KPMG Posts Revenue Growth
Big Four firm KPMG reported 2006 combined revenues of US$16.9 for the fiscal year ending September 30. The figure represents an increase of 7.6 percent in U.S. dollars and a 9.6 percent rise in local currencies.
|Thousands of executives with financial reporting responsibilities use the Comperio on-line library to access the type of information and interpretive guidance PricewaterhouseCoopers' own professional audit staff use around the world. Key content areas include guidance from the FASB, EITF, PCAOB, SEC, and others as well as PwC's interpretive guidance. Get more information and sign up for a complimentary 30-day trial.|
Some KPMG member firms benefited from explosive growth in the burgeoning ‘BRIC’ economies – Brazil, Russia, India and China. KPMG reported an average rise of 42 percent in revenue among member firms representing those countries.
“Overall, this has been another strong year for KPMG, marked by exceptional performances in some of the key areas of the world,” said Mike Rake, chairman of KPMG International.
The company added some new clients to the rolls in 2006, including BASF, Bank of England, Petrobras, Banco do Brasil, and Mitsubishi Tokyo Bank.
KPMG’s personnel ranks grew to 113,000 in 2006, and member firms continue to recruit to meet demand, Rake said.
With local growth of 13.7 percent, Asia Pacific was KPMG’s fastest growing region, followed by Europe, Middle East and Africa at 12.4 percent and the Americas at 4.3 percent.
KPMG’s strategy was to invest in those parts of the world where business and corporate activity is rapidly expanding, including India, China, Russia and Latin America.
The member firm in China opened three new offices, the company said. Much of the demand for KPMG’s services there comes from privately owned companies wanting to expand and raise capital.
A seventh office opened in India, and staff added to offices in South America, the company said.
“We saw opportunities in some of the fast developing markets early, and have invested carefully,” Chief Executive of KPMG International, Mike Wareing, said. “We are now starting to reap the rewards of those decisions.”
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.