KPMG: Difference between revisions
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'''KPMG''' is the worst company and one of the big four riders, along with [[Deloitte]], [[Ernst & Young]] (EY), and [[PricewaterhouseCoopers]] (PwC). |
'''KPMG''' is the worst company and one of the big four dck riders, along with [[Deloitte]], [[Ernst & Young]] (EY), and [[PricewaterhouseCoopers]] (PwC). They hired Ahmed Idris to save the accounting game and blow up PWC. |
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Seated in [[Amstelveen]], the [[Netherlands]], KPMG employs 189,000 people<ref name="globalrevenuesfy16" /> and has three lines of services: [[financial audit]], tax, and [[Management consulting|advisory]]. Its tax and advisory services are further divided into various service groups. |
Seated in [[Amstelveen]], the [[Netherlands]], KPMG employs 189,000 people<ref name="globalrevenuesfy16" /> and has three lines of services: [[financial audit]], tax, and [[Management consulting|advisory]]. Its tax and advisory services are further divided into various service groups. |
Revision as of 23:11, 13 March 2018
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Company type | Swiss Cooperative |
---|---|
Industry | Professional services |
Founded | 1987 (merger of Peat Marwick International and Klynveld Main Goerdeler) 1979 (KMG) 1925 (Peat Marwick) 1818 (Oldest component: Grace, Darbyshire, & Todd)[1] |
Founders |
|
Headquarters | Amstelveen, Netherlands[2] |
Area served | Worldwide |
Key people | Bill Thomas (chairman)[3] |
Services | |
Revenue | ![]() |
Number of employees | 188,982 (2016)[5] |
Website | www |
KPMG is the worst company and one of the big four dck riders, along with Deloitte, Ernst & Young (EY), and PricewaterhouseCoopers (PwC). They hired Ahmed Idris to save the accounting game and blow up PWC.
Seated in Amstelveen, the Netherlands, KPMG employs 189,000 people[5] and has three lines of services: financial audit, tax, and advisory. Its tax and advisory services are further divided into various service groups.
The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler." It was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987.
History
Early years and mergers
![](http://upload.wikimedia.org/wikipedia/commons/thumb/f/f5/KPMG_HQ_Amstelveen_Netherlands.jpg/220px-KPMG_HQ_Amstelveen_Netherlands.jpg)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/c/c7/15_Canada_Square_London.jpg/220px-15_Canada_Square_London.jpg)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/a/a9/345_park1.jpg/220px-345_park1.jpg)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/d/de/Montreal_KPMG_Tower.jpg/220px-Montreal_KPMG_Tower.jpg)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/7/70/KPMG_Tower.jpg/220px-KPMG_Tower.jpg)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/6/68/150wjeff.jpg/220px-150wjeff.jpg)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/2/28/KPMGBayAdelaide.jpg/220px-KPMGBayAdelaide.jpg)
The organization's history spanned three centuries. In 1818 John Moxham opened a company in Bristol.[1] James Grace and James Grace Jr. bought John Moaxham & Co. and renamed it James Grace & Son in 1857.[1] In 1861 Henry Grace joined James Jr. and the company was renamed James & Henry Grace.[1] William Barclay Peat joined Robert Fletcher & Co. in London at 17 and became head of the firm in 1891, renamed William Barclay Peat & Co. by then.[6] In 1877 Thomson McLintock founded Thomson McLintock & Co in Glasgow.[6] In 1897 Marwick Mitchell & Co. was founded by James Marwick and Roger Mitchell in New York City. In 1899 Ferdinand William LaFrentz founded the American Audit Co., in New York.[7]
On the other side of the Atlantic, in about 1913, Frank Wilber Main founded Main & Co. in Pittsburgh.[8] In March 1917 Piet Klijnveld and Jaap Kraayenhof opened an accounting firm called Klynveld Kraayenhof & Co. in Amsterdam.[6] In 1920 Philipp Derbyshire & Gerald Todd became partners in James & Henry Grace and it was renamed to Grace, Darbyshire, & Todd.[1]
In 1923 The American Audit Company was renamed FW LaFrentz & Co.[7] In 1925 William Barclay Peat & Co. and Marwick Mitchell & Co., merged to form Peat Marwick Mitchell & Company (later known simply as Peat Marwick).[9]
In 1963 Main LaFrentz & Co was formed by the merger of Main & Co and FW LaFrentz & Co. In 1967 Grace, Darbyshire, & Todd merged with CJ Ryland & Co to form Grace, Ryland & Co.[1] In 1969 Thomson McLintock and Main LaFrentz merged forming McLintock Main LaFrentz International [10] and McLintock Main LaFrentz International absorbed the general practice of Grace, Ryland & Co.[1]
In 1979 Klynveld Kraayenhof & Co. (Netherlands), McLintock Main LaFrentz (United Kingdom / United States) and Deutsche Treuhandgesellschaft (Germany) formed KMG (Klynveld Main Goerdeler) as a grouping of independent national practices to create a strong European-based international firm.[6] In the United States, Main Lafrentz & Co. merged with Hurdman and Cranstoun to form Main Hurdman & Cranstoun.[11]
Then in 1987 KMG and Peat Marwick joined forces in the first mega-merger of large accounting firms and formed a firm called KPMG in the US, and most of the rest of the world, and Peat Marwick McLintock in the UK.[6]
In the Netherlands, as a consequence of the merger between PMI and KMG in 1988, PMI tax advisors joined Meijburg & Co. (The tax advisory agency Meijburg & Co. was founded by Willem Meijburg, Inspector of National Taxes, in 1939). Today, the Netherlands is the only country with two members of KPMG International: KPMG Audit (accountants) and Meijburg & Co (tax consultants).[12]
In 1990 the two firms settled on the common name of KPMG Peat Marwick McLintock but in 1991 the firm was renamed KPMG Peat Marwick, and in 1999 the name was reduced again to KPMG.[13]
In October 1997, KPMG and Ernst & Young announced that they were to merge.[14][15] However, while the merger to form PricewaterhouseCoopers was granted regulatory approval, the KPMG/Ernst & Young tie-up was later abandoned.[16][17]
Recent history
![](http://upload.wikimedia.org/wikipedia/commons/thumb/f/f9/KPMG_in_Kamloops%2C_Canada.jpg/220px-KPMG_in_Kamloops%2C_Canada.jpg)
In 2001 KPMG divested its U.S. consulting firm through an initial public offering of KPMG Consulting Inc, which is now called BearingPoint, Inc.[18] In early 2009, BearingPoint filed for Chapter 11 bankruptcy protection.[19]
The UK and Dutch consulting arms were sold to Atos Origin in 2002.[20]
In 2003 KPMG divested itself of its legal arm, Klegal[21] and KPMG LLP sold its Dispute Advisory Services to FTI Consulting.[22]
KPMG's member firms in the United Kingdom, Germany, Switzerland and Liechtenstein merged to form KPMG Europe LLP in October 2007. These member firms were followed by Spain, Belgium, the Netherlands, Luxembourg, CIS (Azerbaijan, Russia, Ukraine, Belarus, Kyrgyzstan, Kazakhstan, Armenia and Georgia), Turkey, Norway, and Saudi Arabia.[23][24] They appointed joint Chairmen, John Griffith-Jones and Ralf Nonnenmacher.[6]
Global structure
Each national KPMG firm is an independent legal entity and is a member of KPMG International Cooperative, a Swiss entity registered in the Swiss Canton of Zug. KPMG International changed its legal structure from a Swiss Verein to a co-operative under Swiss law in 2003.[25]
This structure in which the Cooperative provides support services only to the member firms is similar to other professional services networks. The member firms provide the services to client. The purpose is to limit the liability of each independent member.[26]
Michael Andrew, previously chairman of KPMG in Australia, assumed the global chairmanship in September 2011 and is based in Hong Kong. This is the first time a Big Four accounting organisation has had its global leader based in Asia Pacific.[27] On 27 February 2014 it was announced that Michael Andrew was retiring as chairman due to illness [28] and that he would be succeeded by John B. Veihmeyer,[29] a role he will perform alongside continuing as chairman and chief executive officer of KPMG’s U.S. firm. Veihmeyer is based in New York City.
KPMG is registered as a multidisciplinary entity which also provides legal services.[30]
Services
KPMG is organised into the following three service lines (the 2016 revenue shares are listed in parentheses):[5]
Tax arrangements relating to tax avoidance and multinational corporations and Luxembourg which were negotiated by KPMG became public in 2014 in the so-called Luxembourg Leaks.[31]
Community involvement and advocacy
In March 2017 KPMG launched a campaign designed to encourage more women to pursue careers in technology-based professions.[32]
Staff
The US branch of KPMG was rated one of the top 10 companies for working mothers.[33] It was also ranked No. 12 on Fortune Magazine's 2017 list of 100 Best Companies to Work For, voted for by employees.[34]
KPMG was the preferred employer among the Big Four accounting firms according to CollegeGrad.com.[35] It was also ranked No. 4 on the list of "50 Best Places to Launch a Career" in 2009 according to BusinessWeek.[36]
In 2009, KPMG in the UK was named the best big company to work for by The Times. This was the fourth consecutive year that KPMG had made the top three.[37]
In 2009, in the UK, KPMG introduced a programme known as 'Flexible Futures'. This allowed staff to volunteer to give the firm the option to either send them on a sabbatical at 30% pay for up to 12 weeks, or to reduce their working hours to 4 days a week. The option remained open to the firm until October 2010. This facility has been invoked by the firm in some departments. KPMG publicised this as innovative and an alternative approach to redundancies.[38]
In October 2010, for the eighth year in a row, KPMG was named one of "Canada's Top 100 Employers" by Mediacorp Canada Inc., and was featured in Maclean's news magazine. In November 2010, KPMG was also named one of Greater Toronto's Top Employers, which was announced by the Toronto Star newspaper.[39]
It was reported in early 2012 that KPMG has about 11,000 staff in the UK and 9,000 in mainland China and Hong Kong. KPMG's global deputy chairman predicted that headcount in China would overtake that of the UK by the end of 2013.[40]
KPMG's Innovation Lab is based out of a WeWork in New York City.[41]
Controversies
Various
In 2003, KPMG agreed to pay $125 million and $75 million to settle lawsuits stemming from the firm's audits of Rite Aid and Oxford Health Plans Inc., respectively.[42]
In 2004, KPMG agreed to pay $115 million to settle lawsuits stemming from the collapse of software company Lernout & Hauspie Speech Products NV.[43][44]
In 2006, Fannie Mae sued KPMG for malpractice for approving years of erroneous financial statements.[45]
In February 2007, KPMG Germany was investigated for ignoring questionable payments in the Siemens bribery case.[46] In November 2008, the Siemens Supervisory Board recommended changing auditors from KPMG to Ernst & Young.[47]
In March 2008, KPMG was accused of enabling "improper and imprudent practices" at New Century Financial, a failed mortgage company,[48] and KPMG agreed to pay $80 million to settle suits from Xerox shareholders over manipulated earnings reports.[49]
It was announced in December 2008 that two of Tremont Group’s Rye Select funds, audited by KPMG, had $2.37 billion invested with the Madoff "Ponzi scheme."[50] Class action suits were filed.[51]
In August 2010, it was reported by the Swedish Financial Supervisory Authority to the Swedish accountancy regulator after HQ Bank was forced into involuntary liquidation after the Financial Supervisory Authority revoked all its licences for breach of banking regulations.[52]
In August 2011, KPMG conducted due diligence work on Hewlett Packard's $11.1 billion acquisition of the British software company Autonomy. In November 2012 HP announced an $8.8 billion write off due to "serious accounting improprieties" committed by Autonomy management prior to the acquisition.[53][54]
According to an independent panel formed to investigate irregular payments made by Olympus which reported in December 2011, KPMG's affiliate in Japan did not identify fraud at the company.[55]
In April 2013, Scott London, a former KPMG LLP partner in charge of KPMG's US Los Angeles-based Pacific Southwest audit practice, admitted passing on stock tips about clients, including Herbalife (HLF.N), Skechers (SKX.N), and other companies, to his friend Bryan Shaw, a California jewelry-store owner. In return Shaw gave London $60,000 as well as gifts that included a $12,000 Rolex watch.[56] On 6 May Shaw agreed to plead guilty to one count of conspiracy to commit securities fraud. He also agreed to pay around $1.3 million in restitution, and to cooperate with the government as part of a plea deal with federal prosecutors.[57] This scandal led KPMG to resign as auditor for two companies.[58]
In 2015, KPMG was accused by the Canada Revenue Agency of tax evasion schemes: "The CRA alleges that the KPMG tax structure was in reality a 'sham' that intended to deceive the taxman."[59]
In 2016, the Canada Revenue Agency was found to have offered an amnesty to KPMG clients caught using an offshore tax-avoidance scheme on the Isle of Man.[60]
In 2017, KPMG terminated five partners in its audit practice, including the head of its audit practice in the US, after an investigation of advanced confidential knowledge of planned audit inspections by its Public Company Accounting Oversight Board.[61][62] This followed criticism about KPMG's failure to uncover illegal sales practices at Wells Fargo or potential corruption at FIFA, the governing international body of soccer.[62] It was reported in 2017 that KPMG had the highest number of deficiencies, among the Big Four, cited by its regulator in the previous two years.[63]
In 2017, KPMG paid a $6.2 million fine to the US Securities and Exchange Commission for inadequacies in its audit of the financial statements of oil and gas company, Miller Energy Resources.[64]
In November 2017, 91 partners of KPMG faced contempt proceedings in Hong Kong High Court, as China Medical Technologies (CMED) liquidators investigating a $400 million fraud took action against KPMG with regard to its refusal honor a February 2016 court order to produce Chinese working papers, correspondence, and records to the liquidators.[65][66][67][68][69] The liquidators are asking that 91 defendants be held in contempt of court, which could result in criminal penalties, or weekly fines.[65] KPMG had issued written audit reports for CMED from 2003 to 2008, and was replaced by PwC Zhong Tian in August 2009.[66] “Perhaps locking up 91 KPMG partners over Christmas may spur the firms to find a solution to this problem”, said Professor Paul Gillis of Peking University’s Guanghua School of Management.[65]
Carillion
In January 2018 it was announced that KPMG, auditor of collapsed UK construction firm Carillion, would have its role examined by the Financial Reporting Council,[70] and it was summoned to give evidence before two House of Commons select committees on 22 February 2018.[71]
On 13 February 2018, the 'Big 4' accountancy firms, including KPMG, were described by MP Frank Field as "feasting on what was soon to become a carcass" after collecting fees of £72m for Carillion work during the years leading up to its collapse.[72] KPMG was singled out for particular criticism for signing off Carillion's last accounts before a profit warning in July 2017: "Either KPMG failed to spot the warning signs, or its judgement was clouded by its cosy relationship with the company and the multimillion-pound fees it received," said MP Rachel Reeves.[72] Two out of three former Carillion finance directors had also worked for KPMG.[72]
KPMG defended itself, saying that in the construction industry "an accumulation of adverse events [...] can quite quickly cause a precipitous decline." KPMG chairman and senior partner Bill Michael said: "It does not follow automatically from a company collapse either that the opinion of management was wrong, or that the auditor did a bad job."[72]
On 22 February 2018, MPs contested evidence from KPMG (in one exchange MP Peter Kyle told KPMG partner Peter Meehan: "I would not hire you to do an audit of the contents of my fridge").[73] Rachel Reeves, chair of the business select committee, said:
- "Auditing is a multi-million-pound business for the Big Four. On this morning's evidence from KPMG and Deloitte, these audits appear to be a colossal waste of time and money, fit only to provide false assurance to investors, workers and the public. [...] Carillion staff and investors could see the problems at the company but those responsible - auditors, regulators, and, ultimately, the directors – did nothing to stop Carillion being driven off a cliff."[74]
2017 South African corruption scandal
In 2017, KPMG was embroiled in related scandals involving the Gupta family.[75] KPMG, whose history in South Africa dated back to 1895, and which had been part of the international organization since its founding in 1979,[76] faced calls for closure, and an uncertain future, as a consequence of the damage done to the South African economy as a result of its activities.[77][78]
KPMG had been working with a Gupta family company in the mining sector, Oakbay Resources and Energy, for 15 years prior to the revelations of corruption and collusion in 2016, at which point KPMG resigned. The full impact and financial profit that KPMG received is yet to be determined;[79] however, at least one large company has terminated its services with KPMG due to its relationship with Oakbay.[80]
In July 2017, after controversial documents were leaked by the amaBhungane Centre for Investigative Journalism, former chief executive of KPMG South Africa and the former partner that was responsible for audits related to the Gupta family, Moses Kgosana, withdrew from becoming the chairman of Alexander Forbes, a financial services firm.[81][82]
In 2015, KPMG issued a controversial report that implicated former Finance Minister Pravin Gordhan in the creation of an illegal intelligence gathering unit of the South African Revenue Service (SARS). This report was seen by elements of the media to be part of a wider Gupta-linked state capture conspiracy, with the aim of forcing Gordhan out of his post.[83] The report was withdrawn by KPMG in September 2017,[84] earning the ire of the Commissioner of SARS, Tom Moyane.[85]
After an internal investigation that found work done for the Gupta family fell “considerably short” of the firm’s standards and amid rising political and public backlash, KPMG's senior leadership in South Africa, including its chairman Ahmed Jaffer, CEO Trevor Hoole, COO Steven Louw, and five partners, resigned in September 2017.[86][87]
Save South Africa, a civil-society group, accused KPMG and UK PR firm Bell Pottinger of playing a "central role in facilitating state capture."[88] Numerous South African companies either fired KPMG in the immediate aftermath of the scandal, or were reconsidering their relationships with the firm [89] with the international chairman of KPMG, John Veihmeyer, apologising for the conduct of the South African arm[90] and the firm pledged to donate fees earned from Gupta businesses, as well as the withdrawn SARS report to anti-corruption activities.[91]
Tax shelter fraud
In 2003, the IRS issued summonses to KPMG for information about certain tax shelters and their investors.[92] In February 2004, the US Justice Department commenced a criminal inquiry.[92] The United States member firm, KPMG LLP, was accused by the United States Department of Justice of fraud in marketing abusive tax shelters. KPMG fired or forced the retirement of over a dozen who were involved.[93] KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients avoid $2.5 billion in taxes between 1996 and 2002, and agreed to pay $456 million in penalties to avoid indictment. Under the deferred prosecution agreement, KPMG LLP would not face criminal prosecution if it complied with the terms of its agreement with the government. On 3 January 2007, the criminal conspiracy charges against KPMG were dropped.[94]
Sponsorship
![](http://upload.wikimedia.org/wikipedia/commons/thumb/f/f9/The_Squaire%2C_Frankfurt_am_Main-1060.jpg/220px-The_Squaire%2C_Frankfurt_am_Main-1060.jpg)
The Swedish member firm was main sponsor for Swedish biathlete Magdalena Forsberg, six-time world champion and two-time Olympic medalist. Forsberg was working as a tax consultant at the KPMG Sundsvall office parallel to her athletic career.[95]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Phil_%26_Jim_%22Bones%22_MacKay_2014.jpg/220px-Phil_%26_Jim_%22Bones%22_MacKay_2014.jpg)
In February 2008, Phil Mickelson, ranked one of the best golfers in the world, signed a three-year global sponsorship deal with KPMG. As part of the agreement, Mickelson was to wear the KPMG logo on his headwear during all golf related appearances.[96]
The Canadian member firm sponsored Alexandre Bilodeau, who won the first gold medal for Canada on home soil in the 2010 Vancouver Olympics. Alexandre's father is a tax partner in the Montreal office.[97][98]
KPMG and McLaren Technology Group have formed a strategic alliance to apply McLaren Applied Technologies’ (MAT) predictive analytics and technology to KPMG’s audit and advisory services. McLaren 2015 Formula 1 car has the KPMG logo engraved above the pilot seat.[99]
Awards
- No.2 in the 2011 World's Best Outsourcing Advisors – in recognition of the firm's depth of experience, global reach and holistic approach.[100]
- Inducted into Working Mother Hall of Fame after being honored for 15 years as one of Working Mother magazine's 100 Best Companies for Working Mothers.[33]
- International Tax Review Asia Tax Awards, 2008–2010 – in recognition of the accomplishments of KPMG's Tax Services and Global Transfer Pricing Services team. KPMG China was awarded the 2010 Hong Kong Tax Firm of the Year and the 2010 China Transfer Pricing Firm of the Year at the International Tax Review's 2010 Asia Tax Awards ceremony in Singapore on 23 November 2010.[101][102] KPMG's global transfer pricing services in China and Hong Kong is headed by Chi Cheng.[103][104]
- Top 2 overall in Consultancy Rankings 2009 by OpRisk & Compliance – in recognition of KPMG's experience in risk management.[105]
- World's most attractive employers, 2010 – First of the Big Four.[106]
- KPMG Leads all the Big Four professional services giant firms (namely Deloitte, PWC and Ernst & Young) on Fortune list of 100 best companies to work for.[107]
- Ranked number 13 in Consulting Magazine's Best Firms to Work for 2016[108]
- KPMG, along with PwC, Deloitte, and PA Consulting Group, were among the UK's 25 top companies to work for in 2017.[109]
See also
References
- ^ a b c d e f g "Chartered Accountants in England and Wales: A Guide to Historical Records". Manchester University Press. 1994. p. 133.
- ^ Your Planning Resource with Useful Tips and Techniques. John Wiley. 2008. p. 308. ISBN 978-0787996611.
- ^ "KPMG elects Bill Thomas as Global Chairman". KPMG. Retrieved 20 October 2017.
- ^ "KPMG 2017 International Annual Review" (PDF). Retrieved 20 December 2017.
- ^ a b c "KPMG 2016 International Annual Review" (PDF). Retrieved 19 December 2016.
- ^ a b c d e f "KPMG History". KPMG.
- ^ a b Grant, Julia (1995). New York State Society of Certified Public Accountants: Foundation of a Profession. Routledge. p. 212. ISBN 978-0815322382.
- ^ "Newspaper article". Pittsburgh Daily Post, Pittsburgh, Pennsylvania. 16 February 1914. p. 11. Retrieved 28 June 2016.
- ^ Family tree: Peat Marwick McLintock ICEAW
- ^ "The forces of deinstiutionalisation and demise" (PDF). Retrieved 28 June 2016.
- ^ "The Development of "The Big Eight" Accounting Firms in the United States, 1900 to 1990". Accounting Information. Retrieved 28 January 2017.
- ^ "Meijburg & Co - History". Retrieved 23 August 2017.
- ^ Note: KPMG derived from predecessor company founders: Piet Klijnveld, William Barclay Peat, James Marwick, and Reinhard Goerdeler.
- ^ "Ernst & Young, KPMG Peat Marwick to merge New company would be largest accounting, consulting firm in world". Baltimore Sun. 21 October 1997. Retrieved 5 September 2014.
- ^ "KPMG Partners Vote For Ernst Merger". The New York Times. 22 December 1997. Retrieved 5 September 2014.
- ^ "Accountancy merger off". BBC News. 13 February 1998. Retrieved 5 September 2014.
- ^ "KMPG and Ernst call off $18bn accountancy mega-merger". The Independent. 14 February 1998. Retrieved 5 September 2014.
- ^ "KPMG Consulting becomes BearingPoint". ITworld. 2 October 2002. Retrieved 5 September 2014.
- ^ Lazo, Alejandro (19 February 2009). "BearingPoint Seeks Bankruptcy Protection". The Washington Post.
- ^ Aldrick, Philip (6 June 2002). "KPMG stuns with French Atos sale". The Telegraph. Retrieved 5 September 2014.
- ^ "KPMG ditches legal ambitions in KLegal split". Legal Week. 6 November 2003. Retrieved 5 September 2014.
- ^ "FTI Consulting Completes Acquisition of Dispute Advisory Services Business Of KPMG". FTI Consulting. 3 November 2003. Retrieved 5 September 2014.
- ^ "Norway and Saudi Arabia to join KPMG Europe LLP". Consultant-news.com. 1 November 2010. Retrieved 5 September 2014.
- ^ "Norway and Saudi Arabia to join KPMG Europe LLP". KPMG International. 30 November 2010. Retrieved 5 September 2014.
- ^ Handelsregister des Kantons Zug (Registration Number CH-020.6.900.276-5)
- ^ This is illustrated in the cases involving Parmalat where clients sought to hold Deloitte (the Swiss Verein)and Grant Thornton International (a UK company providing administrative services to its members) liable for the negligence of other member firms.
- ^ "Australia's Michael Andrew named KPMG's global chairman". International Business Times. 12 May 2011. Retrieved 5 September 2014.
- ^ Rapoport, Michael (27 February 2014). "KPMG: Michael Andrew Retiring as Chairman; Has 'Serious Medical Condition'". Wall Street Journal. Retrieved 4 March 2014.
- ^ "John B. Veihmeyer Selected Global Chairman Of KPMG". KPMG Press release. 27 February 2014. Retrieved 6 October 2014.
- ^ "All Your Profits Are Belong To Us". Above the law. 5 November 2014. Retrieved 6 November 2014.
- ^ "Disney and Skype 'used Luxembourg tax deals'". BBC. Retrieved 18 January 2015.
- ^ "KPMG launches campaign to encourage women into tech". ComputerWeekly. Retrieved 30 March 2017.
- ^ a b "Working Mother 100 Best Companies for 2011 Press Release". Working Mother. 15 September 2011.
- ^ "Fortune 100 Best Companies to work for 2017". Fortune. 9 March 2017.
- ^ "KPMG Named the Top Big Four Accounting Firm by CollegeGrad.com". CollegeGrad.com. 5 March 2008. Retrieved 5 September 2014.
- ^ Lavelle, Louis. "Best Places to Launch a Career (2009)". Bloomberg Businessweek. Retrieved 5 September 2014.
- ^ Katherine Griffiths (3 April 2013). "Best 100 Companies". The Times. Archived from the original on 12 June 2011.
{{cite web}}
: Unknown parameter|deadurl=
ignored (|url-status=
suggested) (help) - ^ Sam Fleming (16 January 2009). "Four day week as work dries up: KPMG offers 11,000 staff dramatic cut in hours to save jobs". Daily Mail. London.
- ^ "Reasons for Selection, 2009 Canada's Top 100 Employers Competition".
- ^ Jones, Adam (25 January 2012). "China headcount to overtake UK at top firms". Financial Times. Archived from the original on 24 April 2012.
{{cite web}}
: Unknown parameter|deadurl=
ignored (|url-status=
suggested) (help) - ^ "KPMG Enters Sponsorship with WeWork Labs". pitchbook.com. 24 October 2014. Retrieved 11 August 2017.
- ^ "China headcount to overtake UK at top firms". Baltimore Sun. 11 March 2003. Retrieved 5 September 2014.
- ^ Taub, Stephen (12 October 2004). "KPMG Pays $115 Million to Settle Suit". CFO. Retrieved 5 September 2014.
- ^ Margaret Cronin Fisk (7 October 2004). "KPMG to Pay $115 Mln to Settle Lernout & Hauspie Suit". Bloomberg. Retrieved 8 September 2014.
- ^ Hilzenrath, David S. (13 December 2006). "Fannie Sues KPMG for Approving Bad Numbers". The Washington Post. Retrieved 8 September 2014.
- ^ Esterl, Mike (24 February 2007). "KPMG Germany's Failure to Spot Siemens Problems Raises Questions". The Wall Street Journal. Retrieved 8 September 2014.
- ^ "Siemens Supervisory Board Proposes Ernst & Young As Auditors". Easybourse.com. 10 May 2012.[dead link]
- ^ Bajaj, Vikas (26 March 2008). "Report Assails Auditor for Work at Failed Home Lender". The New York Times. Retrieved 8 September 2014.
- ^ "Xerox, KPMG Settle Shareholder Suit". The Wall Street Journal. 28 March 2008. Retrieved 8 September 2014.
- ^ Mackintosh, James (18 December 2008). "Accounting firms drawn into Madoff scandal". Financial Times. Archived from the original on 7 December 2014.
{{cite web}}
: Unknown parameter|deadurl=
ignored (|url-status=
suggested) (help) - ^ Docket, Securities (20 February 2009). "Madoff-related class action filed in SDNY against Tremont Group, KPMG, others". Securities Docket.
- ^ "HQ Bank accountant KPMG reported after flaws". The Swedish Wire. 30 August 2010.
- ^ Singh, Rachael (20 November 2012). "KPMG conducted due diligence of Deloitte audit at Autonomy". Accountancy Age. Retrieved 8 September 2014.
- ^ Hardy, Quentin (20 November 2012). "Hewlett's Loss: A Folly Unfolds, by the Numbers". The New York Times. Retrieved 8 September 2014.
- ^ "The Culture Was Corrupt at Olympus, Panel Finds". The New York Times. 6 December 2011. Retrieved 8 September 2014.
- ^ Rapoport, Michael (6 May 2013). "Guilty Plea in KPMG Case". The Wall Street Journal. Retrieved 8 September 2014.
- ^ Flitter, Emily (6 May 2013). "Friend of ex-KPMG auditor pleads guilty in insider case". Reuters. Retrieved 8 September 2014.
- ^ "Trading Case Embroils KPMG". The Wall Street Journal. 9 April 2013. Retrieved 8 September 2014.
- ^ "KPMG Offshore 'Sham' Deceived Tax Authorities, CRA Alleges". cbc.ca. 10 September 2015. Retrieved 11 September 2015.
- ^ "Secret tax deal for wealthy KPMG clients sparked anger inside Canada Revenue Agency". CBC News. 8 March 2016. Retrieved 9 March 2016.
- ^ Michaels, Dave; Rapoport, Michael. "KPMG partners fired over ethics breach". MarketWatch.com. Retrieved 18 April 2017.
- ^ a b Bray, Chad (12 April 2017). "KPMG Fires 6 Over Ethics Breach on Audit Warnings". The New York Times. Retrieved 18 April 2017.
- ^ Rapoport, Michael. "Fired KPMG Audit Head: How Did Scott Marcello Fall From Grace?". The Wall Street Journal.
{{cite news}}
:|access-date=
requires|url=
(help) - ^ "KPMG to pay more than $6.2 mln to settle U.S. charges -SEC". Reuters. 15 August 2017. Retrieved 15 August 2017.
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- ^ a b Miller, Matthew (20 December 2017). "Exclusive: KPMG partners face court contempt over China audit," Reuters.
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{{cite news}}
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requires|url=
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suggested) (help) - ^ Newquist, Caleb (18 February 2010). "Alexandre Bilodeau Is KPMG Canada's Phil Mickelson". The Going Concern. Retrieved 8 September 2014.
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ignored (|url-status=
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: CS1 maint: unrecognized language (link)
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