Houston, TX, February 21, 2012 – MaloneBailey, LLP, a global, mid-market, public accounting firm based in Houston, Texas, marks the 30th anniversary of its existence, which began when the firm’s founder, John Malone, successfully opened a traditional, full-service accounting firm in Houston, Texas on October 1, 1982.
Over the past three decades, MaloneBailey’s recognition of the gap between fast evolving regulatory requirements beginning with Sarbanes-Oxley Act of 2002 and the lag of the accounting profession to quickly address this new demand for ever-higher quality has led to the creation of what is today a niche-based practice that specializes in audit services to SEC reporting companies. With more than 140 registrants as clients, including NYSE, AMEX and NASDAQ listed companies, MaloneBailey audits more microcaps than any other firm in the world.
Recently, the firm was recognized by INSIDE Public Accounting (IPA), a leading accounting trade publication, as the Fastest Growing firm of the “Beyond the IPA 100,” a designation that ranks all firms between No. 101-200 in the nation. As the firm continues to grow, its seamless approach to client service remains intact and enhanced by what MaloneBailey values the most:
The humble origins of MaloneBailey were stimulated by grassroots marketing efforts that ultimately resulted in collections that surpassed the American Institute of Certified Public Accountants (AICPA) national average for first year practices by more than 50%.
“My extraordinary partners and staff have made all of this possible. We have been fortunate enough to accumulate a group of professionals that enable us to excel in all that we do.” said John Malone, founding partner, MaloneBailey, LLP. “Our recognition of this special anniversary reminds us of the countless individuals who made this firm a market leader.”
After nearly fifteen years as a solo practitioner, Malone merged his practice in 1996 with that of Sterling L. Bailey, Jr. Both Malone and Bailey had general practices, including a mix of audit, tax, bookkeeping and consulting services – the standard ‘full service’ mix that the majority of local CPA firm practices have today. In 1996, Malone and Bailey had two SEC clients. By early 2001, Malone and Bailey had 13 SEC clients and 1 non-partner employee. They hired a third partner specifically to serve the growing SEC practice niche and instituted a number of changes to the standard CPA firm practice model to maximize the efficiencies that the smaller SEC companies require: lower costs, faster service, and a more competent work product. Today, the quantity of SEC clients is more than 140, which puts MaloneBailey in exclusive company as one of only ten firms in the world that requires an annual inspection by the Public Company Accounting Oversight Board (PCAOB).
In September 2008, the firm welcomed Wesley Middleton as a partner to head the tax function of the firm. The firm’s Private Company Practice Team (PCPT) provides audit, tax and consulting services to closely-held companies. Since 2008, MaloneBailey’s tax practice has nearly doubled in size and continues to grow rapidly. MaloneBailey acquired the clients, personnel and offices of Big Apple-based Kempisty & Company in December 2009. In May 2010, MaloneBailey acquired the clients and staff of local Houston CPA firm, John M. Thomas, P.C. The addition was part of MaloneBailey’s strategic plan to strengthen its private company practice in Houston as well its construction industry niche. In 2010, MaloneBailey opened its third office in Shenzhen, China.
MaloneBailey’s 30th anniversary will be recognized as the year progresses with special events and a community outreach initiative. In addition, a special anniversary version of the official MaloneBailey logo has been created to commemorate the firm’s 30-year milestone and will be used throughout the anniversary year.
MaloneBailey, LLP, with offices in New York, Houston and Shenzhen, is a mid-market, public accounting firm that delivers audit and tax services to small and middle market companies, both public and private. The firm is a market leader in the delivery of SEC audit services to small and mid-cap publicly traded clients. For more information about MaloneBailey, visit www.malonebailey.com