KPMG

From Wikicompany

KPMG International, a Big 4 accountancy company, is one of the largest 'professional services' firms in the world.

KPMG International is a Swiss cooperative that serves as a coordinating entity for the network of independent member firms. KPMG International itself provides no professional services to clients. Each member firm is a separate and independent legal entity.

KPMG has three lines of services:

• Audit services
• Tax services
• Advisory services (legal, corporate management)

As of 2003, KPMG employs nearly 100,000 people, in 148 countries around the world. The global revenue of all member firms in 2003 was about 12 billion US$.

Company 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 KPMG merger.

History

• 1911 - William Barclay Peat & Co. and Marwick Mitchell & Co. merged to form what would later be known as Peat Marwick International (PMI).
• 1979 - Klynveld merged with Deutsche Treuhand-Gesellschaft (DTG) and McLintock Main Lafrentz to form Klynveld Main Goerdeler (KMG).
• 1987 - both firms joined forces in the first mega-merger of large accounting firms and formed KPMG.
• 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.
• 2001 - KPMG divested its US consulting firm through an IPO of KPMG Consulting Inc, which is now called BearingPoint, Inc..
• 2003 - KPMG divested itself of its legal arm, Klegal.

Relations to other articles — Click (+) to find similar articles.
KPMG  has competitor  PricewaterhouseCoopers (+), Ernst & Young (+), and Deloitte Touche Tohmatsu (+)

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