KPMG's member firm in Austria, providing audit, tax, and advisory services.
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Overview
KPMG is a multinational professional-services network and one of the four largest global accounting firms, alongside Deloitte, Ernst & Young and PwC. Its name is an initialism formed from Klynveld, Peat, Marwick and Goerdeler, reflecting the principal legacy firms that shaped the modern organization. The present KPMG identity was created in 1987 when Klynveld Main Goerdeler, commonly known as KMG, combined with Peat Marwick International in what was then one of the largest mergers in the accounting profession. The organization is headquartered in London through KPMG International Limited, a private English company limited by guarantee. KPMG does not operate as a single publicly traded multinational corporation. Instead, the network consists of independent national and regional member firms that are legally separate entities. KPMG International provides coordination, governance, brand management, methodologies, technology support and global strategy, while member firms contract directly with clients and deliver services in their respective jurisdictions. This structure is typical of the major professional-services networks and is intended to preserve local regulatory status and limit cross-border legal liability. KPMG’s principal businesses are Audit, Advisory, and Tax and Legal Services. Audit work includes financial-statement audits, assurance, accounting advisory and related reporting services. Advisory encompasses consulting, deals, restructuring, risk, technology, cyber security, forensic work, strategy, infrastructure and other transformation services. Tax and Legal Services covers corporate and international tax, transaction tax, indirect tax, employment tax, legal services where permitted, and tax-related technology and compliance. The precise service portfolio differs by country because professional regulation and licensing requirements vary. For the financial year ended September 30, 2024, KPMG reported globally aggregated network revenue of US$38.4 billion and a network headcount of 275,288 people. The revenue was reported across Audit, Advisory, and Tax and Legal Services, with Advisory the largest of the three broad service lines. These figures describe the combined activity of KPMG member firms rather than the revenue of a conventional consolidated public company. KPMG serves listed and private companies, financial institutions, public-sector bodies, governments, nonprofit organizations and high-growth businesses. Its market positioning combines regulated assurance work with higher-growth consulting, transactions, technology and transformation services. Like its competitors, KPMG has sought to expand its digital, data and artificial-intelligence capabilities while maintaining the independence and quality controls required for audit work. The brand has also faced significant regulatory and reputational challenges. Historical matters include the U.S. tax-shelter case that resulted in a 2005 deferred-prosecution agreement and a US$456 million payment, criticism over certain tax-avoidance arrangements disclosed through the Luxembourg Leaks, regulatory scrutiny of audits including Carillion and Regenersis in the United Kingdom, and the 2017 U.S. scandal involving advance access to Public Company Accounting Oversight Board inspection information. These events have made audit quality, ethics, independence, governance and regulatory compliance central issues in KPMG’s public profile. The network remains active internationally, with its future strategy focused on technology-enabled professional services, multidisciplinary client support and investment in artificial intelligence, while continuing to operate through independent member firms.
History
KPMG’s history is rooted in a series of accounting practices established in Britain, the United States, Germany and the Netherlands during the nineteenth and early twentieth centuries. William Barclay Peat joined an established London practice in 1870 and later led the firm that became William Barclay Peat & Co. In the United States, James Marwick and Roger Mitchell founded Marwick, Mitchell & Co. in New York in 1897. Piet Klijnveld and Jaap Kraayenhof opened Klynveld Kraayenhof & Co. in Amsterdam in 1917. Other important predecessors included Thomson McLintock, Main & Co., and the American Audit Company founded by Ferdinand LaFrentz. In 1925, William Barclay Peat & Co. combined with Marwick Mitchell & Co. to create Peat Marwick Mitchell & Co., strengthening the transatlantic accounting platform. Main & Co. and F. W. LaFrentz & Co. merged in 1963 to form Main LaFrentz & Co. Six years later, Thomson McLintock and Main LaFrentz joined to create McLintock Main LaFrentz International. These combinations reflected the profession’s movement from locally based accounting practices toward international networks capable of serving multinational clients. A major step came in 1979, when Klynveld Kraayenhof & Co. in the Netherlands, McLintock Main LaFrentz in the United Kingdom and United States, and Deutsche Treuhand-Gesellschaft in Germany formed Klynveld Main Goerdeler, or KMG. Reinhard Goerdeler became KMG’s first chief executive. The grouping was organized as a network of national practices rather than as one fully integrated global corporation, a model that later became characteristic of the major accounting firms. In 1987, KMG merged with Peat Marwick International. The combination created KPMG in the United States and most markets, while the British practice initially used the name Peat Marwick McLintock. The initials KPMG represented Klynveld, Peat, Marwick and Goerdeler. The firm briefly used the name KPMG Peat Marwick from 1991 before returning to KPMG in 1999. A proposed 1997 merger between KPMG and Ernst & Young was ultimately abandoned after regulatory and commercial obstacles. The early twenty-first century brought major portfolio changes. In 2001, KPMG separated its U.S. consulting business through the flotation of KPMG Consulting, which later became BearingPoint. KPMG sold its United Kingdom and Dutch consulting operations to Atos in 2002 and divested its legal brand Klegal and dispute-advisory business in 2003. These transactions helped define KPMG more clearly around audit, tax and advisory while allowing former consulting operations to develop under independent ownership. KPMG also pursued greater regional integration. In 2007, the member firms in the United Kingdom, Germany, Switzerland and Liechtenstein formed KPMG Europe LLP, later joined by additional national firms. The initiative sought to coordinate cross-border service delivery while preserving the legal independence of national practices. KPMG International changed from a Swiss verein structure to a Swiss-law cooperative in 2003 and was incorporated as KPMG International Limited in England in 2020. The network’s modern development has been shaped by both growth and scrutiny. It expanded advisory, technology, risk, transactions and legal capabilities, while regulators and legislators examined audit quality, tax practices and professional independence. The U.S. tax-shelter matter culminated in a 2005 deferred-prosecution agreement and a US$456 million payment. Later controversies included Luxembourg tax arrangements, audit criticism surrounding HBOS and Carillion, and the 2017 PCAOB inspection-information scandal in the United States. In the 2020s, KPMG responded to geopolitical, technological and organizational changes. Its Russian and Belarusian firms left the network in 2022 following the invasion of Ukraine. The organization announced a Google Cloud partnership and a planned US$100 million investment in enterprise artificial-intelligence capabilities in 2024. It also approved a United Kingdom-Switzerland firm merger in 2024. As of 2026, KPMG remains an active global network operating through independent member firms, with its strategy balancing audit quality and regulatory obligations against expansion in consulting, technology, artificial intelligence, tax, legal and transformation services.
- 2024
Global revenue reaches US$38.4 billion
[2]KPMG reported aggregated FY2024 network revenue of US$38.4 billion and 275,288 people across 145 countries.
- 2024
Google Cloud AI investment announced
[1]KPMG announced a four-year, US$100 million program to expand enterprise AI services with Google Cloud.
- 2024
UK–Switzerland merger approved
[1]Partners approved the merger of KPMG’s UK and Swiss firms across audit, legal, tax and advisory.
- 2022
Russian and Belarusian firms leave network
[1]KPMG announced the departure of its Russian and Belarusian member firms following the invasion of Ukraine.
- 2020
KPMG International Limited incorporated
[1]The global coordinating entity was incorporated in London as a private English company limited by guarantee.
- 2007
KPMG Europe LLP formed
[1]KPMG firms in the United Kingdom, Germany, Switzerland and Liechtenstein combined into a regional legal structure, later expanded to more countries.
- 2001
U.S. consulting business spun off
[1]KPMG separated its U.S. consulting operation through an IPO; the business later became BearingPoint.
- 1999
Name shortened to KPMG
[1]The firm dropped the Peat Marwick wording and adopted the shorter KPMG name globally.
- 1987
KPMG created through KMG–Peat Marwick merger
[1]KMG and Peat Marwick International combined in the profession’s first major mega-merger, creating the KPMG name in most markets.
- 1979
KMG network created
[1]Klynveld Kraayenhof, McLintock Main LaFrentz and Deutsche Treuhand-Gesellschaft formed Klynveld Main Goerdeler.
Products and positioning
Global professional-services network and Big Four accounting firm combining regulated audit with tax, consulting, transactions, technology, risk and legal capabilities.
Professional assurance services · 1987
Audit and Assurance
KPMG member firms audit financial statements and provide assurance over reporting, controls, risk, sustainability and other information. Related work can include accounting advisory, regulatory reporting, internal audit support and transaction-related assurance. Audit is the most regulated part of the network and is subject to independence, inspection and quality-control requirements that vary by jurisdiction.
Tax, legal and compliance services · 1987
Tax and Legal Services
KPMG’s tax practice covers corporate and international tax, indirect tax, employment tax, transaction tax, transfer pricing, tax technology and compliance. Legal services are offered in jurisdictions where regulation permits multidisciplinary professional-services firms to provide them. The practice supports multinational structuring, transactions, controversy, reporting and ongoing compliance.
Consulting and transactions · 1987
Advisory and Consulting
Advisory includes management and technology consulting, deals, restructuring, risk, cyber security, forensic services, strategy, operations, data, infrastructure and transformation. KPMG has expanded this line through digital platforms, cloud services and artificial-intelligence initiatives, while maintaining separation controls where consulting work could affect audit independence.
Transactions and corporate finance
Deal Advisory
Deal Advisory supports acquisitions, disposals, valuations, due diligence, integration, restructuring, infrastructure and capital-related decisions. It is delivered through local member firms and is commonly used by corporations, financial sponsors, lenders and public-sector organizations during major transactions or reorganizations.
Risk, regulatory and cybersecurity
Risk and Cyber Services
Risk and cyber offerings address governance, enterprise risk, regulatory compliance, cyber resilience, internal controls, financial crime, data protection and technology risk. The practice reflects the increasing overlap between accounting, regulation, digital infrastructure and operational resilience.
Controversies
2022
Carillion and Regenersis regulatory sanctions
The Financial Reporting Council found misconduct involving false or misleading information and documents connected with KPMG’s regulatory audit reviews of Carillion and Regenersis. KPMG received a severe reprimand, a £14.4 million fine and an order to pay costs; individual former personnel also received sanctions.
2022
FRC announces reduced fine against KPMG
The U.K. Financial Reporting Council announced a reduced fine of £875,000 against KPMG for audit failings in its work at Revolution Bars Group for fiscal years 2015 and 2016.
2022
KPMG fined over Revolution Bars audit
The Financial Reporting Council fined KPMG £1.25 million and issued a severe reprimand over failures to identify problems in Revolution Bars’ accounts. The regulator described the breaches as serious but said they were not intentional, dishonest, deliberate or reckless.
2022
KPMG reaches settlement concerning Regenersis work
The U.K. Financial Reporting Council announced a settlement with KPMG concerning the firm’s work at software company Regenersis. The source does not provide further settlement terms.
2021
Serba Dinamik sues KPMG over alleged audit negligence
Serba Dinamik filed a writ of summons and statement of claim against its external auditor KPMG, alleging negligence in the audit process. The filing constitutes a legal action initiated by the company against its auditor. According to the source, KPMG's position on the matter is not reported. The available information does not include further details on the claims, the response of the auditor, or any subsequent developments in the case.
2021
KPMG fined over advisory role in Silentnight sale
The U.K. accounting watchdog ordered KPMG to pay a £13 million fine for breaches of integrity and objectivity in its advisory role regarding the 2011 sale of Silentnight. The regulator also severely reprimanded KPMG and ordered it to appoint an independent reviewer.
2020
KPMG Fined over Audit Breaches
In 2020, the UK's Financial Reporting Council fined KPMG over audit breaches. According to the regulator, the firm failed to obtain and document sufficient audit evidence concerning supplier-funded rebates. The Financial Reporting Council stated that the breaches were limited and did not call into question the truth or fairness of the audited company's financial statements. The event was reported as a fine imposed on KPMG in connection with these audit deficiencies.
2020
FRC launches investigations into KPMG and PwC audits
The Financial Reporting Council launched investigations into KPMG and PwC over their audits of Eddie Stobart Logistics plc for the years ended 30 November 2017 and 30 November 2018, respectively.
2018
Carillion audit scrutiny
KPMG’s role as auditor of collapsed UK construction company Carillion was investigated by regulators and Parliament. A parliamentary inquiry criticized the firm’s involvement in Carillion’s financial reporting, while subsequent regulatory proceedings examined alleged misconduct in audit work and information supplied to the regulator.
2017
PCAOB inspection-information scandal
KPMG US dismissed several audit partners after an investigation found that confidential information about planned PCAOB inspections had been obtained and shared. The episode raised questions about audit ethics, inspection integrity and the firm’s quality-control environment.
Brand decisions
2026
Reduce U.S. audit-partner ranksStrategyBackground
A voluntary early-retirement effort did not reduce the partner group to the level management considered appropriate for the scale of the audit business.
Action taken
KPMG US announced cuts affecting roughly 10% of its audit partners, or approximately 100 partners, while managing directors were excluded.
Aftermath
The firm characterized the reductions as a structural alignment decision rather than an individual-performance action, despite continued growth in its U.S. audit business.
2025
Withdraw published U.S. diversity reports and targetsStrategyBackground
KPMG US changed its public approach to diversity, equity and inclusion reporting amid a broader reassessment of corporate DEI programs.
Action taken
KPMG US removed diversity reports that had been published since 2020 and moved away from stated DEI targets.
Aftermath
The move became part of the firm’s changing public-positioning and workforce-policy debate in the United States.
2024
Invest in enterprise artificial intelligence with Google CloudStrategyBackground
KPMG identified generative AI and cloud technology as major changes to professional-services delivery and workforce productivity.
Action taken
KPMG announced a planned US$100 million investment over four years and a partnership with Google Cloud to develop enterprise AI services, AI agents and workforce capabilities.
Aftermath
The initiative positioned AI as a central component of KPMG’s technology, consulting and internal transformation strategy.
Planned investment. US$100 million (Four years announced in November 2024)
2024
Approve merger of KPMG UK and KPMG SwitzerlandM&ABackground
The two firms already collaborated across audit, legal, tax and advisory services and sought a more integrated operating model.
Action taken
Partners approved the combination of the UK and Swiss firms.
Aftermath
The merger created a larger cross-border practice with reported annual revenue of approximately US$4.4 billion.
Combined annual revenue. Approximately US$4.4 billion (Reported at announcement in May 2024)
2022
Remove Russia and Belarus firms from the KPMG networkStrategyBackground
The decision followed Russia’s invasion of Ukraine and similar actions by other major professional-services networks.
Action taken
KPMG announced that its Russian and Belarusian firms would leave the network.
Aftermath
The affected firms ceased to operate under the KPMG brand and global network arrangements.
2007
Create KPMG Europe LLPStrategyBackground
Cross-border clients required more integrated service delivery, while national firms remained separate legal entities under the network model.
Action taken
KPMG firms in the United Kingdom, Germany, Switzerland and Liechtenstein formed KPMG Europe LLP, later joined by additional countries.
Aftermath
The regional structure increased operational coordination while retaining local legal and regulatory identities.
2002
Sell UK and Dutch consulting practices to AtosM&ABackground
KPMG continued reshaping its portfolio after separating its U.S. consulting business.
Action taken
The UK and Dutch consulting arms were sold to Atos.
Aftermath
The sale further separated KPMG’s regulated accounting network from portions of its legacy consulting operations.
2001
Spin off KPMG ConsultingStrategyBackground
Consulting was becoming a distinct growth business with different ownership, capital and operating requirements from audit and tax.
Action taken
KPMG separated its U.S. consulting business through an initial public offering; the business later rebranded as BearingPoint.
Aftermath
The transaction reduced KPMG’s direct ownership of its U.S. consulting arm, while KPMG continued developing advisory capabilities through its member firms.
1987
Merge KMG with Peat Marwick InternationalM&ABackground
The accounting profession was consolidating and multinational clients increasingly required coordinated cross-border services. KMG and Peat Marwick International represented complementary European, American and British networks.
Action taken
The organizations combined, adopting KPMG in the United States and most markets while the British practice initially used Peat Marwick McLintock.
Aftermath
The merger created one of the world’s largest accounting networks and supplied the KPMG initials used today.
Recent events
Reported
Google launches Gemini Enterprise for Legal[13]
Google launched Gemini Enterprise for Legal, an agentic AI platform for lawyers that supports legal research, contract lifecycle management and brief drafting, and integrates with legal technology companies including LexisNexis, Thomson Reuters, Harvey, Legora, iManage, Courtroom5 and Everlaw.
Reported
Google Cloud launches Gemini Enterprise for Legal[14]
Google Cloud introduced Gemini Enterprise for Legal, an AI product for law firms and corporate legal departments that automates legal workflows such as contract review and regulatory compliance, connecting to document and matter management systems and legal industry platforms including Docusign, Everlaw, iManage, NetDocuments, RelativityOne, Thomson Reuters, Harvey, Legora and CourtListener.
Reported
OpenAI launches GPT 5.6 Cyber model for security partners[15]
OpenAI developed a new model called GPT 5.6 Cyber for vulnerability research, penetration testing and incident response, available only to selected companies and security vendors through the Daybreak Cyber Partner program.
- Unconfirmed
Reported
KPMG fined over Revolution Bars audit[10]
The Financial Reporting Council fined KPMG £1.25 million and issued a severe reprimand over failures to identify problems in Revolution Bars’ accounts. The regulator described the breaches as serious but said they were not intentional, dishonest, deliberate or reckless.
Reported
FRC announces reduced fine against KPMG[8]
The U.K. Financial Reporting Council announced a reduced fine of £875,000 against KPMG for audit failings in its work at Revolution Bars Group for fiscal years 2015 and 2016.
Reported
KPMG names Luke Drummond as successor to its A/NZ and Asia Pacific head of alliances[16]
KPMG announced that Luke Drummond would take over as head of alliances for A/NZ and Asia Pacific, following Renee DeLaine's move to Dell.
Reported
KPMG and Phil Mickelson end sponsorship partnership[17]
KPMG and golfer Phil Mickelson mutually agreed to end their sponsorship partnership, which had been in place since 2008. The article reported the end amid controversy over Mickelson’s comments about Saudi Arabia and a proposed golf league.
Reported
FRC sanctions KPMG over Conviviality audits[9]
The U.K. Financial Reporting Council announced sanctions against KPMG, including a severe reprimand and a reduced £3 million penalty, for breaches in its audits of Conviviality’s financial statements for fiscal years 2017 and 2018.
Reported
KPMG reaches settlement concerning Regenersis work[9]
The U.K. Financial Reporting Council announced a settlement with KPMG concerning the firm’s work at software company Regenersis. The source does not provide further settlement terms.
Reported
KPMG in Cyprus joins Salesforce ecosystem[18]
KPMG in Cyprus signed a partnership agreement with Salesforce and became the 20th member firm to officially join the KPMG Salesforce ecosystem.
Sources38 sources
- 1KPMGen.wikipedia.org
- 2KPMG global FY2024 revenue announcementkpmg.com
- 3KPMG global leadershipkpmg.com
- 4U.S. Department of Justice: KPMG tax-shelter deferred-prosecution agreementjustice.gov
- 5Financial Reporting Council: KPMG Carillion and Regenersis sanctionsfrc.org.uk
- 6KPMG Fined over Audit Breachesrte.ie
- 7Serba Dinamik sues KPMG over alleged audit negligencetheedgemalaysia.com
- 8FRC announces reduced fine against KPMGcomplianceweek.com
- 9FRC announces reduced fine against KPMGcomplianceweek.com
- 10KPMG fined over Revolution Bars auditdailymail.com
- 11KPMG fined over advisory role in Silentnight salecomplianceweek.com
- 12FRC launches investigations into KPMG and PwC auditsstandard.co.uk
- 13谷歌推出面向法律行业的Gemini Enterprise for Legalabajournal.com
- 14谷歌云推出面向法律行业的Gemini Enterprisetimesofindia.indiatimes.com
- 15OpenAI发布面向安全合作伙伴的GPT 5.6 Cyber模型tech.ifeng.com
- 16KPMG任命Luke Drummond接任澳新及亚太联盟负责人arnnet.com.au
- 17毕马威与菲尔·米克尔森结束赞助合作nbclosangeles.com
- 18毕马威塞浦路斯加入Salesforce生态体系knews.kathimerini.com.cy
- 19KPMG 宣布投入逾 15 亿美元用于 ESG 计划business-review.eu
- 20T-Mobile宣布与Mandiant和KPMG开展网络安全合作geekwire.com
- 21毕马威新西兰任命 Stephanie Ward 和 Rachael Niao 为合伙人nbr.co.nz
- 22H.I.G. Europe将收购KPMG重组业务部门professionalpensions.com
- 23毕马威越南在越南最佳工作场所调查中位列四大专业服务公司之首vir.com.vn
- 24KPMG宣布推出Climate Accounting Infrastructureledgerinsights.com
- 25HFW、KPMG与Augusta Ventures推出新冠争议融资服务globallegalpost.com
- 26KPMG印度收购Shivansh Solutions的软件产品及知识产权thehindubusinessline.com
- 27毕马威与汤森路透合作支持 FBT 软件accountantsdaily.com.au
- 28KPMG与Microsoft合作参与CBA的X15 Ventures项目accountantsdaily.com.au
- 29真维斯澳大利亚公司进入自愿托管程序gd.sina.com.cn
- 30微软与毕马威宣布云服务合作soft.zhiding.cn
- 31KPMG推出KPMG Origins平台crowdfundinsider.com
- 32Feb 2022: Mickelson apologizes for Saudi comments, deal with KPMG endswinnipegfreepress.com
- 33KPMG apologises for botched Conviviality audits after collapsedailymail.com
- 34KPMG fined £3m by FRC over "serious" audit failingsaccountancyage.com
- 35KPMG partners with Thomson Reuters, universities on interactive case studyaccountingtoday.com
- 36KPMG teams up with Thomson Reuters to tackle FBTaccountantsdaily.com.au
- 37Phil Mickelson Loses Longtime Sponsors over Saudi Arabia Commentsbreitbart.com
- 38T-Mobile CEO apologizes for data breach, announces security partnership with Mandiant - Engadgetengadget.com
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