• BDO Ecuador History

BDO Ecuador History

 

The BDO Group began in the 70's, when Rolf Stern had the idea of returning to live and work in Ecuador, after working at Booz Allen in Brazil and McKinsey in New York. So, in 1973, he did a market research on consulting services and his results convinced him to form the country´s the first truly management consulting firm, Stern & Asociados.

The first results in consultancy were favorable having as one of the main clients the General Comptroller of the State, which was the base to establish and initiate consulting activities. A few years later, Touche Ross International (TRI), then seventh external audit and consulting firm in the world, was looking for a correspondent firm in Ecuador and chose this one. To strengthen the audit practice, Touche Ross International (TRI) assigned a Supervisor, Patrick Duncan, to the Guayaquil office to which it had referred some audit clients.

In 1979, Jaime Gallardo joined the firm. In 1980 the firm merged with an audit firm in Guayaquil called Naranjo López, constituting Stern Naranjo, and the new company was promoted to Member Firm of Touche Ross International (TRI). Auditors Román Pineda joined in 1978 and Nancy Gavela in 1987.

In 1987, the main partners Edgar Naranjo and Rolf Stern separated, with TRI leaving its clients with the new firm Stern & Company, which had audit and consulting divisions with 25 people at that time. After a search and comparison of international affiliation options, in 1992 the firm was appointed Member Firm of BDO Binder, now BDO International. Twenty-four years later the firm is eight times that size, growing from the beginning and during the 1980s and 2000s, depending on the economic growth cycle of the country, and during the 1990s growing in the market despite the stagnation of the Ecuadorian economy in that decade.

Initially, a single firm Stern & Company comprised audit and consulting. Later in 1993, the consulting firm Management Consulting Stern was created. In 1999, Gerenfoque was created, specialized in outsourcing, and in 2002, the firm TaxAdvice was created for tax advisory activities. Today the 4 allied firms offer services in their corresponding specialties.

Currently, BDO has a staff of 200 people serving clients from its offices in Quito and Guayaquil.