PFK O’Connor

KYCO: Know Your Company

Reveal Profile

3 November 2025

1) Overview of the Company

PKF O’Connor Davies, LLP is one of the nation’s largest accounting, tax and advisory practices, founded in 1891 and headquartered in Harrison, New York. The firm operates as an Exempt Reporting Adviser (ERA) with comprehensive service offerings spanning accounting and assurance, tax services, advisory, technology and cybersecurity, private client services, and outsourced services. PKF O’Connor Davies maintains over 20 office locations across the eastern United States, including New York, New Jersey, Connecticut, Maryland, Massachusetts, Rhode Island, Florida, and Pennsylvania, with additional operations in India through offices in Ahmedabad, Chennai, Hyderabad, and Mumbai.

The organization employs over 1,600 professionals and serves clients across diverse industries including financial services, healthcare, real estate, construction, technology, manufacturing, and not-for-profit organizations. As the lead North American representative of PKF International Limited, the firm provides global reach through a network of over 400 offices in 150 countries. PKF O’Connor Davies ranked #25 on Accounting Today’s 2023 Top 100 Firms list, reflecting significant growth with a 34% year-over-year revenue increase and 43% increase in partners.

In November 2024, PKF O’Connor Davies announced a strategic growth investment from Investcorp, a leading global alternative investment firm, and PSP Investments, one of Canada’s largest pension investment managers. This transaction provides enhanced financial resources for accelerated M&A activity, technology investments, and expanded service lines while maintaining the firm’s alternative practice structure. The firm operates through PKF O’Connor Davies LLP, which provides attest services, and PKF O’Connor Davies Advisory LLC with its subsidiary entities, which provide tax and advisory services.

2) History

PKF O’Connor Davies, LLP was founded in 1891, establishing over 130 years of continuous operation in the accounting and advisory services industry. The firm has evolved from its regional origins to become one of the nation’s largest accounting, tax and advisory practices, ranking #25 on Accounting Today’s 2023 Top 100 Firms list.

Throughout its history, PKF O’Connor Davies has pursued strategic growth through both organic expansion and targeted acquisitions. The firm has built a comprehensive geographic footprint with over 20 office locations across the eastern United States, including operations in New York, New Jersey, Connecticut, Maryland, Massachusetts, Rhode Island, Florida, and Pennsylvania. The organization has also expanded internationally with offices in India, including locations in Ahmedabad, Chennai, Hyderabad, and Mumbai.

A significant milestone in the firm’s recent history occurred in November 2024 when PKF O’Connor Davies announced a strategic growth investment from Investcorp, a leading global alternative investment firm, and PSP Investments, one of Canada’s largest pension investment managers. This transaction provides enhanced financial resources for accelerated M&A activity, technology investments, and expanded service lines while maintaining the firm’s alternative practice structure.

The firm’s growth strategy has included notable acquisitions, with the most recent being the addition of Rainer & Company in June 2025. Founded in 1954, the Pennsylvania-based firm brought four shareholders and 25 staff members, enhancing PKF O’Connor Davies’ presence in construction, real estate, manufacturing, and employee retirement plan services. In 2024, the firm also welcomed several strategic additions, including PKF O’Connor Davies Advisory appointing new Board Members Laura K. Barooshian, Karen Taylor-Burke, and Brian M. Varley to oversee the organization’s strategic direction.

PKF O’Connor Davies operates as the lead North American representative of PKF International Limited, providing global reach through a network of over 400 offices in 150 countries. The firm maintains its operational structure through PKF O’Connor Davies LLP, which provides attest services, and PKF O’Connor Davies Advisory LLC with its subsidiary entities, which provide tax and advisory services.

3) Key Executives

Kevin J. Keane serves as Chief Executive Officer and Executive Chairman at PKF O’Connor Davies, bringing over 30 years of experience to the firm. He joined the organization more than three decades ago and has spearheaded the expansion of the firm’s capabilities while maintaining its commitment to outstanding client service. Kevin was inducted into Accounting Today’s prestigious Managing Partner Elite Class of 2017, a distinction given to only 10 managing partners annually. He holds a Master of Business Administration degree in Corporate Finance from Pace University and a Bachelor of Science degree in Accounting from State University of New York at Albany.

Anthony J. Capellupo functions as Chief Financial Officer at PKF O’Connor Davies, contributing over 30 years of accounting and finance experience across multiple industries in both public and private accounting sectors. Prior to joining the firm, Anthony served as Controller of Initiative, a global communications network within the Interpublic Group of Companies, and worked as an accountant at Joseph P. Kennedy Enterprises, Inc. He earned his Master of Business Administration in Finance from Pace University and Bachelor of Science degree in Accounting from Fordham University.

Christopher McPhee operates as Chief Information Officer at PKF O’Connor Davies, responsible for leading the firm’s global IT strategy and operations. He brings over 30 years of experience in technology service management and project management, with a proven track record managing multi-million-dollar budgets and large global teams. Christopher previously worked on projects for leading global investment banks, including delivering global IT services supporting Basel regulatory capital calculations and reporting. He holds a Master of Business Administration degree in Information Systems from University of Maryland and a Bachelor of Arts degree in Computer Science from State University of New York at Albany.

Kathleen O’Toole serves as Chief Marketing Officer at PKF O’Connor Davies, bringing extensive experience in driving market share and revenue increases at leading financial and professional services companies. She previously held positions as Chief Marketing Officer at Rothstein Kass and Senior Vice President and Head of Global Investment Management Marketing at Lehman Brothers, Inc. Kathleen received recognition as a 2022 Crain’s New York Business Notable in Advertising, Marketing and PR and was a finalist for the Association for Accounting Marketing’s Marketer of the Year 2017. She earned her Bachelor of Arts degree from Villanova University.

Dawn V. Perri functions as Chief Human Resources Officer at PKF O’Connor Davies, overseeing comprehensive human resources operations for the firm’s over 1,500 team members across 19 offices. She brings over 25 years of experience in human resources and employee relations, previously serving in senior HR roles at two national accounting firms and two major law firms. Dawn received the 2021 Ovation Award for Diversity, Equity & Inclusion from New Jersey Certified Public Accountants and was named a “Notable HR Leader” by Crain’s New York Business in 2022. She holds a Bachelor of Arts degree in Psychology from Fordham University.

Gemma Leddy serves as Partner-in-Charge of the firm’s Family Office practice, bringing over 25 years of experience working with high-profile and ultra-high-net worth individuals and multi-generational families. She was named one of the “50 Most Influential Women in Private Wealth” by Private Asset Management magazine in 2016. Prior to joining PKF O’Connor Davies, Gemma served as Chief Financial Officer and Controller of a private family investment firm in New York City and was a Partner in a mid-sized NYC certified public accounting firm. She earned her Bachelor of Arts degree in Economics and Accounting from Queens College.

Eric Gelb operates as a Partner in PKF O’Connor Davies Advisory LLC, specializing in fractional and outsourced CFO services with over 30 years of experience in financial services. His background includes roles at Citigroup’s Citicapital Bankers Leasing, JPMorgan, and Inner Circle Sports. Eric created a multi-seller asset-backed conduit at JPMorgan where he originated $1.9 billion of assets in 15 months. He holds a Master of Business Administration degree in Finance and Marketing from Columbia School of Business and a Bachelor of Science degree in Accounting from The Wharton School at the University of Pennsylvania.

Marc L. Rinaldi functions as Senior Consultant with over 35 years of industry experience, serving as a leader in sustainable investing and alternative investment accounting. He previously served as Partner-in-Charge of the organization’s Financial Services practice and CEO of O’Connor Davies Administration, LLC. Marc’s background includes experience at Goldman Sachs & Co., Merrill Lynch International Bank, Ltd., and Bank of America, Ltd. He earned his Master of Business Administration degree in Taxation from New York University Stern School of Business and Bachelor of Science degree in Accounting from Lehigh University College of Business.

Roman Z. Matatov serves as Partner specializing in CFO Solutions and Accounting Outsourcing with over 20 years of experience. He has held corporate finance and accounting leadership positions for digital health software and data-as-a-service companies, and previously practiced as a business appraiser and forensic accountant involved in over 120 matters. Roman taught graduate-level courses at Baruch College and holds multiple certifications including CPA, CFE, and CVA. He earned his Master of Science degree in Accountancy and Bachelor of Business Administration degree in Finance and Investments from Baruch College.

Brian Allen operates as Partner in PKF O’Connor Davies Advisory LLC with over 25 years of experience serving in Controller and CFO positions with both public and private companies. Over the past 15 years, he has been engaged by numerous companies across consumer electronics, beverage, media, and manufacturing industries to improve financial operations and serve in interim senior financial positions. Prior to joining the organization, Brian owned a financial advisory practice focused on middle market consumer product businesses. He holds a Bachelor of Science degree in Accounting from Oregon State University.

4) Ownership

PKF O’Connor Davies, LLP operates through a complex ownership structure involving multiple business entities. The firm maintains an alternative practice structure in accordance with applicable professional standards, where PKF O’Connor Davies LLP serves as a licensed CPA firm providing attest services, while PKF O’Connor Davies Advisory LLC and its subsidiary entities provide tax and advisory services.

In November 2024, PKF O’Connor Davies completed a transformational strategic growth investment from two institutional investors: Investcorp, a leading global alternative investment firm, and Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers. This transaction represents the most significant ownership development in the firm’s recent history, providing enhanced financial resources while maintaining the organization’s alternative practice structure.

The investment allows PKF O’Connor Davies to continue operating under its existing governance framework with over 200 partners maintaining their leadership roles throughout the organization. Investcorp, founded in 1982 and managing $52 billion in assets, brings extensive experience in professional services investments, having previously invested in firms including AlixPartners, ICR, Resultant, United Talent Agency, and CrossCountry Consulting. PSP Investments manages $264.9 billion of net assets as of March 31, 2024, with a diversified global portfolio spanning capital markets, private equity, real estate, infrastructure, natural resources, and credit investments.

The firm maintains its position as the lead North American representative of PKF International Limited, providing access to a global network of over 400 offices in 150 countries. This international affiliation supports PKF O’Connor Davies’ global service delivery capabilities while preserving its operational independence. The strengthened balance sheet from the November 2024 investment provides enhanced flexibility for accelerated M&A activity, technology investments, and expansion of service lines.

Throughout 2024 and 2025, PKF O’Connor Davies has continued its strategic expansion through targeted acquisitions. In June 2025, the firm welcomed Rainer & Company, a Pennsylvania-based firm founded in 1954 with four shareholders and 25 staff members, enhancing capabilities in construction, real estate, manufacturing, and employee retirement plan services. This acquisition pattern demonstrates the firm’s commitment to strategic growth while maintaining its partnership-driven culture and client-focused approach.

5) Financial Position

PKF O’Connor Davies, LLP has demonstrated strong financial performance and growth trajectory, ranking #25 on Accounting Today’s 2023 Top 100 Firms list with significant year-over-year expansion. The firm reported a 34% revenue increase and 43% increase in partners in 2023, positioning it among the fastest-growing accounting firms in the United States. This growth pattern continued from 2022, when the firm achieved a 33.73% year-over-year revenue increase.

The firm employs over 1,600 professionals across more than 20 office locations, representing substantial human capital and operational scale. With over 200 partners maintaining leadership roles throughout the organization, PKF O’Connor Davies demonstrates a stable ownership structure that supports both client service delivery and business development initiatives.

In November 2024, PKF O’Connor Davies completed a transformational strategic growth investment from Investcorp and PSP Investments, providing enhanced financial resources without disclosing specific transaction terms. This investment strengthens the firm’s balance sheet and provides capital for accelerated M&A activity, technology investments, and expanded service lines. The partnership with institutional investors managing combined assets of over $300 billion demonstrates confidence in the firm’s financial position and growth prospects.

The firm’s diversified revenue streams span accounting and assurance, tax services, advisory, technology and cybersecurity, private client services, and outsourced services across multiple industry verticals. This diversification provides financial stability and reduces dependence on any single service line or client sector. PKF O’Connor Davies serves clients ranging from middle-market companies to high-net-worth individuals and multinational corporations, supporting revenue stability across economic cycles.

The organization’s continuous expansion through strategic acquisitions, including the June 2025 addition of Rainer & Company and previous acquisitions in 2024, demonstrates financial capacity to execute growth initiatives. The firm’s ability to attract and integrate acquired firms while maintaining operational efficiency indicates strong financial management and integration capabilities.

PKF O’Connor Davies maintains global reach as the lead North American representative of PKF International Limited, providing access to international markets and revenue opportunities through a network of over 400 offices in 150 countries. This international affiliation supports cross-border client service delivery and enhances the firm’s competitive positioning for multinational engagements.

6) Market Position

PKF O’Connor Davies, LLP holds a strong position in the accounting and advisory services market, ranking #25 on Accounting Today’s 2023 Top 100 Firms list and earning recognition as one of the fastest-growing firms in the United States. The firm’s 34% year-over-year revenue increase and 43% increase in partners in 2023 demonstrates significant market momentum and competitive advantage in attracting both clients and talent.

The organization has established a comprehensive geographic footprint with over 20 office locations across the eastern United States, providing significant market coverage in key business centers including New York, New Jersey, Connecticut, Maryland, Massachusetts, Rhode Island, Florida, and Pennsylvania. This geographic diversity enables the firm to serve regional and national clients while maintaining local market presence and relationships.

PKF O’Connor Davies serves a diverse client base across multiple industries including financial services, healthcare, real estate, construction, technology, manufacturing, and not-for-profit organizations. The firm’s specialized industry expertise includes dedicated practices for high-growth sectors such as cannabis, family offices, and affordable housing, positioning it to capitalize on emerging market opportunities and regulatory developments.

As the lead North American representative of PKF International Limited, PKF O’Connor Davies provides global reach through a network of over 400 offices in 150 countries. This international affiliation enhances the firm’s competitive positioning for multinational client engagements and cross-border transactions, differentiating it from purely domestic competitors.

The firm has achieved superior client satisfaction performance, earning ClearlyRated’s 2024 Best of Accounting Award with a Net Promoter Score of 79.4%, nearly double the accounting industry average of 41%. The 2025 client experience survey showed an NPS score of 81.3%, significantly surpassing the 2024 industry average of 38%, with 99% of clients reporting satisfaction with their service teams.

PKF O’Connor Davies has demonstrated leadership in technology adoption and innovation, launching enterprise-wide integration of ChatGPT in October 2025 with dedicated AI Governance Council oversight. The firm’s technology advisory services include artificial intelligence strategy, robotic process automation, cloud solutions, and comprehensive cybersecurity services, positioning it as a forward-thinking advisor in digital transformation initiatives.

The November 2024 strategic growth investment from Investcorp and PSP Investments provides enhanced financial resources for market expansion and competitive positioning. This institutional backing enables accelerated M&A activity, technology investments, and service line expansion, strengthening the firm’s ability to compete with larger competitors and capture market share in key sectors.

Recent industry recognition includes being named “Accounting/Due Diligence Firm of the Year” by the 22nd Annual M&A Advisor Awards in December 2023, demonstrating market recognition for specialized transaction advisory capabilities. The firm also ranked #9 on Vault’s 2026 Accounting 25 list with its highest-ever overall ranking, excelling in client interaction, training, internal mobility, and promotion policies.

7) Legal Claims and Actions

PKF O’Connor Davies, LLP has experienced significant regulatory enforcement actions over the past 10 years, with penalties and sanctions imposed by both the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) for audit failures and professional misconduct.

The most significant enforcement action occurred on October 31, 2016, when the SEC charged PKF O’Connor Davies, LLP and partner Domenick F. Consolo with issuing fraudulent audit reports in connection with municipal bond offerings by the Town of Ramapo, New York, and its local development corporation. The SEC found that PKF O’Connor Davies allowed Ramapo to record a $3.08 million receivable in its general fund for a property sale that Consolo knew had not occurred, representing 75% of the town’s general fund balance. The firm agreed to forfeit approximately $380,000 in audit fees and interest and pay a $100,000 penalty, while Consolo agreed to pay a $75,000 penalty and be suspended from practicing public company accounting. Additionally, PKF O’Connor Davies was required to engage an independent consultant and post the SEC’s order on its website.

On January 25, 2022, the PCAOB censured PKF O’Connor Davies, LLP and imposed a $40,000 penalty for quality control failures evidenced in integrated audits of two real estate investment trusts for fiscal years 2018 and 2019. The PCAOB found that the firm failed to test the operating effectiveness of information technology general controls, failed to test the completeness and accuracy of certain issuer-produced reports, and failed to perform sufficient procedures to respond to fraud risks. The violations were attributed to the firm’s failure to properly design, implement, and monitor an effective quality control system, including insufficient practice aids, inadequate technical training on auditing internal control over financial reporting, and insufficient internal monitoring procedures.

In March 2024, PKF O’Connor Davies, LLP received disciplinary action from the New York State Education Department, agreeing to a consent order that resulted in censure and reprimand along with a $7,500 fine for professional misconduct. This action was part of broader professional discipline cases announced by the Board of Regents.

The firm faces ongoing litigation in multiple federal courts. In March 2025, Michael Andriola filed a qui tam action under the False Claims Act against PKF O’Connor Davies, LLP and related entities in the U.S. District Court for the District of New Jersey. The case involves allegations related to federal contract compliance and remains active with defendants seeking extensions for motion deadlines through October 2025.

PKF O’Connor Davies, LLP is also involved in employment litigation, including Mattern v. PKF O’Connor Davies, LLP, filed in September 2023 in the Eastern District of New York, where a former accountant brought FMLA interference and retaliation claims along with disability discrimination allegations. The case involved an accountant who worked for the firm for 36 years before being terminated shortly after returning from FMLA leave for depression, with the court allowing multiple claims to proceed including FMLA retaliation, disability discrimination under state law, and breach of contract claims.

Additional civil litigation includes PKF O’Connor Davies LLP v. Giordano, a 2023 trade secrets case that was voluntarily dismissed in August 2024, and EverCare Choice Inc. v. PKF O’Connor Davies, LLP, a RICO case filed in 2020 that was compelled to arbitration in January 2021. The EverCare matter involved allegations that the firm “purposefully abdicated their professional audit duties and responsibilities, manipulated EverCare’s annual audits, and concealed and obstructed government investigation into major Medicaid fraudulent schemes.”

The firm’s regulatory history demonstrates a pattern of audit quality issues, particularly in municipal and public company audits, with total penalties exceeding $520,000 over the past decade. PCAOB inspection reports have consistently identified deficiencies in the firm’s audit procedures and quality control systems, most recently noting failures in required communications to management related to identified misstatements.

8) Recent Media

In November 2024, PKF O’Connor Davies, LLP announced a strategic growth investment from Investcorp, a global alternative investment firm, and Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers. While financial terms were not disclosed, the transaction was intended to provide capital to accelerate the firm’s M&A activity, technology investments, and service line expansion. Following the investment, the firm will continue to operate under an alternative practice structure, where PKF O’Connor Davies LLP provides attest services and PKF O’Connor Davies Advisory LLC provides tax and advisory services.

Reflecting its growth strategy, PKF O’Connor Davies acquired Philadelphia-area firm Rainer & Company in June 2025, adding four shareholders and 25 staff members with expertise in construction, real estate, and manufacturing. This followed the January 2024 addition of Robert Philipson & Company, a Maryland-based firm specializing in private client tax services. Media coverage in March 2023 noted the firm’s significant growth, ranking it among the fastest-growing firms with a reported 33.73% year-over-year revenue increase for 2022.

Recent operational and leadership appointments have also been covered. In October 2025, the firm launched an enterprise-wide integration of ChatGPT, supported by a dedicated AI Governance Council and a firmwide training program. In the same month, former IRS Special Counsel Kelly Morrison Lee was hired as Managing Director to lead the Tax Controversy practice. The firm also expanded its advisory practice, appointing Michael Curtiss as a Partner in June 2025 and Patrick Moran as a Partner in April 2025. Partner promotions were announced in January 2025 and January 2023. In January 2025, the firm integrated its subsidiary, PKF Clear Thinking, into its Strategy and Transaction Advisory practice, rebranding the offering as “Turnaround and Restructuring Services.”

In June 2023, Canopy Growth Corporation appointed PKF O’Connor Davies as its auditor, following the resignation of KPMG LLP. The change occurred after Canopy Growth acknowledged “material misstatements” and KPMG issued an “adverse opinion on the effectiveness of internal control over financial reporting” related to its BioSteel division. The firm has also received industry accolades, including being named “Accounting/Due Diligence Firm of the Year” by the 22nd Annual M&A Advisor Awards in December 2023. PKF O’Connor Davies also received ClearlyRated’s “Best of Accounting Award” in August 2025 and October 2024, based on client satisfaction surveys that yielded Net Promoter Scores of 81.3% and 79.4%, respectively.

The firm is facing current litigation. In March 2025, a qui tam lawsuit under the False Claims Act was filed against PKF O’Connor Davies, LLP and related entities by Michael Andriola in the U.S. District Court for the District of New Jersey; as of October 2025, the case is ongoing. In September 2023, former partner Charles Mattern filed an employment lawsuit alleging FMLA interference and retaliation, as well as disability discrimination, after being terminated in September 2021 shortly after returning from FMLA leave; the court allowed several claims to proceed in an August 2024 ruling.

Historically, the firm has been the subject of adverse regulatory and legal media. In October 2016, the Securities and Exchange Commission (SEC) charged the firm and partner Domenick F. Consolo with issuing fraudulent audit reports for the Town of Ramapo, N.Y. The SEC found the firm allowed the town to improperly record a $3.08 million receivable from a property sale that had not occurred. The firm and Consolo settled without admitting or denying the findings, with the firm forfeiting approximately $380,000 in fees and interest and paying a $100,000 penalty, and Consolo paying a $75,000 penalty and receiving a suspension. Separately, a lawsuit was filed in April 2020 by EverCare Choice Inc. alleging RICO violations and that the firm “manipulated EverCare’s annual audits, and concealed and obstructed government investigation into major Medicaid Fraudulent schemes”; the case was compelled to arbitration in January 2021.

Media coverage has also focused on past audit quality and cybersecurity issues. In January 2022, the Public Company Accounting Oversight Board (PCAOB) censured PKF O’Connor Davies and imposed a $40,000 penalty for quality control failures in its 2018 and 2019 integrated audits of two real estate investment trusts. The PCAOB found the firm failed to test the operating effectiveness of IT general controls and perform sufficient procedures for fraud risks, among other deficiencies. A PCAOB inspection report for 2019, publicly released in August 2021, identified multiple deficiencies leading to unsupported opinions for two audits. In April 2021, a data breach involving a third-party vendor, Netgain Technology, LLC, was reported to have occurred between November 8 and November 23, 2020, affecting 995 individuals and compromising names, addresses, Social Security Numbers, and financial account information.

9) Strengths

PKF O’Connor Davies demonstrates exceptional institutional longevity with over 130 years of continuous operation since its founding in 1891. This extensive operating history provides the firm with deep institutional knowledge, established client relationships, and proven resilience through multiple economic cycles. The firm has successfully evolved from its regional origins to become one of the nation’s largest accounting, tax and advisory practices, ranking #25 on Accounting Today’s 2023 Top 100 Firms list.

The firm maintains a diversified service offering spanning accounting and assurance, tax services, advisory, technology and cybersecurity, private client services, and outsourced services. This comprehensive portfolio includes specialized capabilities such as Cybersecurity Maturity Model Certification (CMMC) services from an Authorized C3PAO, forensic and fraud investigations, business strategy and transformation, and ESG advisory services. The breadth of services enables PKF O’Connor Davies to serve as a one-stop solution for complex client needs across multiple disciplines.

PKF O’Connor Davies has achieved superior client satisfaction performance, earning ClearlyRated’s 2024 Best of Accounting Award with a Net Promoter Score (NPS) of 79.4%, nearly double the accounting industry’s 2023 average of 41%. The firm’s 2025 client experience survey results showed an NPS score of 81.3%, significantly surpassing the 2024 accounting industry average of 38%. Additionally, 99% of clients reported satisfaction with their service teams, and 87% confirmed the firm has a thorough understanding of their needs.

The organization operates over 20 office locations across the eastern United States, including New York, New Jersey, Connecticut, Maryland, Massachusetts, Rhode Island, Florida, and Pennsylvania, with additional operations in India through offices in Ahmedabad, Chennai, Hyderabad, and Mumbai. As the lead North American representative of PKF International Limited, the firm provides global reach through a network of over 400 offices in 150 countries. This geographic diversity enables comprehensive service delivery for multinational clients and domestic organizations with international operations.

PKF O’Connor Davies has demonstrated leadership in technology adoption, launching an enterprise-wide integration of ChatGPT in October 2025 supported by a dedicated AI Governance Council and comprehensive firmwide training program. The firm’s technology advisory services include artificial intelligence and machine learning strategy implementation, robotic process automation, cloud-based solutions, and comprehensive cybersecurity services including penetration testing and virtual Chief Information Security Officer (vCISO) services. This technology focus positions the firm to deliver enhanced efficiency and innovative solutions to clients.

The firm serves clients across diverse industries including financial services, healthcare, real estate, construction, technology, manufacturing, and not-for-profit organizations, with dedicated practices for specialized sectors such as cannabis, family offices, and affordable housing. PKF O’Connor Davies maintains deep sector knowledge through industry-focused teams, enabling delivery of tailored solutions that address specific regulatory, operational, and strategic challenges within each industry vertical.

PKF O’Connor Davies has achieved consistent recognition as a top employer, ranking #9 on Vault’s 2026 Accounting 25 list with its highest-ever overall ranking. The firm excelled across multiple categories, ranking #2 in client interaction, informal training, internal mobility, and promotion policies. The organization’s commitment to professional development is evidenced through regular partner promotions, with 19 employees elevated to partner level in 2024 and six additional promotions announced in January 2025.

The November 2024 strategic growth investment from Investcorp and PSP Investments provides PKF O’Connor Davies with enhanced financial resources for accelerated M&A activity, technology investments, and expanded service lines. This investment partnership with two institutional investors managing combined assets of over $300 billion strengthens the firm’s balance sheet while maintaining its alternative practice structure and partnership-driven culture.

10) Potential Risk Areas for Further Diligence

PKF O’Connor Davies, LLP faces significant regulatory compliance risks evidenced by multiple enforcement actions over the past decade, totaling over $520,000 in penalties from the SEC, PCAOB, and state regulators. The firm’s October 2016 SEC enforcement action for issuing fraudulent audit reports in the Town of Ramapo matter demonstrates serious audit quality failures, particularly in municipal bond audits where the firm allowed recording of a $3.08 million receivable for a property sale that had not occurred. The January 2022 PCAOB censure and $40,000 penalty for quality control failures in integrated audits of two real estate investment trusts highlights systematic deficiencies in testing IT general controls, fraud risk procedures, and data completeness verification. These enforcement patterns suggest ongoing challenges in maintaining adequate quality control systems and professional skepticism in audit procedures.

PCAOB inspection reports consistently identify deficiencies in the firm’s audit procedures and quality control systems, with the 2019 inspection report noting failures in required communications to management related to identified misstatements. The firm’s audit quality issues span multiple areas including revenue recognition, long-lived assets, and information technology general controls testing, with two of two audits reviewed in 2019 containing Part I.A deficiencies that resulted in unsupported audit opinions. These recurring audit quality concerns could impact the firm’s ability to retain public company clients and may subject it to additional regulatory scrutiny and potential future enforcement actions.

PKF O’Connor Davies faces active litigation including a March 2025 qui tam lawsuit under the False Claims Act in federal court in New Jersey, with ongoing proceedings extending through October 2025. The firm is also defending employment litigation including FMLA interference and disability discrimination claims from a former 36-year employee terminated shortly after returning from medical leave. Historical litigation includes the EverCare Choice Inc. RICO case alleging the firm “manipulated EverCare’s annual audits, and concealed and obstructed government investigation into major Medicaid fraudulent schemes,” which was compelled to arbitration in January 2021. This litigation pattern suggests potential vulnerabilities in employment practices and professional service delivery.

The firm operates through a complex alternative practice structure with PKF O’Connor Davies LLP providing attest services and PKF O’Connor Davies Advisory LLC with subsidiary entities providing tax and advisory services. This structural complexity, combined with the November 2024 strategic investment from Investcorp and PSP Investments, creates potential coordination challenges and regulatory oversight complexities across multiple business entities. The firm’s extensive geographic footprint with over 20 office locations across multiple states and international operations in India adds operational coordination risks and multi-jurisdictional compliance requirements.

PKF O’Connor Davies experienced a data breach in November 2020 involving third-party vendor Netgain Technology, affecting 995 individuals and compromising names, addresses, Social Security Numbers, and financial account information. While the firm provides cybersecurity services to clients, this incident demonstrates vulnerabilities in vendor management and third-party risk oversight. The firm’s handling of sensitive client data across its diverse service portfolio and multiple office locations creates ongoing cybersecurity exposure, particularly given the accounting industry’s high-value targets for cybercriminals seeking financial and tax information.

The firm’s leadership structure demonstrates potential concentration risk with CEO Kevin J. Keane serving for over 30 years and holding multiple leadership roles including Executive Chairman. While the organization has over 200 partners, the November 2024 strategic investment transaction and ongoing M&A strategy could create succession planning challenges if key leadership transitions occur during periods of organizational change. The firm’s specialized practices in areas such as family office services and complex tax matters may depend heavily on specific partner expertise that could be difficult to replace.

PKF O’Connor Davies’ active M&A strategy, including the June 2025 acquisition of Rainer & Company and previous acquisitions in 2024, creates integration risks related to combining different firm cultures, client service standards, and operational systems. The November 2024 strategic investment provides enhanced capital for accelerated M&A activity, which could strain management attention and quality control systems during periods of rapid growth. The firm’s ability to maintain consistent service quality and regulatory compliance across acquired entities represents an ongoing operational challenge.

The firm’s operations in India through offices in Ahmedabad, Chennai, Hyderabad, and Mumbai, combined with its role as lead North American representative of PKF International Limited, creates cross-border compliance challenges. Transfer pricing services for multinational companies expose the firm to complex international tax regulations and potential disputes across multiple jurisdictions. The firm’s international tax services spanning Asia, EU, and Latin America desks require specialized expertise and coordination that could face regulatory changes or enforcement actions in multiple countries simultaneously.

PKF O’Connor Davies’ extensive use of technology platforms and third-party service providers, as evidenced by the 2020 Netgain Technology data breach, highlights vendor management risks. The firm’s November 2020 data breach through a third-party vendor demonstrates potential gaps in vendor security assessments and ongoing monitoring procedures. Given the firm’s cybersecurity advisory services and client data handling responsibilities, vendor management failures could result in regulatory violations, client losses, and reputational damage.

The accounting and advisory services industry faces ongoing pressures from regulatory changes, technology disruption, and economic volatility that could impact client demand and fee structures. Competition from larger Big Four firms and specialized technology providers creates market share pressures, while regulatory changes affecting areas such as tax law, ESG reporting, and cybersecurity requirements could necessitate significant investments in new capabilities and training to maintain competitive positioning.

Sources

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