KPMG Reports 4% Growth in Global Revenues

Despite a weak economy and a year of unprecedented challenges for the accounting profession, KPMG International reported revenues of $10.72 billion for the fiscal year ended September 30, 2002, an increase of 3.9% over the prior year.

A breakdown of global revenues shows 3.4% growth to $6.33 billion in assurance services, 2.7% growth to $3.04 billion in tax and legal services, and 8.6% growth to $1.35 billion in financial advisory services (FAS). Geographically, the strongest regional gains were seen in Europe, the Middle East and Africa, where revenues increased 8.3% to $5.46 billion. In the Americas, revenue decreased by 0.9% to $4.27 billion.

Mike Rake, chairman of KPMG International, noted that the current environment for the industry is unprecedented, with new government oversight of the accounting profession in the U.S., persistent public mistrust of corporate leadership and accountants, and continued regulatory uncertainty.

"Looking ahead," said Mr. Rake, "we remain committed to offering our clients a complementary range of multi-disciplinary skills including assurance, FAS, tax and legal services." He added that one of worldwide organization's key goals for the coming year is to be a leader in restoring the accounting profession's credibility.

KPMG International CEO Robert W. Alspaugh added that the firm will continue to strengthen its network of firms through quality performance reviews of engagement performance, use of its independent global risk management function to assure that local firms are in compliance with membership requirements, and continued emphasis on strengthening the depth of its professional talent.

You may like these other stories...

From May 20-23, the Association for Accounting Marketing (AAM) held its annual conference. Frequent contributor Sally Glick picked up some ideas that she will be sharing with us in the coming days, as she has done in...
Success, for a practitioner in a busy CPA firm, requires the ability to handle multiple tasks effectively. To get everything done, CPAs typically track their agenda with a "to do" list or other open-item systems to...
Everyone loses clients. You've seen the statistics. Clients and heirs often change accountants, attorneys, and advisors after a death or divorce. That's understandable. What about ongoing relationships when the...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.