BDO’s new COO and chair plan improvements

BDO USA has recently made strategic appointments in the form of a new chief operating officer (COO) and chair to oversee the firm’s efforts to enhance its audit practice, technology, and implement an employee stock ownership plan (ESOP).

Last month, BDO announced the appointment of assurance principal Mark Ellenbogen as the new COO, succeeding Steve Ferrara, who retired after a 33-year career with the firm. Ellenbogen, with over 30 years of experience in public accounting and more than two decades at BDO USA, aims to strengthen the firm’s foundations and drive growth in his new role.

Additionally, BDO named Natalie Kotlyar as the new chairwoman, bringing over 25 years of experience at the firm. She will focus on further developing the ESOP introduced last August, allowing all 10,000 employees to benefit from the firm’s value.

BDO is also working on improving its audit quality, technology, and expanding its services. The firm has set up an Audit Quality Advisory Council to address issues identified in the most recent inspection report by the Public Company Accounting Oversight Board. Furthermore, BDO is investing in technology, including artificial intelligence (AI), with new board members like Kirstie Tiernan leading digital innovation efforts.

Ellenbogen aims to expand BDO’s AI expertise and drive innovation within the firm, leveraging tools like ChatGPT for employee assistance. He also plans to continue the firm’s growth strategy through mergers and acquisitions, aiming to cover all major markets in the US.

Overall, with a focus on audit quality, technology advancements, and growth strategies, BDO is positioning itself for continued success in the accounting industry.