RSM US
{{Short description|Tax, accounting and consulting firm based in Chicago}}
{{Infobox company
| name = RSM US LLP
| logo = RSMStandardLogoRGB.png
| image =
| type = Limited Liability Partnership
| location = 30 South Wacker
Chicago, Illinois, U.S.
| foundation = {{start date and age|1926}} (as IB McGladrey Company)
| founder = Ira B. McGladrey
| num_locations = 81 U.S. and Canadian offices (2024)
| area_served = United States and Canada
| key_people = {{Unbulleted list|Jamie Burgess (Board Chair)|Brian Becker (CEO)|Sam Mascareno (COO)|Jiten Shah (CFO)|Tyrone Beasley (CTO)|Daniel O’Brien (CDO)}}
| num_employees = 16,800+ (2024)
| parent = RSM International
| industry = Professional services
| services = Audit
Tax
Management consulting
Risk advisory
Technology consulting
Financial advisory
Legal
| revenue = {{increase}} $3.7 billion USD (2024)
| homepage = {{URL|https://rsmus.com/}}
}}
RSM US LLP is an audit, tax, and consulting firm focused on the middle market in the United States and Canada and is a member of the global accounting network RSM International. RSM US has been ranked as the 7th most prestigious accounting firm in the US as voted on by accounting professionals.Vault - Most Prestigious Accounting Firms https://legacy.vault.com/best-companies-to-work-for/accounting/most-prestigious-accounting-firms/year/2024 It employs more than 16,000 professionals across 81 cities nationwide and in Canada. RSM US also maintains offices in India and El Salvador and plan to primarily utilize employees in those countries for virtually all US engagements.
RSM US is the United States member firm of RSM International, the 6th largest accounting network in the world with $8 billion in revenue, 51,000 professionals in 120+ countries.
History
The firm was founded in 1926 by Ira B. McGladrey (1883-1952) in Cedar Rapids, Iowa. McGladrey became a prominent figure in public accounting in Iowa, serving as President of the Iowa Society of Certified Public Accountants, chairman of the Iowa Board of Accountancy, as well as a member of the Rules Committee of the American Institute of Certified Public Accountants, the premier governing body for the field of accounting in the United States.Iowa City Press-Citizen https://www.newspapers.com/clip/31714394/obituary-ira-b-mcgladrey/ The firm continued to operate under some variant of the McGladrey name until 2015.
File:Cme building aerial view.jpg tower of the CME Center.]]
=Legal structure=
Beginning in 1999, through a partnership with H&R Block, McGladrey operated under two separate legal entities:
- McGladrey & Pullen, LLP
- RSM McGladrey, Inc.
McGladrey & Pullen operated under the traditional partnership structure and offered audit and attestation services. RSM McGladrey was established under the partnership agreement with H&R Block to provide tax and advisory services under an alternative practice structure.
In August 2011, H&R Block announced the conclusion of the partnership, divesting RSM McGladrey to McGladrey & Pullen and reuniting the firms in their traditional partnership structure. McGladrey & Pullen acquired all employees, assets, and infrastructure from RSM McGladrey. The deal closed on December 1, 2011.
On May 1, 2012, McGladrey & Pullen officially changed its name to McGladrey LLP. In July 2012, McGladrey shifted its headquarters from Bloomington, Minnesota to Chicago.
On October 26, 2015, McGladrey LLP changed its name to RSM US LLP as part of a worldwide rebranding of RSM International members.
Controversies
In 2006, RSM settled a business fraud class action lawsuit against them for $41.5M.{{Cite web |title=RSM EquiCo Sued for Fraud and Breach of Contract {{!}} Case Results |url=https://www.murphyfalcon.com/results/rsm-equico-sued-for-fraud-and-breach-of-contract/ |access-date=2024-06-24 |website=Murphy, Falcon & Murphy |language=en-US}}
In 2019, RSM was charged with violating auditor independence rules by the SEC. The charges were in connection with more than 100 audit reports involving at least 15 audit clients. RSM agreed to be censured and was fined $950,000.{{Cite web |title=SEC.gov {{!}} RSM US LLP Charged With Violating Auditor Independence Rules |url=https://www.sec.gov/news/press-release/2019-161#:~:text=The%20SEC's%20order%20finds%20that,audited%20by%20independent%20public%20accountants. |access-date=2024-06-24 |website=www.sec.gov}}
In 2022, the SEC charged RSM, two partners and a senior manager with improper conduct charges. RSM agreed to pay $3.75M to resolve the charges. Both partners remain with RSM.{{Cite web |title=SEC.gov {{!}} SEC Charges Audit Firm RSM and Three Senior-Level Employees with Failure to Properly Conduct Client Audits |url=https://www.sec.gov/news/press-release/2022-180#:~:text=The%20Securities%20and%20Exchange%20Commission,with%20bill%20and%20hold%20sales. |access-date=2024-06-24 |website=www.sec.gov}}
In the 2024 PCAOB Inspection Report, the PCAOB gave RSM an audit deficiency rate of 47%. This is an improvement from a low in 2018 when 73% of audits conducted by RSM were deemed to be deficient by the regulators.{{Cite web |title=Firm Inspection Reports |url=https://pcaobus.org/oversight/inspections/firm-inspection-reports?searchWithin=rsm |access-date=2025-05-22 |website=Default |language=en}}
In 2024, a former employee sued RSM for racial and gender discrimination, maintaining a culture of sexual harassment (specifically naming RSM partners Martin Glenn, Dave Noonan, and Sergio de la Fe), and violation of her human rights under New York law.{{Cite web |date=2024-09-24 |title=SUMMONS + COMPLAINT September 24, 2024 |url=https://trellis.law/doc/218722634/summons-complaint |access-date=2025-05-22 |website=Trellis.Law |language=en}}
Service lines
= Audit & Financial Reporting Services =
= Tax Advisory Services =
- Federal Tax
- Indirect Tax
- State & Local Tax
- International Tax Planning Strategies
- Credits and Incentives
- Tax Function Optimization
= Consulting Services =
- Strategy & Management Consulting
- Technology Consulting
- Financial Advisory
- Valuation Services
- Litigation & Dispute Advisory
- Financial Investigations
- Restructuring & Bankruptcy
- Risk Advisory
- M&A Transaction Advisory Services
- Technical Accounting
Awards and recognition
= 2022 - 2023 =
- Accounting Today ranked RSM the fifth largest accounting, tax and consulting services firm in the U.S. for the 16th consecutive year
- Great Place to Work® named RSM one of the [https://rsmus.com/newsroom/2022/fortune-and-great-place-to-work-name-rsm-to-2022-best-workplaces-in-consulting-and-professional-services-list.html 2022 Best Workplaces in Consulting & Professional Services™]
- Great Place to Work® and Fortune named RSM one of the 2023 100 Best Companies to Work For®
- RSM received [https://joinhandshake.com/ Handshake]'s Early Talent Award for the third consecutive year
- RSM recognized on the list of America's Best Large Employers, ranking no. 1 in Professional Services by Forbes
- RSM recognized on [https://www.hrc.org/resources/corporate-equality-index Human Rights Campaign's 2021 Corporate Equality Index]
- RSM was named as a [https://rsmus.com/newsroom/2023/age-friendly-institute-names-rsm-a-certified-age-friendly-employer.html Certified Age-Friendly Employer by Age-Friendly Institute]
- Accounting Today recognized RSM as one of its [https://rsmus.com/newsroom/2023/accounting-today-names-rsm-one-of-its-best-firms-for-technology-for-2023.html Best Firms for Technology]
Sponsorships
RSM US LLP is the title sponsor of The RSM Classic, a PGA Tour event that takes place at Sea Island, Georgia in November of each year. The firm also sponsors professional golfers: PGA Tour professionals Zach Johnson, and Davis Love III, as well as LPGA professional golfers: Maria Fassi and Megan Khang.{{cite web | url=https://rsmus.com/about/team-rsm.html#:~:text=RSM%20proudly%20sponsors%20PGA%20TOUR,European%20Tour%20player%20Alice%20Hewson | title=Team RSM }}
References
{{Reflist}}
External links
- {{Official website|http://www.rsmus.com}}
{{Authority control}}
Category:Accounting firms of the United States
Category:Companies based in Chicago