalize on established reputations in . This transition marked accelerated early growth, propelling the into the top ten global as ranked by the International Accounting Bulletin, with expanded membership exceeding 100 firms and presence in over 40 countries by the mid-2000s. The rebranding emphasized standardized quality protocols across members, including adherence to international standards like IFRS, which bolstered credibility and attracted further affiliations in Asia and Latin America.

Modern Expansion and Rebranding

In the early 2000s, Baker Tilly International pursued aggressive expansion to solidify its position as a leading global network of independent professional services firms. Following the relocation of its headquarters from New York to London in 2000, the network rebranded from Summit International Associates to Baker Tilly International in 2002, adopting the name of its established UK member firm to leverage its international reputation and foster greater brand cohesion across members. This rebranding coincided with rapid geographic growth, expanding the network's presence to over 100 countries by 2007 through strategic affiliations with new independent firms in Europe, the Americas, Asia-Pacific, and emerging markets. The marked further consolidation and modernization, with navigating challenges such as the departure of its member firm to RSM International in 2015 while continuing to add territories and enhance service capabilities. A pivotal initiative launched on December 3, 2018, introduced a refreshed visual identity, new logo, and purpose statement "Now, for tomorrow," designed to reflect 's forward-looking advisory focus and unify branding amid increasing global competition. By the end of January 2019, member firms across 130 territories had adopted the Baker Tilly trade name, with over 90% of eligible firms aligning under the common brand to improve client recognition and operational synergy. Into the 2020s, expansion accelerated via member firm integrations and new market entries, exemplified by the addition of firms in and other regions in 2023, contributing to nearly 40% network growth since 2017. This momentum supported record global revenues of US$5.62 billion for the year ended December 31, 2024, a 9% rise from 2023, driven by advisory and tax services demand in 143 territories. The post-2018 brand framework has facilitated these developments by enabling scalable collaboration among autonomous members without compromising local expertise.

Organization and Governance

Leadership and Global Office

The Global Office of Baker Tilly International is situated in London at 2 London Wall Place, EC2Y 5AU, , and serves as the central hub for coordinating the network's operations. It is led by the (CEO) and (COO), focusing on day-to-day management, policy recommendations, , and alignment with the global strategy across member firms. The office ensures consistency in standards, values, and strategic execution while respecting the of individual member firms. The leadership team oversees key functional areas, including strategy, operations, marketing, professional standards, finance, and human resources. Francesca Lagerberg has served as CEO since June 1, 2022, driving network growth and capabilities. Adam Grainger was appointed COO in January 2023, managing operational aspects after over 15 years with the organization. Other key members include Sara Jane Knox as Global Strategy Officer, Layisha Laypang as Director of Marketing and Communications, Nick Jeffrey as Director of Professional Standards, Calum Botham as Finance Director, and Abigail Bruce as Director of People Strategy. Governance is provided by an International Board comprising at least 15 senior partners from member firms worldwide, representing diverse regions. The board, chaired by Kreischer from , , meets twice annually to establish network values, standards, and strategic direction, including oversight of the CEO. Board members include Audrey Katcher (), Manuel Aguilar (), Klaus Bauer-Mitterlehner (), Thomas Gemmeke and Ralf Groening (), Andrew Heng (), Fred Kostecki and Angela MacPhee (), Lloyd (), Xavier Mercade (), Erik Moens (), Laure Mounier (), Jingzhi (Justin) Qiu (), David Searle (), Rakesh Shaunak (), and Chakib Zaari (). This balances centralized coordination with decentralized , the network to adapt to markets while maintaining global coherence.

Member Firm Model and Autonomy

Baker Tilly International operates as a network coordinated by Baker Tilly International Limited, a UK company limited by guarantee, which oversees a global association of independent member firms without providing client services itself. Each member firm functions as a distinct legal entity under the laws of its local jurisdiction, with no shared ownership, mutual legal partnership, or cross-liability for one another's professional activities or services. This structure ensures that member firms retain full operational autonomy, enabling localized decision-making tailored to regional client needs, regulatory environments, and market conditions, while adhering to network-wide standards for quality, ethics, and branding. The autonomy of member firms is reinforced by the absence of centralized control over day-to-day operations; instead, firms collaborate voluntarily to share best practices, resources, and expertise, fostering professional relationships without compromising independence. Governance occurs through an International Board comprising at least 15 senior partners elected from various member firms across regions and firm sizes, which convenes at least twice annually to establish strategic direction, values, operational procedures, and policy recommendations. The board guides the London-based Global Office leadership, including the CEO, but does not impose binding directives on individual firms' internal management or client engagements, preserving their legal and operational separation. This federated model limits network-wide liability exposure, a common feature in international accounting associations, and allows firms to maintain distinct profit-sharing, staffing, and strategic priorities. Coordination among member firms emphasizes consistency in service delivery—such as audit, tax, and advisory standards—through shared methodologies and training, but ultimate accountability remains with each firm's local leadership. Member firms describe themselves independently in client communications, underscoring their separation from the network entity. As of 2023, the network included 126 such autonomous firms, operating in over 140 territories, though exact counts fluctuate with affiliations and expansions.

Services and Operations

Core Accounting and Advisory Services

Baker Tilly International's member firms deliver core accounting services primarily through assurance engagements, which encompass statutory audits, financial reporting, and compliance verification, conducted on a partner-led basis to ensure objectivity and support clients across audit stages. These services leverage the network's expertise to address complex regulatory requirements in multiple jurisdictions, emphasizing from management to maintain audit quality. Tax advisory forms another foundational pillar, specializing in cross-border , compliance, and optimization strategies tailored to international operations. Member firms provide expertise in areas such as , international , and , drawing on the network's resources across over 700 offices in 141 to navigate varying fiscal regimes and mitigate double risks. Advisory services extend beyond traditional accounting to include strategic consulting, transaction support, and risk management. In transactions, firms assist with , from target identification and to deal execution, as evidenced by case examples where network collaboration facilitated strategic growth acquisitions. Risk advisory covers internal audits, cybersecurity, and environmental, social, and governance (ESG) frameworks, including development of AI governance policies to address emerging regulatory demands. Digital advisory focuses on technology-driven transformations, such as automation, to enhance operational efficiency. All advisory engagements are customized via the network's global-local model, combining localized market knowledge with cross-border coordination for scalable solutions.

Specialized Industry Expertise

Baker Tilly International's member firms provide specialized expertise in , , advisory, and legal services tailored to specific industries, leveraging local market insights combined with global best practices to address sector-specific regulatory, operational, and strategic challenges. This industry-focused approach enables firms to support clients in navigating complex environments, such as compliance with international standards, , and transaction advisory. Key sectors of expertise include agribusiness, where services encompass and ; automotive and , focusing on and ; , resources, and environment, with emphasis on transition to renewable sources and resource extraction audits; , including for banks and insurers; food and beverage, addressing and global trade issues; healthcare and life sciences, covering reimbursement models and ; , aiding and cost efficiencies; not-for-profit and , supporting grant compliance and metrics; , involving valuation and development financing; retail and , tackling integration and ; and technology and , providing IP valuation and cybersecurity advisory. These specializations are delivered through collaborative networks, allowing member firms to draw on collective for cross-border engagements. In technology, for example, expertise includes structuring tax-efficient R&D incentives and supporting mergers in software and hardware sectors. Similarly, in energy, firms assist with ESG reporting and decarbonization strategies amid shifting global regulations. This depth of industry knowledge positions Baker Tilly to serve mid-market clients seeking scalable solutions beyond generic accounting.

Global Presence

Geographic Distribution

Baker Tilly International's network of independent member firms operates in 143 territories across seven designated regions: , , , , , , and . This structure supports coordinated regional oversight while preserving firm , enabling tailored services amid local economic, regulatory, and cultural variances. The regions vary in scope and focus; for instance, the Africa region aids national governments, nongovernmental organizations, and corporations navigating resource-driven economies, whereas the region emphasizes cross-border capabilities in high-growth markets like those in . Europe's operations address legislative diversity across the continent, including post-Brexit adjustments in the , while North America's presence centers on major economies such as the and , with extensive office networks in urban financial hubs. and the regions prioritize public-sector advisory and taxation expertise amid geopolitical shifts, and the integrates local talent with global resources for island-nation clients. Collectively, these member firms maintain over 700 offices and employ more than 43,000 professionals, generating approximately $7 billion in combined as of recent fiscal . The distribution reflects historical growth from European , with expansions into emerging regions driving recent increases in territorial coverage from around 126 in 2019 to the current extent. This global positions as the ninth-largest association worldwide by , though concentrations remain heavier in developed markets like and compared to nascent presences elsewhere.

Key Regional Operations

Baker Tilly International maintains operations across seven primary regions: , , , , , , and . These regions facilitate coordinated service delivery through independent member firms, emphasizing localized expertise in , , and advisory services while adhering to global standards. In 2024, the network achieved aggregate revenues of $5.6 billion, with regional growth varying by market dynamics; , , and (EMEA) led expansion at 13%, driven by in and consulting amid economic recovery and regulatory changes. EMEA Region: Encompassing , , and , this area represents the network's largest operational , with alone covering 55 jurisdictions and supporting cross-border compliance in diverse legislative environments. Member firms here focus on public sector advisory in Latin America-adjacent operations but primarily complex multinational and transaction services in , where cultural and regulatory variances necessitate tailored approaches. Growth in EMEA reflects heightened activity in , particularly in mid-market segments across the , , and emerging African markets. North America Region: Operations span from Honolulu to Chicago, comprehensive coast-to-coast coverage and , with emphasis on , , and industry-specific advisory for sectors like and . The posted 11% growth in 2024, bolstered by domestic expansions such as new offices in Pennsylvania and capabilities in New York Metro areas Manhattan, , and . Member firms prioritize U.S.-centric , including SEC audits and ESG reporting. Asia Pacific Region: This region leverages expertise in , , and , serving dynamic markets from to with services adapted to rapid innovation and capital market access. Revenue increased by 2% in local currency terms during 2024, amid challenges like geopolitical tensions, yet supported by guides on APAC listing pathways and investor strategies. Operations emphasize risk advisory and consulting. Latin America operations highlight public sector engagement and regional trade advisory, while the Caribbean and standalone Middle East/Africa segments address niche needs in energy and infrastructure, though they contribute smaller shares to overall network revenues. Recent shifts, such as the 2025 acquisition of Baker Tilly South-East Europe by MHA for €24 million, underscore ongoing realignments to optimize regional autonomy and client focus.

Notable Member Firms

Baker Tilly US

Baker Tilly US, LLP is a Chicago-headquartered advisory CPA firm providing audit, tax, and consulting services primarily to middle-market clients across the United States. Originally founded in 1931 as Virchow Krause in Waterloo, Wisconsin, by Ed Virchow to serve Midwestern canning companies during the Great Depression, the firm has expanded through organic growth and mergers with over 50 other practices. It adopted the Baker Tilly name following its 2014 combination with ParenteBeard and subsequent integrations, establishing a coast-to-coast presence while maintaining membership in the Baker Tilly International network. The firm employs approximately 6,500 professionals across 55 offices in major U.S. regions, enabling service delivery in sectors including , , , healthcare, , , and . Core offerings encompass assurance for financial reporting, tax planning to optimize deductions and credits, and advisory in areas such as , , AI implementation, ESG compliance, and mergers & acquisitions support. In fiscal year 2023, Baker Tilly US reported net revenue of $1.6 billion, positioning it among the top 10 U.S. advisory CPA firms by size prior to recent strategic shifts. Growth has accelerated via targeted acquisitions, including KraftCPAs in the Southeast, Hayflich CPAs in the Mid-Atlantic, and Alirrium for RPA and AI capabilities, alongside a 2024 majority stake investment from private equity firms Hellman & Friedman and Valeas Capital Partners to fuel expansion. A pivotal development occurred in April 2025 with the announced combination with Moss Adams LLP, valued at approximately $7 billion, aiming to create the sixth-largest U.S. advisory CPA firm with combined revenue exceeding $2.4 billion and enhanced West Coast capabilities. Post-combination, audit operations will consolidate under Baker Tilly US, LLP, while advisory segments operate semi-independently to preserve specialized expertise. This move reflects broader industry consolidation trends driven by talent competition and regulatory pressures, though it has drawn scrutiny from the Public Company Accounting Oversight Board (PCAOB) over prior quality control lapses in issuer audits.

Prominent International Members

MHA, the independent and member firm of Baker Tilly International, operates as one of the network's key European entities, providing , , consulting, and advisory services across multiple offices. For the year ended March 31, , MHA reported total revenues of £224 million (approximately $303 million), reflecting a 45% increase from the prior year, driven by organic growth and acquisitions, with profits rising 32%. The firm, which underwent an in where it sold a 35% stake for £98 million, has positioned itself for further expansion, including potential integration with other Baker Tilly members. Baker Tilly Canada, comprising an association of independent chartered professional accounting firms coast-to-coast, serves as the network's primary North American member outside the US, with approximately 800 employees and annual revenues around US$119 million. Recognized as one of Canada's largest such associations, it delivers audit, tax, and advisory solutions tailored to local industries, leveraging the global network for cross-border expertise. In Australia, Partners functions as the member firm, an association of independent practices offering services in , , and advisory, with a notable presence in major cities like and . The firm gained international visibility when one of its partners, Bull based in , was appointed Baker Tilly International's Global Head of in 2024, underscoring its in shaping network-wide standards. Other notable international members include ASA in India, which joined the network in November 2023 as one of the country's largest domestic accounting and consulting firms, enhancing Baker Tilly's Asia-Pacific footprint. These firms maintain autonomy under the network's model, contributing to Baker Tilly International's overall global revenues of US$5.62 billion for the year ended December 31, 2024, while focusing on regional client needs.

Achievements and Rankings

Revenue Milestones and Global Positions

Baker Tilly International reported global revenues of for the financial year ended , 2023, reflecting an 11% increase from 2022 and crossing the $5 billion threshold for the first time. This growth, which accumulated nearly 30% since 2020, was attributed to expansions across all service lines and regions, including advisory and tax services. Revenues continued to rise in 2024, reaching a record US$5.62 billion for the year ended December 31, up 9% (or 9.5% at constant exchange rates) from 2023, with and leading regional gains. The network maintains a position among the top 10 global organizations by revenue, as self-reported in its operational , and is ranked ninth among worldwide accounting firms based on 2024 fiscal data. These standings position Baker Tilly as a mid-tier leader outside the Big Four, emphasizing its focus on mid-market clients through a decentralized model of over 700 member firms in 145 territories.

Awards and Industry Recognitions

In 2023, Baker Tilly International was named Network of the Year at the International Accounting Forum & Awards ceremony in , recognizing its global coordination, service delivery, and growth among accountancy networks. The network received the Global Reach Award at the Absorb Customer Awards in 2024, honoring its deployment of the Absorb to support the Baker Tilly Learning Hub, which facilitates training across member firms in over 700 locations worldwide. Baker Tilly International was included in TIME magazine's 2025 list of the World's Best Companies, based on surveys assessing employee satisfaction, revenue growth, and innovation, with the network cited for its connected global approach to professional services.

Controversies and Criticisms

Regulatory Fines and Audit Deficiencies

In January 2025, the Public Company Accounting Oversight Board (PCAOB) imposed a $500,000 civil money penalty on Baker Tilly US, LLP, censured the firm, and required it to engage an independent consultant for quality control remediation due to repeated failures to address audit deficiencies identified in PCAOB inspections from 2018 onward. These violations involved systemic shortcomings in the firm's quality control system, including inadequate testing of internal controls over financial reporting (ICFR), insufficient evaluation of accounting estimates, and failure to perform substantive procedures on revenue recognition, despite PCAOB communications highlighting risks in 2018 and 2019. The PCAOB determined that from 2021 to 2022, the firm did not implement effective changes to its methodologies, leading to ongoing engagement deficiencies in issuer audits. PCAOB inspections of have consistently identified audit deficiencies, such as in a 2024 review of audit where the firm failed to adequately inventory valuations and related assertions, potentially undermining the reliability of . In February 2024, the PCAOB also sanctioned for violations of rules on communications with audit committees, contributing to a collective $240,000 in penalties across four firms for failing to timely report certain audit matters. Internationally, member firms have faced similar regulatory actions. In February , the Global Market's Registration Authority fined Tilly's UAE operations and its audit principal for significant failures to comply with () in two audits, including inadequate evidence gathering and risk assessments. In the , the (FRC) imposed sanctions in April on Tilly partners for deficiencies in the audit of Tanfield Group PLC, where errors in revenue recognition and related party disclosures were overlooked due to insufficient professional skepticism and testing. Additionally, in August , the 's (FCA) issued its first-ever censure against a Tilly unit (following the 2023 merger with MHA MacIntyre Hudson) for inadequate preparation of client asset reports, breaching regulatory requirements on custody verification. Earlier incidents include a 2014 SEC order requiring Baker Tilly Hong Kong to disgorge $75,000 in audit fees plus interest and barring it from new U.S. issuer clients for two years, due to failures in auditing a U.S.-listed issuer's internal controls and financial statements. PCAOB reports on Canadian member Baker Tilly WM LLP in 2024 similarly noted non-compliance with standards in fraud risk assessments during an issuer audit. These cases reflect recurring themes of insufficient audit rigor across Baker Tilly's network, though the firm has not faced firm-wide international bans or multi-million-dollar penalties comparable to larger networks.

Investigations into Member Firms

In January 2025, (PCAOB) imposed a $500,000 civil penalty on , LLP, censuring the firm for repeated failures to implement and maintain an adequate of over its audits of public companies. The sanctions stemmed from PCAOB inspections in 2018 and 2019 that identified significant deficiencies in multiple issuer audits, including inadequate testing of internal controls and improper evaluation of accounting estimates, which the firm failed to remediate despite notifications. As part of the settlement, must undertake a review of its policies, conduct firm-wide training, and report compliance to the PCAOB within one year. In the United Kingdom, the (FRC) fined the predecessor to MHA (the current UK member firm, formerly Baker Tilly UK) £750,000 in April 2019 for misconduct in the 2007-2008 audits of Tanfield Group, a specialist vehicle manufacturer. The investigation found that two partners exhibited a lack of professional skepticism, failed to obtain sufficient evidence on and related party transactions, and did not adequately challenge management's assertions amid indicators of potential . Both partners received severe reprimands and individual fines totaling £35,000, with the FRC emphasizing systemic issues in the firm's approach to high-risk areas. More recently, in July 2024, the FRC imposed a £120,250 financial sanction (discounted from £200,000 for admissions and ) on MHA for "numerous breaches" in its 2018-2019 audits of MRG , an issuer of bonds linked to Metro . The regulator cited deficiencies in , substantive testing of loan portfolios, and evaluation of impairment provisions, which contributed to overstated asset values. The former audit engagement partner faced an additional £62,500 penalty and a five-year ban from audit sign-off roles. In August 2024, the Financial Conduct Authority (FCA) publicly censured MHA for failing to meet required standards in client asset reports for two authorized funds between 2019 and 2021, marking the regulator's first such action against an auditor. The FCA determined that MHA's reports contained inaccuracies in asset reconciliation and verification procedures, potentially undermining investor protections, though no financial penalty was levied due to the firm's remedial actions. Earlier, in December 2014, the U.S. Securities and Exchange Commission (SEC) sanctioned a Hong Kong-based Baker Tilly affiliate, requiring disgorgement of $75,000 in audit fees plus interest for violations in auditing a U.S.-listed issuer, including failures to maintain independence and perform adequate due diligence. The firm was barred from accepting new U.S. issuer clients until compliance improvements were verified.

Recent Developments

Acquisitions and Strategic Moves

In April 2025, Baker Tilly US announced a planned with , another prominent firm, to form the sixth-largest advisory CPA firm by , enhancing capabilities in , , and consulting services across multiple sectors. This move aligns with the network's emphasis on scaling U.S. operations amid competitive pressures in the industry. Baker Tilly US pursued targeted acquisitions to bolster regional footprints and specialized expertise. In February 2025, it agreed to acquire CironeFriedberg, a Connecticut-based CPA and advisory firm, to strengthen its Northeast presence and client base in manufacturing, healthcare, and not-for-profit sectors. This was followed in March 2025 by the planned acquisition of Hayflich CPAs PLLC, serving West Virginia clients, expanding mid-Atlantic coverage. Also in March, Baker Tilly acquired Invoke Tax Partners, a Dallas-based specialist in state and local tax services, to deepen tax advisory offerings for middle-market clients. In July 2025, the firm announced intent to acquire KraftCPAs PLLC, a Nashville-based advisory practice, further extending Southeast capabilities in audit, tax, and business consulting. Internationally, the network experienced a notable divestiture when MHA completed the acquisition of Baker Tilly South-East Europe (BTSEE) in August 2025 for €24 million, integrating BTSEE's audit, tax, advisory, legal, and corporate services across the region into MHA's structure and effectively removing it from the Baker Tilly network. Concurrently, strategic technology integrations advanced, including the September 2025 expansion of collaboration with Envisio to provide integrated performance management solutions for public sector clients. These actions reflect a mix of organic growth via member firm expansions and selective partnerships to address evolving demands in automation and strategic planning.

Performance in 2024-2025

In 2024, Baker Tilly International achieved record global revenues of for the fiscal year ended , representing a 9% increase from US$5.2 billion in 2023, or 9.5% growth at constant exchange rates. This performance reflected revenue expansion across all regions, with , , and (EMEA) leading at 13% growth, followed by at 11%; grew 2% in local currency terms, while saw an 18% rise in local currency despite a USD decline due to exchange fluctuations. Service line contributions underscored for non-traditional offerings, as legal services expanded 17% and advisory services 16%, outpacing (11%) and assurance and (5%). Headcount rose modestly by 1.2% to 43,515 professionals, including 3,480 partners, with representation among partners reaching 26%, signaling efficient utilization amid economic pressures. CEO Francesca Lagerberg attributed the results to sustainable expansion, noting that revenue growth significantly exceeded headcount increases, and highlighted client in a challenging market. Into , the network anticipated heightened activity from post-election regulatory changes and new legislation, positioning it for continued momentum. 2025, Baker Tilly was recognized magazine's of the World's Best Companies, evaluated on employee satisfaction, revenue growth, and environmental, social, and governance metrics, affirming its operational strength entering the year. No full-year 2025 financials were available as of late , though industry outlooks from the firm suggested optimistic transaction volumes in sectors like mergers and acquisitions.

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