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CliftonLarsonAllen LLP (known as CliftonLarsonAllen or CLA) is a professional services firm and the eighth-largest[3] accountancy firm in the United States. It was established in 2012 with the merger of two U.S. firms: Clifton Gunderson LLP (based in Milwaukee, Wisconsin) and LarsonAllen LLP (based in Minneapolis, Minnesota).[4] It is a member of CLA Global accounting network.[5]
| Company type | Limited liability partnership (LLP) |
|---|---|
| Industry | Accounting firm |
| Founded | 2012; merger of Clifton Gunderson (1960) and LarsonAllen (1953) |
Key people | Jen Leary, CEO |
| Services | Audit Accounting Tax Consulting Advisory |
| Revenue |  US$1.6663 billion (2023)[1] |
Number of employees | 7,727 (2023)[2] |
| Website | www |
History
editClifton Gunderson LLP was the 14th-largest accounting firm in the U.S. in 2010,[6] and the largest member firm of HLB International until it left that network in 2012 after the merger with LarsonAllen.[7] The merger occurred January 2, 2012.
In June 2022, CLA formed CLA Global Limited in collaboration with Evelyn Partners, a U.K.-based wealth management group. CLA Global provides services to more than 10,000 international clients in more than 100 countries. CLA Global is one of the top 15 global accounting and advisory organizations in the world, based on fee income.[8]
CLA Wealth Advisors ranked 50th in Barron’s top 100 RIA firms for 2023[9] and is ranked number five in assets under management by Accounting Today.[10]
Kris McMasters and Gordy Viere became the first co-CEOs of CLA,[11] with Viere also serving as the CEO of CLA Holdings.[12] McMasters retired April 1, 2013, leaving Viere as sole CEO.[11] Denny Schleper became the CEO of CLA in January 2015 after Viere retired.[13] Upon Schleper's retirement, Jen Leary was named CEO in January 2021.[14]
In September 2013, CLA agreed to pay a $35,100,000 settlement on the audit of the City of Dixon, Illinois. Clifton Gunderson had performed the audit for many years, but Clifton Gunderson had failed to recognize fraud committed by the city's comptroller, Rita Crundwell, that amounted to nearly $54 million.[15] In addition, the firm was fined by the Illinois Department of Financial and Professional Regulation.[16]
References
edit- ^ "Accounting Today Top 100 Firms" (PDF).
- ^ "Accounting Today Top 100 Firms" (PDF).
- ^ "Accounting Today Top 100 Firms List" (PDF). Accounting Today. 2023.
- ^ Clifton Gunderson, LarsonAllen to Merge, Create Top 10 Firm, Journal of Accountancy, November 2, 2011. Retrieved July 11, 2012.
- ^ "CLA goes global, teaming up on multinational network". Accounting Today. June 30, 2022. Retrieved August 31, 2023.
- ^ "Accounting Today's Top 100 Firms 2011". Archived from the original on August 4, 2012. Retrieved July 25, 2012.
- ^ "Nexia secures CliftonLarsonAllen". International Accounting Bulletin. February 23, 2012. Archived from the original on February 9, 2013. Retrieved July 11, 2012.
- ^ "Top 25 International Networks 2022". Accountancy Age.
- ^ "2023 Top 100 RIA Firms". Barron's.
- ^ "The top firms by AUM". Accounting Today. June 6, 2023.
- ^ a b Byrt, Frank (March 19, 2013). "Krista McMasters, CliftonLarsonAllen Co-CEO, Announces Retirement". AccountingWeb. Retrieved April 8, 2021.
- ^ "Clifton Gunderson, LarsonAllen Complete Merger". Clifton Gunderson. January 3, 2012. Archived from the original on February 2, 2012. Retrieved July 11, 2012.
- ^ CLA’s Viere Passes the Leadership Torch to Schleper Accounting Today, January 2, 2015.
- ^ "Jen Leary Named CLA CEO". www.bizjournals.com. Retrieved August 31, 2023.
- ^ Jenco, Melissa (September 25, 2013), "Dixon to get $40 million in settlement of embezzlement case", Chicago Tribune, retrieved August 24, 2016
- ^ Illinois Department of Financial and Professional Regulation News, page 2. February 2015.