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KPMG International Limited (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations. Headquartered in
Amstelveen Amstelveen () is a municipality in the province of North Holland, Netherlands with a population of 92.353 as of 2022. It is a suburban part of the Amsterdam metropolitan area. The municipality of Amstelveen consists of the historical villag ...
, Netherlands, although incorporated in
London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
, England, KPMG is a network of firms in 145 countries, with over 265,000 employees and has three lines of services: financial audit, tax, and advisory. Its tax and advisory services are further divided into various service groups. Over the past decade various parts of the firm's global network of affiliates have been involved in regulatory actions as well as lawsuits. The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler". The initialism was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987.


History


Early years and mergers

In 1818, John Moxham opened a company in Bristol. James Grace and James Grace Jr. bought John Moxham & Co. and renamed it James Grace & Son in 1857. In 1861, Henry Grace joined James Jr. and the company was renamed James & Henry Grace; the firm evolved to become Grace, Ryland & Co. William Barclay Peat joined Robert Fletcher & Co. in London in 1870 at the age of 17 and became head of the firm in 1891, renamed William Barclay Peat & Co. by then. In 1877, Thomson McLintock founded Thomson McLintock & Co in Glasgow. In 1897, Marwick Mitchell & Co. was founded by James Marwick and Roger Mitchell in New York City. In 1899, Ferdinand William LaFrentz founded the American Audit Co., in New York. In 1923, The American Audit Company was renamed FW LaFrentz & Co. In about 1913, Frank Wilber Main founded Main & Co. in Pittsburgh. In March 1917, Piet Klijnveld and Jaap Kraayenhof opened an accounting firm called Klynveld Kraayenhof & Co. in Amsterdam. In 1925, William Barclay Peat & Co. and Marwick Mitchell & Co., merged to form Peat Marwick Mitchell & Co. In 1963, Main LaFrentz & Co was formed by the merger of Main & Co and FW LaFrentz & Co. In 1969 Thomson McLintock and Main LaFrentz merged forming McLintock Main LaFrentz International and McLintock Main LaFrentz International absorbed the general practice of Grace, Ryland & Co. In 1979, Klynveld Kraayenhof & Co. (Netherlands), McLintock Main LaFrentz (United Kingdom / United States) and Deutsche Treuhand-Gesellschaft (Germany) formed KMG (Klynveld Main Goerdeler) as a grouping of independent national practices to create a strong European-based international firm. Deutsche Treuhand-Gesellschaft CEO
Reinhard Goerdeler Reinhard Goerdeler (26 May 1922 – 3 January 1996) was a German accountant who was instrumental in founding KPMG, the leading international firm of accountants. Career Goerdeler was born in Königsberg, East Prussia (today Kaliningrad) as the so ...
(son of leading anti-Nazi activist Carl Goerdeler, who would have become Chancellor if Operation Valkyrie had succeeded) became the first CEO of KMG. In the United States, Main Lafrentz & Co. merged with Hurdman and Cranstoun to form Main Hurdman & Cranstoun. In 1987, KMG and Peat Marwick joined forces in the first mega-merger of large accounting firms and formed a firm called KPMG in the United States, and most of the rest of the world, and Peat Marwick McLintock in the United Kingdom. In the Netherlands, as a consequence of the merger between PMI and KMG in 1988, PMI tax advisors joined Meijburg & Co. (The tax advisory agency Meijburg & Co. was founded by Willem Meijburg, Inspector of National Taxes, in 1939). Today, the Netherlands is the only country with two members of KPMG International: KPMG Audit (accountants) and Meijburg & Co (tax consultants). In 1991, the firm was renamed KPMG Peat Marwick, and in 1999, the name was reduced again to KPMG. In October 1997, KPMG and Ernst & Young announced that they were to merge. However, while the merger to form PricewaterhouseCoopers was granted regulatory approval, the KPMG/Ernst & Young tie-up was later abandoned.


Recent history

In 2001, KPMG spun off its United States consulting firm through an initial public offering of KPMG Consulting, which was rebranded
BearingPoint BearingPoint (parent company: BearingPoint Europe Holdings B.V.) is an independent multinational management and technology consulting firm with 41 offices across 23 countries and around 4,300 employees. In 2021, the firm delivered 1,298 projects ...
. In early 2009, BearingPoint filed for Chapter 11 bankruptcy protection. The UK and Dutch consulting arms were sold to Atos in 2002. In 2003, KPMG divested itself of its legal arm, Klegal and KPMG sold its Dispute Advisory Services to FTI Consulting. KPMG's member firms in the United Kingdom, Germany,
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and
Liechtenstein Liechtenstein (), officially the Principality of Liechtenstein (german: link=no, Fürstentum Liechtenstein), is a German language, German-speaking microstate located in the Alps between Austria and Switzerland. Liechtenstein is a semi-constit ...
merged to form KPMG Europe LLP in October 2007. These member firms were followed by
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,
Belgium Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to ...
, the
Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...
,
Luxembourg Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...
, CIS (
Azerbaijan Azerbaijan (, ; az, Azərbaycan ), officially the Republic of Azerbaijan, , also sometimes officially called the Azerbaijan Republic is a transcontinental country located at the boundary of Eastern Europe and Western Asia. It is a part of th ...
,
Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-ei ...
,
Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian inva ...
,
Belarus Belarus,, , ; alternatively and formerly known as Byelorussia (from Russian ). officially the Republic of Belarus,; rus, Республика Беларусь, Respublika Belarus. is a landlocked country in Eastern Europe. It is bordered by ...
, Kyrgyzstan, Kazakhstan,
Armenia Armenia (), , group=pron officially the Republic of Armenia,, is a landlocked country in the Armenian Highlands of Western Asia.The UNbr>classification of world regions places Armenia in Western Asia; the CIA World Factbook , , and ''O ...
and Georgia),
Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a small portion on the Balkan Peninsula ...
,
Norway Norway, officially the Kingdom of Norway, is a Nordic countries, Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of ...
, and Saudi Arabia. They appointed joint Chairmen, John Griffith-Jones and Ralf Nonnenmacher. In 2020, KPMG International Limited was incorporated in London, England. In February 2021, KPMG UK appointed its first female leaders, replacing Bill Michael, who stepped aside after making controversial comments. Bina Mehta was asked to step in as acting UK chairman and Mary O'Connor took over Michael's executive responsibilities as acting senior partner in UK. In April 2021, O'Connor quit the firm after being passed over for the permanent role. In November 2021, KPMG UK was reported as having revised its partnership process to introduce five levels of partnership which required partners to inject capital at levels starting at £150,000 and going up to £500,000. This along with the £115 million proceeds from the sale of its pensions business earlier in 2021, which it seems was not distributed to the partners, was intended to prepare the balance sheet for a potential large fine (up to £1 billion) arising out of the Carillion lawsuit. In April 2022, it was announced that KPMG will acquire 50% of the UK-based venture capital advisory specialist Acceleris subject to approval from the Financial Conduct Authority. In August 2022, KPMG announced plans to downsize its office footprint in New York City in 2025, when it moves its offices in the city from Midtown Manhattan to Two Manhattan West in Hudson Yards.


Global structure

Each national KPMG firm is an independent legal entity and is a member of KPMG International Limited, a UK Limited Company incorporated in London, United Kingdom. KPMG International changed its legal structure from a Swiss Verein to a co-operative under Swiss law in 2003 and to a limited company in 2020. This structure in which the Limited company provides support services only to the member firms is similar to other professional services networks. The member firms provide the services to client. The purpose is to limit the liability of each independent member. Bill Thomas is KPMG's Global Chairman. He was formerly Senior Partner and CEO of KPMG LLP, the KPMG member firm in Canada. Some KPMG member firms are registered as multidisciplinary entities which also provide legal services in certain jurisdictions. In
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...
, regulations do not permit foreign auditing firms to operate. Hence KPMG carries out audits in India under the name of BSR & Co, an auditing firm that it bought. BSR & Co was an auditing firm founded by B.S. Raut in Mumbai. In 1992, after India was forced to liberalise as one of the conditions of the World Bank and
IMF The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glob ...
bail out, KPMG was granted a license to operate in India as an investment bank. It subsequently purchased BSR & Co and conducts audits in India under the name of this firm. During March 2022, in response to the Russian invasion of Ukraine, KPMG announced that "our Russia and Belarus firms will leave the KPMG network".


Services

KPMG is organised into the following three service lines (the 2022 revenue shares are listed in parentheses): * Audit ($11.85 billion) * Advisory ($15.44 billion) * Tax and Legal Services ($7.35 billion) Tax arrangements relating to
tax avoidance Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdi ...
and multinational corporations and Luxembourg which were negotiated by KPMG became public in 2014 in the so-called '' Luxembourg Leaks''.


Staff

KPMG was the preferred employer among the Big Four accounting firms according to CollegeGrad.com. It was also ranked No. 4 on the list of "50 Best Places to Launch a Career" in 2009 according to '' Bloomberg Businessweek''. It was reported in early 2012 that KPMG has about 11,000 staff in the UK and 9,000 in mainland China and Hong Kong. KPMG's global deputy chairman predicted that headcount in China would overtake that of the UK by the end of 2013.


Controversies


Lawsuits, fines by year


2003

KPMG agreed to pay $125 million and $75 million to settle lawsuits stemming from the firm's audits of Rite Aid and Oxford Health Plans Inc., respectively.


2004

KPMG agreed to pay $115 million to settle lawsuits stemming from the collapse of software company Lernout & Hauspie Speech Products NV.


2005

During August, KPMG LLP admitted to criminal wrongdoing and agreed to pay US$456 million in fines, restitution, and penalties as part of an agreement to defer prosecution of the firm, according to the US Justice Department and the Internal Revenue Service. In addition to the agreement, nine individuals-including six former KPMG partners and the former deputy chairman of the firm were to be criminally prosecuted. As alleged in a series of charging documents, the fraud relates to the design, marketing, and implementation of fraudulent tax shelters.


2006

American real estate financing firm Fannie Mae sued KPMG for malpractice for approving years of erroneous financial statements.


2007

In February, KPMG Germany was investigated for ignoring questionable payments in the Siemens bribery case. In November 2008, the Siemens Supervisory Board recommended changing auditors from KPMG to Ernst & Young. In February, KPMG Mauritius was sued by a group of South African pensioners who lost millions when investing in Leaderguard Spot Forex (LSF), a foreign exchange investment scheme backed by KPMG and Denmark-based
Saxo Bank Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab (English: ''Midas Stockbroker Company''), by Lars Seier Christensen, Kim ...
. The suit against KPMG was just for the portion lost during their involvement.


2008

In March, KPMG was accused of enabling "improper and imprudent practices" at
New Century Financial New Century Financial Corporation was a real estate investment trust that originated mortgage loans in the United States through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation. It was founded in 1995. In 2 ...
, a failed mortgage company, and KPMG agreed to pay $80 million to settle suits from
Xerox Xerox Holdings Corporation (; also known simply as Xerox) is an American corporation that sells print and digital document products and services in more than 160 countries. Xerox is headquartered in Norwalk, Connecticut (having moved from St ...
shareholders over manipulated earnings reports. In December, it was announced that two of
Tremont Group Tremont Group Holdings, Inc., a Delaware corporation headquartered in Rye, New York, is a hedge fund group with a subsidiary that advised a feeder fund to Bernard Madoff's investment advisory firm in the Madoff investment scandal. this was th ...
's Rye Select funds, audited by KPMG, had $2.37 billion invested with the Madoff " Ponzi scheme". Class action suits were filed.


2010

In August, it was reported by the Swedish Financial Supervisory Authority to the Swedish accountancy regulator after HQ Bank was forced into involuntary liquidation after the Financial Supervisory Authority revoked all its licences for breach of banking regulations.


2011

In August, KPMG conducted due diligence work on Hewlett Packard's $11.1 billion acquisition of the British software company Autonomy. In November 2012 HP announced an $8.8 billion write off due to "serious accounting improprieties" committed by Autonomy management prior to the acquisition. According to an independent panel formed to investigate irregular payments made by
Olympus Olympus or Olympos ( grc, Ὄλυμπος, link=no) may refer to: Mountains In antiquity Greece * Mount Olympus in Thessaly, northern Greece, the home of the twelve gods of Olympus in Greek mythology * Mount Olympus (Lesvos), located in Le ...
which reported in December, KPMG's affiliate in Japan did not identify fraud at the company.


2013

In April, Scott London, a former KPMG LLP partner in charge of KPMG's US Los Angeles-based Pacific Southwest audit practice, admitted passing on stock tips about clients, including
Herbalife Herbalife Nutrition Ltd., also called Herbalife International, Inc. (with a U.S. subsidiary called Herbalife International of America) or simply Herbalife, is a global multi-level marketing (MLM) corporation that develops and sells dietary su ...
, Skechers, and other companies, to his friend Bryan Shaw, a California jewelry-store owner. In return Shaw gave London $70,000 as well as gifts that included a $12,000 Rolex watch and concert tickets. On 6 May, Shaw agreed to plead guilty to one count of conspiracy to commit
securities fraud Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in lo ...
. He also agreed to pay around $1.3 million in restitution, and to cooperate with the government as part of a plea deal with federal prosecutors. This scandal led KPMG to resign as auditor for Herbalife and Skechers.


2015

KPMG was accused by the Canada Revenue Agency of abetting tax evasion schemes: "The CRA alleges that the KPMG tax structure was in reality a 'sham' that intended to deceive the taxman."


2016

The Canada Revenue Agency offered an amnesty to KPMG clients caught using an offshore tax-avoidance scheme on the
Isle of Man ) , anthem = " O Land of Our Birth" , image = Isle of Man by Sentinel-2.jpg , image_map = Europe-Isle_of_Man.svg , mapsize = , map_alt = Location of the Isle of Man in Europe , map_caption = Location of the Isle of Man (green) in Europ ...
.


2017

KPMG US terminated five partners in its audit practice, including the head of its audit practice in the US, after an investigation of advanced confidential knowledge of planned audit inspections by its
Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further t ...
. This followed criticism about KPMG's failure to uncover illegal sales practices at Wells Fargo or potential corruption at
FIFA FIFA (; stands for ''Fédération Internationale de Football Association'' (French), meaning International Association Football Federation ) is the international governing body of association football, beach football and futsal. It was found ...
, the governing international body of football. It was reported in 2017 that KPMG had the highest number of deficiencies, among the Big Four, cited by its regulator in the previous two years. This includes two annual inspections that were compromised as a result of advanced access to inspection information. In March 2019, David Middendorf and Jeffrey Wada, co-defendants in the scandal, were convicted. The UK accounting regulator,
Financial Regulation Council Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...
(FRC), has opened an investigation into KPMG's audit of the financial statements of British automobile and aerospace company, Rolls-Royce plc for the year ended December 2010. In August, KPMG US paid a $6.2 million fine to the US Securities and Exchange Commission for inadequacies in its audit of the financial statements of oil and gas company, Miller Energy Resources. In November, 91 partners of KPMG Hong Kong faced contempt proceedings in
Hong Kong High Court The High Court of the Hong Kong Special Administrative Region is a part of the legal system of Hong Kong. It consists of the Court of Appeal and the Court of First Instance; it deals with criminal and civil cases which have risen beyond the ...
, as China Medical Technologies (CMED) liquidators investigating a $400 million fraud took action against KPMG with regard to its refusal to honor a February 2016 court order to produce Chinese working papers, correspondence, and records to the liquidators.Costello, Eugene (20 December 2017)
"KPMG partners facing Hong Kong contempt proceedings,"
''International Investment''.
Miller, Matthew (20 December 2017)
"Exclusive: KPMG partners face court contempt over China audit,"
Reuters.
The liquidators are asking that 91 defendants be held in contempt of court, which could result in criminal penalties, or weekly fines. KPMG had issued written audit reports for CMED from 2003 to 2008, and was replaced by
PwC PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounti ...
Zhong Tian in August 2009. "Perhaps locking up 91 KPMG partners over Christmas may spur the firms to find a solution to this problem", said Professor Paul Gillis of Peking University's
Guanghua School of Management The Guanghua School of Management () is the business school of Peking University in Beijing, China. The school offers undergraduate, master's, and doctoral programs, with a total enrollment of more than 3,000 students. In addition to full-time aca ...
.


2018

During July, KPMG has come under criticism for its role in the bankruptcy of Dubai-based private equity firm, Abraaj Group, after it was determined that KPMG Lower Gulf Chairman and Chief Executive Vijay Malhotra's son has worked at Abraaj and an executive named Ashish Dave alternated between stints at KPMG and as Abraaj’s chief financial officer, a job he held twice. Also during July, the UK accounting watchdog, the Financial Reporting Council (FRC) announced an investigation into KPMG’s work for Conviviality, the British drinks supplier that collapsed into administration during April 2018. Also during July, KPMG paid HK$650 million (US$84 million) to settle legal claims after failing to identify fraud at a Chinese timber company, China Forestry. The liquidators of China Forestry claimed KPMG was negligent when it failed to detect serious false accounting by some of the company’s top management ahead of its listing in 2009. During August,
Chile Chile, officially the Republic of Chile, is a country in the western part of South America. It is the southernmost country in the world, and the closest to Antarctica, occupying a long and narrow strip of land between the Andes to the eas ...
's Comision Para El Mercado Financiero(CMF) sanctioned KPMG Auditores Consultores Limitada (KPMG LLP's local affiliate) 3,000 UF (~$114,000), and Joaquín Lira Herreros, its partner, for offences incurred in the audit made to the financial statements of the Aurus Insignia Fondo de Inversión, managed by Aurus Capital S.A. Admnistradora General de Fondos Management (AGF), corresponding to the year 2014. In November, the Sultanate of Oman's Capital Market Authority (CMA) suspended KPMG from auditing entities regulated by the CMA for a period of one year after discovering major financial and accounting irregularities in the entities' records. In December, KPMG South Africa published an open apology for its participation in various scandals in South Africa, including publishing a misleading report that led to the resignation of the South African Finance Minister, involvement with the
Gupta family The Gupta family is a wealthy Indian-born family with business interests in South Africa, whose most notable members are brothers Ajay, Atul, and Rajesh "Tony" Gupta—as well as Atul's nephews Varun, and US-based Ashish and Amol. The family o ...
who have been implicated in corruption scandal with former President, Jacob Zuma, and acting as the auditor of
VBS Mutual Bank VBS Mutual Bank was a South African mutual bank. In 2018 it was declared insolvent and bankrupt and placed under curatorship, with South African citizens and taxpayers defrauded out of roughly R2 billion. It was formed as Venda Building Soc ...
that collapsed due to fraud. Its top eight staff resigned during 2017 and its workforce shrank from 3,400 to 2,200.


2019

KPMG were fined £5 million by the Financial Reporting Council for misconduct shortly after the takeover of the Britannia Building Society by The Co-operative Bank, particularly relating to the valuation of Britannia's commercial loans and other liabilities. The takeover led to the near collapse of The Co-operative Bank. KPMG was fined £6 million by the Financial Reporting Council following a long running investigation by the regulator into misconduct in the firm’s auditing of Lloyds Syndicate 218 between 2007 & 2009. KPMG partner Mark Taylor has been fined £100,000, severely reprimanded and agreed to the imposition of a requirement to have a second partner review of his audits until the end of 2020. KPMG was fined $50 million by the U.S. Securities and Exchange Commission for illicit use of PCAOB data and cheating on training exams.


2020

During April, KPMG UK was fined £455,000 and a senior partner, Nicola Quayle, was fined £29,250 by the UK accounting regulator,
Financial Regulation Council Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...
for failing to challenge what a client was telling them about certain complex supplier arrangements. In June, KPMG resigned from the auditor role at British fashion firm, Ted Baker plc after the company admitted accounting errors resulting in overstatement of its inventory by up to £58 million.


2021

In February, the liquidators for South African bank,
VBS Mutual Bank VBS Mutual Bank was a South African mutual bank. In 2018 it was declared insolvent and bankrupt and placed under curatorship, with South African citizens and taxpayers defrauded out of roughly R2 billion. It was formed as Venda Building Soc ...
, sued KPMG for 863.5 million rand (~US$59 million) over its audit opinion on the now defunct bank. In March, KPMG US agreed to pay $10 million to settle a 10-year gender discrimination lawsuit in a New York Federal Court that alleged claims by 450 women that its culture was rife with gender discrimination, sexual harassment, and retaliation. During May, members of the Canadian Parliament's House of Commons finance committee re-launched a probe into offshore tax evasion by interviewing Lucia Iacovelli, managing partner at KPMG. KPMG in the UK has been sued for more than £6 million (~€6.9 million, ~US$7.8 million) by property company Mount Anvil which claims it was left with an unexpected tax bill after the firm provided it with negligent advice. In July, the UK accounting regulator Financial Reporting Council (FRC) criticised KPMG for its "unacceptable" failure to meet required standards in its audits of banks for a third year running. Only 61% of KPMG’s audits sampled by the regulator met industry standards. The Government of
Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federal constitutional monarchy consists of thirteen states and three federal territories, separated by the South China Sea into two regions: Peninsular Malaysia and Borneo's East Mal ...
and the state sovereign fund, 1MDB, launched a lawsuit seeking over $5.6 billion in damages from KPMG partners for alleged breaches and negligence linked to a corruption scandal at the fund. South Africa's largest asset manager, the Public Investment Corporation (PIC) sued KPMG for 144 million rand (~U$9.5 million) it lost when the VBS Mutual Bank went bankrupt as a result of fraud. Its claim is centred on the rights issue and a revolving credit facility it participated in at VBS relying on financial statements audited by KPMG and its former senior partner, Sipho Malaba. In August, a tribunal convened by the UK regulator, FRC, fined KPMG £13m and ordered it to pay £2.75m in costs. This was because of its serious misconduct in the sale of bed company Silentnight. The tribunal found that KPMG had helped private equity group H.I.G Capital drive Silentnight into an insolvency process, so that HIG could acquire the company without its £100m pension scheme. KPMG was severely reprimanded by the tribunal, and was ordered to appoint an independent reviewer to check a sample of previous cases for similar failings. The tribunal ruled that KPMG's involvement with Silentnight was "deeply troubling" as it failed to act solely in its client's interests. In September, the
Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further t ...
fined KPMG Australia $450,000 after it confessed to a cheating scandal involving over 1,100 (almost 12%) of its employees. In October, UK regulator The Financial Reporting Council (FRC), said KPMG and David Costley-Wood, a partner at the firm, used an "untruthful defence" in an investigation into the sale of Silentnight to a private equity firm in 2011. Costley-Wood, who was formerly head of KPMG’s Manchester restructuring division, was also fined £500,000 and barred from insolvency or accountancy licences for 13 years. In November, a British litigation financing firm – Augusta Ventures announced that it will bankroll three $152.4-million lawsuits in Canada against the previous auditor (KPMG LLP), authorized legal adviser (Cassels Brock & Blackwell LLP) and monetary adviser (Canaccord Genuity Corp) of the Money Retailer Monetary Providers Inc., a Canadian payday lender that filed for creditor safety in 2014. "It’s alleged in these lawsuits that KPMG, Cassels Brock and Canaccord triggered over $100-million in damages to Money Retailer and its collectors," mentioned Mr. Aziz, President of BlueTree Advisors Inc., a company restructuring advisory agency primarily based in Oakville, Ontario. Also in November, KPMG UK has been hit with a £15m lawsuit by insurance outsourcer Watchstone — formerly known as Quindell — over allegations it suffered losses because of the audit firm's negligence in 2013. Again in November, two units of Abraaj that are now in liquidation, filed a lawsuit in
Dubai Dubai (, ; ar, wikt:دبي, دبي, translit=Dubayy, , ) is the List of cities in the United Arab Emirates#Major cities, most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 ...
against KPMG LLP for damages of US$600 million alleging that KPMG accountants "failed to maintain independence and an appropriate attitude of professional skepticism," and breached their duty of care when auditing the private-equity firm.


2022

In January, the
Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federal constitutional monarchy consists of thirteen states and three federal territories, separated by the South China Sea into two regions: Peninsular Malaysia and Borneo's East Mal ...
n government reported that KPMG's local affiliate had agreed to pay a fine of RM 333 million ($111 million) to settle the case filed against it in connection with the 1MDB funds scandal. A group of investors in
Airbus Airbus SE (; ; ; ) is a European multinational aerospace corporation. Airbus designs, manufactures and sells civil and military aerospace products worldwide and manufactures aircraft throughout the world. The company has three divisions: '' ...
, the Dutch foundation Stichting Investor Loss Compensation (SILC), filed a lawsuit against Airbus, KPMG and EY in the Hague District Court alleging they suffered damages worth at least €300 million (US$340 million) as a result of company's misleading publications about the manufacturer’s involvement in and financial settlements involving corruption, bribery, and other forms of fraud. UK regulator The Financial Reporting Council (FRC) fined KPMG £3 million for audit failings at collapsed alcohol retailer Conviviality. A settlement agreement between the UK regulator, the Financial Reporting Council and a KPMG Partner, Stuart Smith, who led the firm’s audit of IT company, Regenersis later renamed as Blancco Technology Group, resulted in a fine of £150,000 after he admitted misleading its inspectors. During March, British accounting regulator Financial Reporting Council (FRC) fined KPMG UK £1.3 million for serious failings within their audits of British bar chain, Revolution Bars Group. The US securities regulator,
Securities Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
, announced an investigation into conflicts of interest at auditors, including KPMG's US branch, KPMG LLP. During April, the US accounting regulator,
Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further t ...
(PCAOB) fined the former head of KPMG's US audit practice, Scott Marcello, a record US$100,000 for having failed to reasonably supervise senior auditors who engaged in the scheme to improve KPMG’s inspection results. During May, the Financial Reporting Council confirmed that KPMG would face a £14.4 million (~US$18 million) fine and a severe reprimand over false representations made by KPMG employees to the regulator concerning Carillion. (See 'Carillion audit role' section below). In May, The Times reported that FRC was close to finishing its investigation, into KPMG UK's audit of the financial statements of Rolls-Royce plc for year ended December 2010; the investigation was begun in 2017 and the FRC may fine KPMG UK up to £4.5 million (~US$5.6 million) for questionable audit practices. In August, US
Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further t ...
(PCAOB) which reviews audit procedures of foreign firms that audit US-listed entities, fined KPMG South Korea US$500,000 for failing to have proper procedures in place to prevent its auditors from doctoring work papers. It also fined two of its partners and banned them from working for a PCAOB registered audit firm for three years, as they were found to have improperly altered documents and violated auditing standards during the Big Four firm’s 2018 audit of the Korean business of an unnamed US-listed company. In September, a lawsuit was filed in the Hong Kong High Court which accused KPMG of "appalling" audit work that allowed a Chinese medical technology company, China Medical Technologies, to commit a US$400 million accounting fraud, and which sought up to US$830 million in damages. In October, Dubai Emirate's financial regulator, Dubai Financial Services Authority handed provisional fines of US$2 million to KPMG's UAE affiliate (US$1.5 million) and one of its audit employees, Milind Navalkar, (US$0.5 million) for failing to follow international audit standards in the audit of the failed Dubai-based private equity firm,
The Abraaj Group The Abraaj Group was a private equity firm operating in six continents that is currently in liquidation due to accusations of fraud. The firm was founded by Pakistani businessman Arif Naqvi and was based in Dubai, United Arab Emirates. History T ...
. Also, KPMG affiliate - KPMG Lower Gulf's CEO, Nader Haffar, quit consequent to a tumultuous year filled with accusations of nepotism, cronyism and partner discontent. This was a month after Nader had sent a letter to clients in the UAE and Oman in which the firm’s 30 partners said that they remained united. And, US accounting regulator
Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further t ...
(PCAOB) fined KPMG's Italian, Dutch and Canadian affiliates approx. US$275,000 for concealing the outsourcing of some audit work to unregulated firms in Poland and Romania. During November, KPMG UK agreed to pay £5 million (US$6 million) in settlement of a lawsuit by a former client, insurance software firm Quindell, relating to deficient audit work for Quindell (now known as Watchstone)relating to its 2013 financial statements. In December, US accounting regulator
Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further t ...
announced that its inspectors discovered that hundreds of KPMG employees in UK and Colombia affiliates cheated on their compliance exams. In addition, inspectors also discovered document alterations to deceive inspectors in KPMG's Colombia affiliate, and blank audit papers signed by an KPMG affiliate audit partner in India. KPMG LLP has agreed to pay US$7.7 million in fines. This follows a US$50 million fine in 2019 where KPMG employees were using data stolen from PCAOB to identify which audits would be reviewed.


Tax shelter fraud

In 2003, the IRS issued summonses to KPMG for information about certain tax shelters and their investors. In February 2004, the US Justice Department commenced a criminal inquiry. The United States member firm, KPMG LLP, was accused by the United States Department of Justice of fraud in marketing abusive tax shelters. KPMG fired or forced the retirement of over a dozen who were involved. KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients avoid $2.5 billion in taxes between 1996 and 2002, and agreed to pay $456 million in penalties to avoid indictment. Under the deferred prosecution agreement, KPMG LLP would not face criminal prosecution if it complied with the terms of its agreement with the government. On 3 January 2007, the criminal conspiracy charges against KPMG were dropped.


HBOS audit role

The HBOS accounts were published in February 2008 and six months later HBOS had to be rescued by Lloyds Bank. One reason for undertaking an investigation into the audit, was the fact that the audit did not reveal the HBOS Reading branch fraud. HBOS, and subsequently Lloyds Bank, accountant Sally Masterton wrote the Project Lord Turnbull Report which described how the Bank and other organizations reacted to the Reading Branch fraud. This report was highly critical of KPMG and stated, "KPMG have not only just been negligent but their direct involvement in a number of material malpractices and violations regarding HBoS is fundamental and exposes them to claims in relation to misconduct, serious dereliction of duty and breach of regulatory and statutory duties." However, the audit was investigated by the FRC which concluded, "there was not a realistic prospect that a tribunal would make an adverse finding against KPMG in respect of the matters within the scope of the investigation", and "The firm's work did not fall significantly short of the standards reasonably to be expected of the audit, the test that a tribunal would apply".


Carillion audit role

In January 2018, it was announced that KPMG, auditor of collapsed UK construction firm Carillion, would have its role examined by the Financial Reporting Council, (FRC) and it was summoned to give evidence before two House of Commons select committees on 22 February 2018. On 13 February 2018, the 'Big 4' accountancy firms, including KPMG, were described by MP Frank Field as "feasting on what was soon to become a carcass" after collecting fees of £72m for Carillion work during the years leading up to its collapse. KPMG was singled out for particular criticism for signing off Carillion's last accounts before a profit warning in July 2017: "Either KPMG failed to spot the warning signs, or its judgement was clouded by its cosy relationship with the company and the multimillion-pound fees it received," said MP Rachel Reeves. Two out of three former Carillion finance directors had also worked for KPMG. KPMG defended itself, saying that in the construction industry "an accumulation of adverse events ..can quite quickly cause a precipitous decline." KPMG chairman and senior partner Bill Michael said: "It does not follow automatically from a company collapse either that the opinion of management was wrong, or that the auditor did a bad job." On 22 February 2018, MPs contested evidence from KPMG (in one exchange MP Peter Kyle told KPMG partner Peter Meehan: "I would not hire you to do an audit of the contents of my fridge"). Rachel Reeves, chair of the business select committee, said:
Auditing is a multi-million-pound business for the Big Four. On this morning's evidence from KPMG and Deloitte, these audits appear to be a colossal waste of time and money, fit only to provide false assurance to investors, workers and the public. ..Carillion staff and investors could see the problems at the company but those responsible – auditors, regulators, and, ultimately, the directors – did nothing to stop Carillion being driven off a cliff.
The final report of the Parliamentary inquiry into Carillion's collapse, published on 16 May 2018, criticised KPMG for its "complicity" in the company's financial reporting practices:
KPMG audited Carillion for 19 years, pocketing £29 million in the process. Not once during that time did they qualify their audit opinion on the financial statements, instead signing off the figures put in front of them by the company's directors. Yet, had KPMG been prepared to challenge management, the warning signs were there in highly questionable assumptions about construction contract revenue and the intangible asset of goodwill accumulated in historic acquisitions. These assumptions were fundamental to the picture of corporate health presented in audited annual accounts. In failing to exercise—and voice—professional scepticism towards Carillion's aggressive accounting judgements, KPMG was complicit in them. It should take its own share of responsibility for the consequences.
The select committee chairs (Frank Field and Rachel Reeves) called for a complete overhaul of Britain's corporate governance regime, saying the government had "lacked the decisiveness or bravery" to do so, accused the big four accounting firms of operating as a "cosy club", with KPMG singled out for its "complicity" in signing off Carillion's "increasingly fantastical figures". KPMG said:
We believe we conducted our audit appropriately. However, it's only right that following a corporate collapse of such size and significance, the necessary investigations are performed. Auditing large and complex businesses involves many judgments and we will continue to cooperate with the FRC's ongoing investigation. ... We welcome any future review of our profession. If we consider how the profession has changed in the last decade ��it is clear there is a need for us to look closely at our business models.
In a June 2018 report on audit standards across eight accounting firms, the FRC identified "failure to challenge management and show appropriate scepticism across their audits." It highlighted a decline in the quality of work undertaken by the Big Four, with KPMG performing the worst. There had, the FRC said, been an "unacceptable deterioration" in the quality of KPMG's work, and the FRC would scrutinise KPMG more closely as a result. In October 2018, the FRC proposed reforms to tackle the "underlying falling trust in business and the effectiveness of audit," and severely rebuked KPMG. In November 2018, KPMG said it would no longer undertake consultancy work for FTSE 350 Index-listed companies if it was also auditing them, in an effort to "remove even the perception of a possible conflict" of interest. The Carillion investigation followed FRC investigations into KPMG's role at HBOS, Quindell and The Co-operative Bank. In July 2018, the FRC started an investigation into KPMG's audit role at collapsed drinks merchant Conviviality. In January 2019, KPMG announced it had suspended the partner that led Carillion's audit and three members of his team; in August 2021, an FRC disciplinary panel was scheduled for 10 January 2022 to hear a formal complaint against KPMG and former KPMG partner Peter Meehan regarding the provision of allegedly false and misleading information concerning the 2016 Carillion audit. The tribunal convened to hear the formal complaint started on 10 January 2022. At the disciplinary hearing, KPMG's UK chief executive Jon Holt said the firm had discovered misconduct by it staff in its own internal investigations, and immediately reported it to the FRC. Following the FRC tribunal, KPMG was fined £14.4m (one of the biggest penalties in UK audit history) for misconduct relating to its audit of Carillion and another firm, and received a "severe reprimand" from the regulator. KPMG were also ordered to pay £3.95m in costs. The tribunal heard allegations that KPMG staff created false meeting minutes and retroactively edited spreadsheets before sharing them. A further tribunal will consider penalties for individual KPMG staff, including partner Peter Meehan; the FRC recommended that he be banned for 15 years and fined at least £400,000. In July 2022, it was announced that he had been fined £250,000 and banned for ten years; three other former KPMG executives also received fines and lengthy bans. A junior member of KPMG staff, Pratik Paw – who, aged 25, had been the most junior member of the Carillion audit team – faced a "life changing" fine of £50,000 and a four-year ban, prompting critics to suggest that accounting firms should enable junior colleagues to challenge their superiors, so that low ranking workers are not blamed for accounting scandals. Ultimately, Paw was not fined or suspended but was severely reprimanded. The FRC opened a second investigation into how KPMG audited Carillion's accounts. The FRC's first report, which found a number of breaches, was delivered to KPMG in September 2020; the FRC was awaiting a KPMG response before deciding whether to take enforcement action. In March 2021, KPMG was reported to be "inching towards a financial settlement with regulators" over its auditing of Carillion, with the FRC expected to impose a record fine, possibly around £25m, on KPMG for its failings. In May 2020, the ''FT'' reported that the Official Receiver was preparing to sue KPMG for £250m over alleged negligence in its audits of Carillion. In May 2021, the liquidator secured funding for its legal action, with speculation that the likely damages claim could be as much as £2 billion. In February 2022, Sky News reported the Official Receiver's claim would be in the range of £1bn-£1.5bn, with one source suggesting around £1.2bn. The OR's negligence claim focuses on the value of major contracts which were not properly accounted for in audits in 2014, 2015 and 2016, resulting in misstatements in excess of £800m within Carillion's financial reports. KPMG was said to have accepted management explanations for inflated revenue and understated cost positions. The OR had received legal advice that KPMG was answerable to Carillion's creditors for a portion of their losses. KPMG said: "We believe this claim is without merit and we will robustly defend the case. Responsibility for the failure of Carillion lies solely with the company's board and management, who set the strategy and ran the business." The claim, for £1.3 billion (US$1.77 billion), accused KPMG of missing "red flags" during audits of Carillion, in one of the largest claims against an audit firm. In November 2022, the OR said: KPMG had "failed to respond" to Carillion allegations that it had failed to properly audit the accounting of 20 significant construction contracts. KPMG reiterated that Carillion's failure was solely the fault of the company's board and management.


Alterations to past audit work

In June 2019, KPMG was fined $50 million for altering its past audit work after receiving stolen data from accounting industry watch dog Public Company Accounting Oversight Board (PCAOB). KPMG admitted to its mistakes and as a part of its settlement, it also agreed to hire an independent consultant to review its internal controls.


2017 South African corruption scandal

In 2017, KPMG was embroiled in related scandals involving the
Gupta family The Gupta family is a wealthy Indian-born family with business interests in South Africa, whose most notable members are brothers Ajay, Atul, and Rajesh "Tony" Gupta—as well as Atul's nephews Varun, and US-based Ashish and Amol. The family o ...
. KPMG, whose history in South Africa dated back to 1895, and which had been part of the international organization since its founding in 1979, faced calls for closure, and an uncertain future, as a consequence of the damage done to the South African economy as a result of its activities. KPMG had been working with a Gupta family company in the mining sector, Oakbay Resources and Energy, for 15 years prior to the revelations of corruption and collusion in 2016, at which point KPMG resigned. The full impact and financial profit that KPMG received is yet to be determined; however, at least one large company has terminated its services with KPMG due to its relationship with Oakbay. In July 2017, after controversial documents were leaked by the amaBhungane Centre for Investigative Journalism, former chief executive of KPMG South Africa and the former partner that was responsible for audits related to the Gupta family, Moses Kgosana, withdrew from becoming the chairman of Alexander Forbes, a financial services firm. In 2015, KPMG issued a controversial report that implicated former Finance Minister Pravin Gordhan in the creation of an illegal intelligence gathering unit of the
South African Revenue Service The South African Revenue Service (SARS) is the revenue service of the South African government. It administers the country's tax system and customs service, and enforces compliance with related legislation. It is governed by the SARS Act 34 of ...
(SARS). This report was seen by elements of the media to be part of a wider Gupta-linked
state capture State capture is a type of systemic political corruption in which private interests significantly influence a state's decision-making processes to their own advantage. The term was first used by the World Bank, around the year 2000, to describe ...
conspiracy, with the aim of forcing Gordhan out of his post. The report was withdrawn by KPMG in September 2017, earning the ire of the Commissioner of SARS, Tom Moyane. After an internal investigation that found work done for the Gupta family fell "considerably short" of the firm's standards and amid rising political and public backlash, KPMG's senior leadership in South Africa, including its chairman Ahmed Jaffer, CEO Trevor Hoole, COO Steven Louw, and five partners, resigned in September 2017. Save South Africa, a civil-society group, accused KPMG and UK PR firm Bell Pottinger of playing a "central role in facilitating state capture". Numerous South African companies either fired KPMG in the immediate aftermath of the scandal, or were reconsidering their relationships with the firm with the international chairman of KPMG, John Veihmeyer, apologising for the conduct of the South African arm and the firm pledged to donate fees earned from Gupta businesses, as well as the withdrawn SARS report, to anti-corruption activities.


Corporate theme song

In 2001, a blogger named Chris Raettig discovered a number of "corporate theme songs", including one for KPMG. He created a page for these songs, and included deep links to the MP3 files on the source servers. KPMG responded by sending a takedown notice to Raettig, reading: "Please be aware such links require that a formal Agreement exist between our two parties, as mandated by our organization's Web Link Policy." Raettig wrote publicly about this takedown notice, responding that "my own organization's Web link policy requires no such formal agreement." The chorus to the anthem reads: ''KPMG – We're as strong as can be, A team of power and energy, We go for the gold, together we hold, Onto our vision of global strategy!''


KPMG Lower Gulf

Controversies around KPMG Lower Gulf first emerged in July 2022, when staff at the UAE division accused the multinational firm of neglecting multiple complaints filed against the Emirati CEO Nader Haffar. The employees, including former workers, alleged Haffar of fostering a "fear culture", where disagreeing with him led to employees getting "immediately sidelined or fired". Concerns were also raised after Haffar appointed his brother-in-law, Talal Cheikh Elard, as the head of clients and markets without disclosing the relationship to the partners. Both Haffar and Elard were accused of shouting at staff, slamming fists on tables, and acting against employees expressing "dissenting views". On 21 July, Haffar requested for a new election process for his position, which was to be governed by an external law firm. The controversy resurfaced in September 2022, when the global bosses were urged to suspend Haffar, citing " nepotism, cronyism and a culture of fear" under his leadership. In an email sent to KPMG International’s top executives, ten capital partners at the firm’s UAE branch asked them to address the "massive crisis" in the local company. They also raised concerns over the falling profits, affecting their pay. The average profits per partners fell, while they were not paid bonuses for 2021 due to "cash flow issues". In October 2022, the
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
published a report in which dozens of employees described that unethical employment practices at KPMG Saudi Arabia were commonplace and had left expatriate staff fearing for their personal safety and struggling with their mental health. Several former employees witnessed colleagues being fired abruptly for no reason, and put this down to hostility towards westerners from the largely Arab leadership team at KPMG Saudi Arabia. Racial tensions within the firm were also a problem, with xenophobic language being used towards certain nationalities. The FT has viewed copies of three whistleblowing reports sent to KPMG International since 2018, alleging issues in Saudi Arabia practice, including wrongful terminations, failure to pay staff and concerns about personal safety in the region.


Sponsorship

The Swedish member firm was the main sponsor for Swedish biathlete
Magdalena Forsberg Magdalena "Magda" Forsberg (née Wallin; born 25 July 1967) is a Swedish former cross-country skier and biathlete. She was the dominating female biathlete from 1997 to 2002, when she retired, winning the Biathlon World Cup for six years straight. ...
, six-time world champion and two-time Olympic medalist. Forsberg was working as a tax consultant at the KPMG Sundsvall office parallel to her athletic career. In February 2008, Phil Mickelson, ranked one of the best golfers in the world, signed a three-year global sponsorship deal with KPMG. As part of the agreement, Mickelson was to wear the KPMG logo on his headwear during all golf related appearances. The sponsorship lasted until 22 February 2022, when the two parties mutually split following comments in which Mickelson called Saudi Arabia "scary" but would overlook the country's human rights controversies in the best interest of the PGA Tour. The Canadian member firm sponsored skier
Alexandre Bilodeau Alexandre Bilodeau (; born September 8, 1987) is a Canadian retired freestyle skier from Rosemere, Quebec, Bilodeau currently resides in Montreal, Quebec. Bilodeau won a gold medal in the men's moguls at the 2010 Winter Olympics in Vancouver, ...
, who won the first gold medal for Canada on home soil in the
2010 Vancouver Olympics )'' , nations = 82 , athletes = 2,626 , events = 86 in 7 sports (15 disciplines) , opening = February 12, 2010 , closing = February 28, 2010 , opened_by = Governor General Michaëlle Jean , cauldron = Catriona Le May DoanNancy GreeneWayne Gret ...
. Alexandre's father is a tax partner in the Montreal office. KPMG and McLaren Technology Group have formed a strategic alliance to apply McLaren Applied Technologies' (MAT) predictive analytics and technology to KPMG's audit and advisory services. McLaren 2015 Formula 1 car has the KPMG logo engraved above the pilot seat. Since 2016, KPMG has been strategic sponsor of
Brain Bar Brain Bar is an annual event held in Budapest, Hungary. It has been referred to as "a sort of South By Southwest on the Danube" as it is both a tech conference and a music festival. The event attracted more than 15,000 attendees in 2019 and a liv ...
, a Budapest-based, annually held festival on the future.


Awards

KPMG ranked in the top two overall in Consultancy Rankings 2009 by OpRisk & Compliance – in recognition of KPMG's experience in risk management. In 2011, the company was ranked second on the World's Best Outsourcing Advisors – in recognition of the firm's depth of experience, global reach and holistic approach. That same year, the company was inducted into Working Mother Hall of Fame after being honored for 15 years as one of Working Mother magazine's 100 Best Companies for Working Mothers. KPMG was ranked number 13 in ''Consulting Magazines Best Firms to Work for in 2016. In 2017, KPMG was ranked 29th on the ''Fortune'' list of 100 best companies to work for. That same year, KPMG, along with
PwC PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounti ...
, Deloitte, and PA Consulting Group, were among the UK's 25 top companies to work for.


See also

* Accounting networks and associations * Big Four accounting firms * Financial audit * FTSE 100 Index * Management consulting * Professional services * Tax advisor


References


External links

* {{DEFAULTSORT:Kpmg 1818 establishments in England Consulting firms established in 1818 Financial services companies established in 1818 Amstelveen Companies based in North Holland Companies based in Zug International management consulting firms Madoff investment scandal Privately held companies of Switzerland