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About KPMG
KPMG is one of the largest professional services firms in the world. KPMG
employs 104,000 people in a global network spanning 144 countries. Composite
revenues of KPMG member firms in 2005 were $15.7 billion USD. 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.
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 1870, William Barclay Peat formed an accounting firm in London, England
In 1911, William Barclay Peat & Co. and Marwick Mitchell & Co. merged to form
what would later be known as Peat Marwick International (PMI).
The Peat Marwick logo.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 maneuver
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.
In 2005, KPMG LLP admitted criminal wrongdoing in multi-billion dollar tax
shelter fraud.
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