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KPMG

From Academic Kids

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KPMG is one of the largest professional services firms in the world. As of 2003 KPMG employs nearly 100,000 people in a global partnership, in 148 countries around the world. The global revenue of all member firms in 2003 was 12,16 billion US-$. KPMG has three lines of services: audit services, tax services and advisory services. KPMG is a Big 4 accountancy firm, along with PricewaterhouseCoopers, Ernst & Young and Deloitte Touche Tohmatsu (previously Deloitte & Touche).

Each national KPMG company is an independent legal entity, and they are all members of KPMG International, which is a Swiss cooperative.

Contents

Name

  • K stands for Klynveld. This originates from the accounting firm Klynveld Kraayenhof & Co. founded by Piet Klynveld in Amsterdam in 1917.
  • P is for Peat, originating from the accounting firm William Barclay Peat & Co., which was founded by William Barclay Peat in London in 1870.
  • M stands for Marwick. James Marwick founded the accounting firm Marwick, Mitchell & Co. together with Roger Mitchell in New York City in 1897.
  • G is for Goerdeler. Dr. Reinhard Goerdeler was for many years chairman of the German Deutsche Treuhand-Gesellschaft (DTG) and later chairman of KPMG. He is credited with laying much of the groundwork for the KMG merger.

History

  • In 1911, William Barclay Peat & Co. and Marwick Mitchell & Co. merged to form what would later be known as Peat Marwick International (PMI).
  • In 1979, Klynveld merged with Deutsche Treuhand-Gesellschaft (DTG) and McLintock Main Lafrentz to form Klynveld Main Goerdeler (KMG).
  • In 1987 both firms joined forces in the first mega-merger of large accounting firms and formed KPMG.
  • In 1997, KPMG and Ernst & Young announced that they were to merge, in a manoeuvre largely seen as a spoiling tactic over the merger of Price Waterhouse and Coopers & Lybrand. However that merger, to form PricewaterhouseCoopers, was granted regulatory approval and the KPMG/Ernst & Young tie-up was later abandoned.
  • In 2001, KPMG divested its US consulting firm through an IPO of KPMG Consulting Inc, which is now called BearingPoint, Inc.. A song that was produced for KPMG, "Our Vision of Global Strategy", experienced a brief period of Internet notoriety.
  • In 2002, the UK and Dutch Consulting arms were sold to Atos Origin.
  • In 2003, KPMG divested itself of its legal arm, Klegal.


Potential Indictment over Tax Shelter Case

  • KPMG faces indictment risk on tax shelters - *[1] (http://www.stuff.co.nz/stuff/0,2106,3316159a6026,00.html),
  • KPMG sorry for sheltering taxes for rich - *[2] (http://money.cnn.com/2005/06/16/news/midcaps/kpmg.reut/),
  • KPMG May Dodge One Bullet, Only to Face Another -[3] (http://www.nytimes.com/2005/06/21/business/21kpmg.html)


Diversity

KPMG was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. KPMG was named as UK Accountancy firm of the Year in 2004 and was voted 3rd best major company to work for in the 2005 "Best Company Award" survey by The Sunday Times


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