By Rob Starr, Content Manager, Big4.com
KPMG International (KPMG) recently announced record-high combined revenues of US$23.03 billion for the fiscal year ending 30 September 2012. KPMG recorded increased revenues across all functions with particularly strong growth generated in Financial Services, Industrial Markets and Infrastructure, Government and Healthcare. Advisory revenues grew by 8.3%, to $7.86 billion; Tax revenues grew by 6.3%, to $4.86 billion; and Audit revenues grew by 0.9%, to $10.31 billion.
Michael J. Andrew, Chairman of KPMG International, commented:
“The growth in Advisory and Tax underlines the strength of client demand for professional services,” said Michael. “On the Audit side, the market has never been more competitive and we are focused on continuing to improve audit quality, as evidenced by our significant investments in our global audit platform that surpassed $50 million, in addition to the $100 million invested over the past several years,” he said. “KPMG member firms are also actively engaged with their regulators around the world in constructive dialogue, with the goal of continuing to improve audit quality.”
KPMG’s commitment to investment in rapidly growing economies was reflected by exceptional annual growth of 20% or more at KPMG firms in Argentina, Brazil, Chile, India and Turkey. Revenue growth was also strong in Africa and Indonesia, rising by more than 10% in each area over the last fiscal year. The decision to convert our Chinese member firm from a joint venture to a special general partnership was also a bold step and will enable KPMG’s Chinese firm to continue to contribute to the development of the Chinese accounting profession.