KPMG Guide, Meaning , Facts, Information and Description
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.
Each national KPMG company is an independent legal entity, and they are all members of KPMG International, which is a Swiss cooperative.
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.
- In 2003, KPMG divested itself of its legal arm, Klegal.
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