KPMG’s U.S. Chairman and CEO Upgrading to KPMG Global Chairman
Congratulations are due to John V. for reaching 97% completion on his world domination plans: KPMG International today announced that John B. Veihmeyer has been selected by its board of directors as KPMG’s next Global Chairman, to succeed Michael Andrew who is retiring after serving as Global Chairman since May 2011. Andrew has recently been […]
KPMG Global Chairman Doesn’t Consider a Partner at His Firm Passing Material Non-public Information About Audit Clients to a Golf Buddy to Be All That Newsworthy
I mean, really. The chairman of KPMG has dismissed as a “one-day wonder” the insider trading scandal involving the former head of the firm’s Los Angeles audit practice. Michael Andrew downplayed the global prominence of the controversy involving Scott London, a senior audit partner who has admitted leaking client secrets to a golfing partner who traded […]
KPMG Chairman: Auditor Rotation Is a ‘Terrible Idea’
It's more or less understood by everyone, with a few exceptions, that pursuing mandatory auditor rotation is a giant waste of time. There has been much discussion of the issue — from the hallowed walls of a PCAOB open meeting to the slums of the Going Concern comment section — and while there has been […]
KPMG’s Audit Business Is Back on Life Support
Last night we finally learned KPMG's revenue results for FY 2012 and they were…UGH. Leave it to my former employer to set me up and allow me to make a prediction that was DOOMED to be wrong. For whatever reason, I thought the House of Klynveld could pull off 8% global revenue growth, what with booming […]
KPMG Plants the Flag in Myanmar (or Burma or Whatever)
It's really a shame that there are so many countries that don't have a Big 4 member firm to call their own. However, with so many opportunities to provide exemplary professional services across the globe, firms must make tough decisions about where they would like to build a prosperous local firm while maintaining the image […]
It Sounds Like KPMG Is *ThisClose* to Jumping Ernst & Young in Revenues
Not sure how we missed this story but thanks to the random commenter who brought it to our attention. New KPMG Global Chairman Michael Andrew was recently interviewed by The Australian and it sounds like KPMG had a pretty kickass fiscal 2011.
We’re still waiting for the official revenue numbers (I’m guessing they’ll be out next week) but Drew kinda spilled the beans already:
New KPMG global chairman Michael Andrew revealed to The Weekend Australian yesterday that the company had recorded a 10.1 per cent increase in revenue in the past financial year, to $22.7 billion. The numbers are due to be released officially later this month.
“If we had not had the Japanese earthquake, I suspect we would have gone past Ernst & Young. Japan is a good market for us. We had really good growth in the Americas and really good growth in tax,” he said yesterday.
FUCKING JAPAN AND YOUR EPIC NATURAL DISASTER! You just cost one of the premier professional services firms on EARTH the chance to leave a rival in the dust. Since there was enormous death and destruction, I guess everyone at the firm will let this go but they’re trying really hard not to throw out some pro forma numbers just for the sake of argument. ANYWAY, for those of you scoring at home, the $22.7 bil puts the House of Klynveld slightly behind E&Y who racked up $22.9 billion for FY ’11. It will also make for the second straight year of a bumper crop of Omaha Steaks for the employees at the firm.
But despite earthquakes and actual hard numbers, Mike is calling it like he sees it:
“We are basically equal No 3. There is still a big gap to PwC and Deloitte, which have been buying large consulting practices in the systems implementation area.”
In other words, if all things were equal, KPMG would probably be the largest firm. They’re just keeping their heads about it.
KPMG grows to match rival Ernst & Young [The Australian]
Let’s Get to Know KPMG’s New International Chairman, Michael Andrew
Yesterday we learned that new KPMG International Chairman Michael Andrew doesn’t think too highly of second-tier accounting firms. Sure, they might have