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Publication Date: 28 May 2010
Europe, Middle East & Africa
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..............................................................................................................................................12 Top Competitors...................................................4 Business Description.....................................................................KPMG International TABLE OF CONTENTS TABLE OF CONTENTS Company Overview...................7 Key Employee Biographies...........10 Revenue Analysis.................................................17 Company View........................................................8 Major Products and Services...........5 History...............................................................................................................21 KPMG International © Datamonitor Page 3 ...............................................................................6 Key Employees............11 SWOT Analysis..................................................................................................................................................................................................................................................................................................................................................................4 Key Facts........................................................................................18 Locations and Subsidiaries..........................................................................................
and tax services. KEY FACTS Head Office KPMG International Burgemeester Rijnderslaan 10-20 Amstelveen 1185 MC NLD Phone 31 20 656 7890 Fax 31 20 656 7700 Web Address http://www. advisory.4% over 2008.110.235 KPMG International © Datamonitor Page 4 . The company primarily operates in Europe. It is headquartered in Amstelveen.KPMG International Company Overview COMPANY OVERVIEW KPMG International (KPMG) is a global network of professional services firm providing audit.com Revenue / turnover 20. a decrease of 11.110 million during the financial year ended September 2009. Middle East. Netherlands and employs about 140. and Africa (EMEA). The company recorded revenues of $20.0 (USD Mn) Financial Year End September Employees 140.kpmg.235 people.
and financial reporting. and public sector bodies to mitigate risk and improve performance. The company provides resources and technological tools necessary to support internal controls. KPMG's advisory professional services provide advice and assistance to enable companies. KPMG has established the Audit Committee Institute (ACI) to provide resources to audit committee members and help them keep pace with evolving business issues related to governance. These include: business tax. It provides risk and financial advisory services to clients. planning opportunities. These services assist clients in fulfilling compliance responsibilities. audit issues. KPMG's audit division provides independent auditing services to companies. advisory. KPMG International © Datamonitor Page 5 .000 professionals working in member firms around the world. It has organized its structure into three operating regions: Europe. Middle East. and tax services. The company operates through three business divisions: audit. KPMG's tax services offer services related to tax compliance and managing tax risks. and Africa. and tax. KPMG is a Swiss cooperative that operates as an umbrella organization for its member firms. which helps them create strategies for the longer term. The company has operations in 148 countries and more than 113.KPMG International Business Description BUSINESS DESCRIPTION KPMG International (KPMG) is a global network of professional services firm providing audit. accounting. KPMG's tax input is delivered through a number of global service lines. advisory. international corporate tax and indirect tax. the Americas. and communicating between markets and regulators. and Asia-Pacific. intermediaries.
and Africa (EMEA). left his international role with the United Nations to join KPMG. In February 2010. In 2003. KPMG's Global Insurance practice won an award for best accounting firm of the year.5 million) from the Australian government to monitor replacement of 17 health and social services cards and vouchers with one card in August 2006. The company established a new International Standards Group in London to achieve global consistency in the application of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs). reached preliminary agreements in 2004 to settle their parts of a class-action lawsuit in line with allegations of overcharging clients for travel expenses. and Latin America. Following the involvement of rival company. Europe. In 2001. China. one of the world’s leading authorities on climate change and sustainability.the Americas. Europe. and Austrian consulting units to KPMG Consulting. KPMG sold 10% of its consulting business to Cisco Systems. KPMG International © Datamonitor Page 6 . In 2002. and Asia-Pacific. Middle East.KPMG International History HISTORY KPMG was formed in 1987 with the merger of Peat Marwick International (PMI) and Klynveld Main Goerdeler (KMG). In 2007. the subsidiary of KPMG won projects worth A$1 billion (approximately $765. Swiss. KPMG signed an agreement with the US Attorney's Office and the Internal Revenue Service (a US government agency that collects taxes and enforces the internal revenue laws). KPMG offered UK staff the option of working a four-day working week or sabbaticals to avoid jobs cuts amid the economic downturn. KPMG Australia. KPMG discontinued legal services due to the US corporate governance rules. in 2006. The company and its former subsidiary BearingPoint. The company strengthened its global organization in 1999 by targeting three operating regions . This was followed by the sale of its UK and Netherlands-based units to Atos Origin. the company opened another office in Fuzhou. the global network of professional service firms. KPMG acquired 23 independent consulting units of Andersen in the US. KPMG moved to acquire Andersen's worldwide consulting units. a management and technology consulting company. in 2009. KPMG Consulting AG (KCA) sold its German. US. In 2005. an international group specializing in business solutions and technology integration. in 2002. Asia-Pacific. in the corporate accounting scandals in the US during 2001-2002. and their respective member firms. Yvo De Boer. and a public listing led to the creation of KPMG Consulting as a separate entity. Andersen Worldwide. resolving investigations regarding previous tax shelter activities in the US.
Senior Executive Board Partner of KPMG in China and Hong Kong SAR John B.US Executive Board Carlson Tong Chairman. Flynn Chairman Executive Board John Griffith-Jones Chairman. Africa Executive Board and India region.KPMG International Key Employees KEY EMPLOYEES Name Job Title Board Timothy P. Veihmeyer Chairman. Deputy Chairman of KPMG . KPMG's Asia Pacific Region. Andrew Member of Global Board Non Executive Board Pedro Melo Member of Global Board Non Executive Board William Thomas Member of Global Board Non Executive Board Jean-Luc Decornoy Member of Global Board Non Executive Board Andrew Cranston Member of Global Board Non Executive Board Frantisek Dostalek Member of Global Board Non Executive Board Jesper Koefoed Member of Global Board Non Executive Board Rolf Nonnenmacher Member of Global Board Non Executive Board Russell Parera Member of Global Board Non Executive Board Terence O'Rourke Member of Global Board Non Executive Board Domenico Fumagalli Member of Global Board Non Executive Board Masanori Sato Member of Global Board Non Executive Board Danny Teoh Member of Global Board Non Executive Board Guillermo Garcia-Naranjo Member of Global Board Non Executive Board Herman Dijkhuizen Member of Global Board Non Executive Board John Scott Member of Global Board Non Executive Board Helene Willberg Member of Global Board Non Executive Board Hubert Achermann Member of Global Board Non Executive Board KPMG International © Datamonitor Page 7 . Harrison Chairman. KPMG's Americas Region. United Kingdom John B. Middle East. KPMG's Europe. KPMG’s Asia Pacific Region Executive Board Moses Kgosana Member of Global Board Non Executive Board Michael J.
United Kingdom. KPMG's Americas Region. Central and South America. Middle East. John Griffith-Jones Board: Executive Board Job Title: Chairman. and Risk Advisory Services division of KPMG. Veihmeyer is Chief Executive Officer and Deputy Chairman of KPMG LLP. He also serves on the boards of trustees of the Financial Accounting Foundation (FAF). tax and advisory firm since 2005. Africa and India region. Development and Strategic Planning committees and the University of St. Deputy Chairman of KPMG . He is also Chairman and Chief Executive of KPMG’s US audit. KPMG International © Datamonitor Page 8 . for KPMG International. Harrison Board: Executive Board Job Title: Chairman. Thomas. John B. FAF's Audit. Griffith-Jones is the Chairman. Hong Kong in 1983. which includes the US. Harrison is the Chairman of KPMG's Asia-Pacific region. He was elected as the Chairman of the KPMG firms in China and Hong Kong in 2003. John B. and Israel. Veihmeyer Board: Executive Board Job Title: Chairman. international board. Senior Partner of KPMG in China and Hong Kong SAR Mr. KPMG's Europe.US Mr. United Kingdom Mr. Canada. KPMG's Asia Pacific Region. He previously served as Vice Chairman of Audit. Flynn has been the Chairman of KPMG since 2007. He is also a Director of KPMG's international management committee. Flynn Board: Executive Board Job Title: Chairman Mr..KPMG International Key Employee Biographies KEY EMPLOYEE BIOGRAPHIES Timothy P. He is also the Senior Partner of KPMG in China and Hong Kong. He also serves as the Chairman of the Americas Region. He became a Partner in 1987 after joining KPMG. Middle East. Africa and India region. KPMG's Europe. and international council.
Tong is the Chairman of KPMG’s Asia Pacific Region. becoming a partner four years later. KPMG’s Asia Pacific Region Mr.KPMG International Key Employee Biographies Carlson Tong Board: Executive Board Job Title: Chairman. KPMG International © Datamonitor Page 9 . He was the partner in charge of Audit for KPMG in China from 2002 to 2006 and elected as Chairman of the KPMG firms in China and Hong Kong in 2007. He joined KPMG in the United Kingdom in 1979 and returned to Hong Kong in 1985.
and tax services. The company’s key products and services include the following: Audit: Statutory Audit Financial Statement Audit Audit Related Services: International Financial Reporting Standards US GAAP reporting services Prospective reporting Other forms of audit and attestation reporting Tax: Personal Tax Business Tax: International corporate tax Global indirect tax services Global transfer pricing services Global tax outsourcing Global mergers and acquisitions International executive services Advisory: Accounting advisory services Business performance Corporate finance Financial risk management Forensic Internal audit services IT advisory Restructuring Transaction services KPMG International © Datamonitor Page 10 .KPMG International Major Products and Services MAJOR PRODUCTS AND SERVICES KPMG is a global network of professional services firms providing audit. advisory.
a decrease of 16.070 billion in the financial year 2009.950 million.5 million in 2009. tax (30.234.1 million in 2009. For the financial year 2008.859. a decrease of 6. The tax division recorded revenues of $6. Americas accounted for 31% of the total revenues in the financial year 2009.5% of the total revenues during financial year 2009). Asia-Pacific accounted for 13. Revenues from Americas reached $6.KPMG International Revenue Analysis REVENUE ANALYSIS The company recorded revenues of $20.5% over 2008. KPMG International generates revenues through three business divisions: audit (49. The advisory division recorded revenues of $4.59% over 2008.4% over 2008. Revenues from EMEA reached $10. accounted for 54% of the total revenues. Revenues by Geography EMEA.5% over 2008. accounted for 54% of the total revenues in the financial year 2009. an increase of 13.016. KPMG International © Datamonitor Page 11 .7% of the total revenues in the financial year 2009.110 million during the financial year ended September 2009. a decrease of 13.3%). a decrease of 12. KPMG's largest geographical market. the audit division recorded revenues of $9.1% over 2008.4 million in 2009.9% over 2008.2%) and advisory (20. a decrease of 11. Revenues by Division During the financial year 2009. Revenues from Asia-Pacific reached $3. EMEA. a decrease of 3% over 2008. the company's largest geographic market.090 million in the financial year 2009.
This has helped KPMG build a strong government practice. KPMG member firms audit 18 of the top 50 global banks. Strong government practice help the member firms stay ahead or in tune with regulatory changes across industry practices. However. increased competition and regulatory pressures could affect its revenue momentum. the European Commission (EC) selected KPMG as the first provider in the EC's research and technological development program and related nuclear research program. and audit 13 of the top 50 insurance companies.000 professionals working in member firms around the world. For instance. KPMG International © Datamonitor Page 12 . and tax services.KPMG International SWOT Analysis SWOT ANALYSIS KPMG is a global network of professional services firms providing audit. The company has operations in 148 countries with more than 137. KPMG member firms also have strong client relationships with major global firms that provide recurring business. advisory. The company extensive global reach and wide industry practices enable it to sustain momentum in revenue. For instance. Strengths Weaknesses Extensive global reach and client relationships Diversified revenue base minimize volatility Ability to integrate member firms bringing stakeholder credence KPMG being sued for gross negligence in auditing Higher dependence on Fortune 500 and other quasi government clients likely to affect audit fee income Lack of transparency is perceived to affect some client turnover Opportunities Threats KPMG likely to benefit from growth prospects in emerging markets Early adoption of IFRS standards could spur demand for accounting and auditing services Intense competition likely to erode market share Increasing regulatory pressure on government contractors Public debt crisis in Europe likely to impact revenues Strengths Extensive global reach and client relationships KPMG member firms operate in 144 countries giving each other extensive global reach. A strong global reach enable the member firms to take advantage of regional opportunities and share knowledge and best practices across firms. in 2009.
and technology. The lawsuits alleges that KPMG LLP assisted in and certified “materially misstated financial statements.51 billion or 12. KPMG’s strong customer base across industries is evident from revenue by industry group. The company serves a wide range of industries including aviation and transport. Strong revenue across industries reduces KPMG’s exposure to business and economic cycle risk.one in California against KPMG LLP and another in New York against its parent. KPMG pursuing a global strategy and moving toward a more globally integrated organization that seeks to bring value to its member firm clients. Alexander & Forrester filed two lawsuits on behalf of the trustee .6%).KPMG International SWOT Analysis Diversified revenue base minimize volatility KPMG has a strong customer base comprising several Fortune 500 companies. Higher dependence on Fortune 500 and other quasi government clients likely to affect audit fee income KPMG International © Datamonitor Page 13 . KPMG is reportedly being sued for $1billion (£690 million) in damages by the trustee of a collapsed US subprime lender. media and telecommunications industries.9 billion or 19. consumer business.” and that KPMG’s international parent failed in its watchdog role and is responsible for “the severely reckless and grossly negligent acts of its agent”. Weaknesses KPMG being sued for gross negligence in auditing KPMG has been receiving negative press reports regarding its business practices. it enhances KPMG’s image as a multidisciplinary service provider.94 billion or 24. the share of KPMG’s revenue by industry group was ¬– financial services ($5. Moreover. financial services. In FY2009. and Entertainment ($3. public sector. In 2005.4%). KPMG and Sidley Austin Brown & Wood LLP agreed to pay $195 million to former clients who bought four tax shelters that the US KPMG admitted fraudulently selling the shelters to 601 wealthy clients from 1996 and 2002 and hiding the arrangements from the IRS. These negative developments could have a significant impact on the company's credibility and could lead to loss of business from the existing clients. manufacturing. Legal firm Thomas. and enhance the careers of its people. Ability to integrate member firms bringing stakeholder credence KPMG’s member firms are known for their strengths and character of each national practice. energy and resources. Government. resulting in decline in the company's top line performance.61 billion or 18%). Information. and Healthcare ($3. industrial markets ($4. infrastructure.15 billion or 25. real estate. New Century Financial. While retaining these strengths. This is the first major case against an auditor during the current financial crisis. The company could also face challenges in winning new contracts.56%). life sciences and health care. The integrated global strategy helps KPMG attract some of the best human talent and also win clients who need global level strategy (consulting) support. and consumer markets ($2. KPMG International. Communications.6% of total revenue).
KPMG has a very strong presence not only in Beijing. FannieMae and FreddieMac are now under US government conservatorship.KPMG International SWOT Analysis Though KPMG doesn’t disclose client concentration risk. For instance. The dependence on these clients is likely to be weak spot going forward. whose business and financial performance are more transparent. KPMG can leverage its brand image and scale of operations to establish a strong presence in emerging markets. but beyond. which would enable it to generate incremental revenues in the short to medium term. Bear Stearns was acquired by JP Morgan. Now with the loss of these firms. Higher dependence on large clients is likely to affect KPMG’s audit fee income in the coming accounting periods.000 people. About 42% of more than 200 finance professionals who responded to the survey indicated they would KPMG International © Datamonitor Page 14 . These aspects of KPMG's operations may make some customers wary. an increasing number of company finance professionals would consider adopting International Financial Reporting Standards (IFRS) sooner than the path recently outlined by the Securities and Exchange Commission in its proposed IFRS roadmap.000 people. The company does not publish consolidated balance sheets and is under no obligation to comment on its financial status. KPMG was the first of the Big Four to open an office in Fuzhou. India and China. These countries are high potential growth markets. Opportunities KPMG likely to benefit from growth prospects in emerging markets Asia's economic growth and increasing awareness of insurance and wealth-creation products presents a significant opportunity for the company. KPMG lacks transparency. and Lehman Brothers filed for chapter 11. not counting any continuations of audit under US government conservatorship or their buying companies. Shanghai. Early adoption of IFRS standards could spur demand for accounting and auditing services According to a November 2008 survey. or eventual work from these events. In fact. In 2008. China. the company opened its 12th office in China. The current financial crisis in the US has taken a big toll on some of the Fortune 500 and other quasi government clients in the recent few months. The company has an established presence in the two high growth markets in this region. with unimaginable consequences for the entire financial sector. in the US there is one licensed accountant for every 1. All these were public companies traded on the stock exchange and being regularly audited by the Big Four firms including KPMG. and Hong Kong. Nanjing not only serves a Mandarin-speaking community but also many Taiwanese businesses. Lack of transparency is perceived to affect client turnover Being a private company. but in China it is closer to one for every 10. it is believed that it generates substantial audit fee income from Fortune 500 and other quasi government clients. The list of distressed companies among the Fortune 500 is likely to get bigger as weeks roll by.Together with the Hangzhou office. and may result in KPMG losing business to public companies. in Nanjing. the firms have lost big audit fees. India however has a rich source of highly-trained university graduates. Merrill Lynch was acquired Bank of America.
firms proficient in IT solutions such as IBM and Hewlett Packard have entered the consulting industry. Increasing regulatory pressure on government contractors The regulations governing US government contractors were amended to impose new disclosure obligations and enhanced compliance program requirements. particularly accountancy firms. Reported matters also could lead to audits or investigations and other civil. a violation of the civil False Claims Act or receipt of a significant overpayment from the government. Both of these factors were cited by 37% of the companies surveyed that would consider earlier adoption. Non compliance with the new regulations could adversely affect the company's operations. Boston Consulting Group. This represents a significant increase from a similar IFRS study performed earlier in 2008 that showed 30% of respondents would consider adopting IFRS. Public debt crisis in Europe likely to impact revenues Several countries in European Union are suffering from high public debt. Under the new rules. manufacturing and financial services industries. KPMG faces intense competition from other large players in the consultancy market such as Accenture. and Ernst & Young International. Fifty-seven percent of respondents from companies operating in the TMT industry would consider adopting before 2014. Among the leading factors driving companies’ interest in considering adopting IFRS sooner was simplified financial accounting and reporting and. Booz Allen. many formed through divestments with major financial service firms. criminal or administrative sanctions. bribery or improper gratuity. Besides firms that originated in the strategic consulting environment such as Bain. Failure to make required disclosures could be a basis for suspension and/or debarment from federal government contracting in addition to a finding of breach of contract of the specific contract. if that were permitted under the mandated adoption date proposed by the SEC. 42% percent of respondents would consider early adoption. separately. This growth in the number of competitors has placed major pressure on the operating environment. if given a choice. allowing other smaller IT firms to do the same. the US government contractors are required to disclose to the appropriate federal agency when certain company personnel have knowledge of credible evidence of a violation of federal criminal laws involving fraud. In May 2010. improved financial reporting and transparency. This has put pressure on the margins of mainstream consultancy firms such as KPMG. conflict of interest. media and telecommunications (TMT). For financial services.KPMG International SWOT Analysis consider implementation of IFRS sooner than 2014. Companies in the survey that would consider adopting IFRS at an earlier date are predominantly in the technology. KPMG being one of the US government contractors is subjected to new regulations. Deloitte Consulting. Greece was on the KPMG International © Datamonitor Page 15 . Threats Intense competition likely to erode market share The consultancy business is highly competitive in nature and requires product and solution innovation on a regular basis to create and maintain a competitive edge. bringing a new breed of innovations and solution design. KPMG’s strong presence in these industries allows it to benefit from the demand for IFRS adoption. Intense competition in the marketplace will erode the firm's market share and reduce its profitability.The management consulting environment has seen a propagation of competitors since the 1990's.
Italy. some of the European Union members including Greece are likely to cut fiscal spending. Apart from Greece. and UK also suffer from high public debt. The crisis has impacted. Consequently. Spain. Portugal. KPMG International © Datamonitor Page 16 . financial markets. the firm’s revenue from government contracts is expected to decline in 2010. the European Union and International Monetary Fund (IMF) came together provide a rescue package. however. and the strength of Euro. the European Union’s common currency.KPMG International SWOT Analysis verge of default on its debt payments. In order to avert similar crisis.
Bain & Company.KPMG International Top Competitors TOP COMPETITORS The following companies are the major competitors of KPMG International Deloitte Touche Tohmatsu Ernst & Young International PricewaterhouseCoopers EISNER AG (VIENNA) Protiviti Inc. Accenture Ltd BDO International B.V. BearingPoint. Inc Booz Allen Hamilton Inc Boston Consulting Group Capgemini EDS Corporation Grant Thornton International International Business Machines Corporation McKinsey & Company Mercer International Inc Towers Perrin Watson Wyatt Worldwide KPMG International © Datamonitor Page 17 . Inc.
Now it is time to look forward. every element of the system needs to step up to its responsibilities. We need to return to the fundamental way of doing business — calculating the risks and returns on every decision. The G-20 leaders have called for a single set of high-quality. accountability. We already are beginning to see changes in the regulatory environment. We support international convergence of accounting and auditing standards.KPMG International Company View COMPANY VIEW A statement by Timothy P. timely information to allow them to effectively provide oversight. Consistent regulatory approaches should contribute to investor confidence in the global KPMG International © Datamonitor Page 18 . Governments must put the right regulatory structures in place to monitor compliance in every element of the capital markets. Consumers will not buy until they have confidence. There is no question that we need to improve regulation to better cover and control complex financial products. with enough information about operations to give every investor the information needed to make informed decisions. With greater connectivity in the capital markets. and regulators — must provide an almost radical transparency. We need to provide boards of directors with assurance that they have accurate. boards of directors. Investors will not invest until they trust the capital markets system. Chairman of KPMG International is given below. The G-20 policy statement addressed issues of better risk management. there is much to be done to successfully reset the global economy. and global accounting standards. Certainly. Helping assure transparent information for investors is our core function. taking the necessary steps to build the foundation for a sustainable economic recovery that will spur global growth. it is increasingly important that regulatory systems be built on a common platform. Flynn. and we support regulators in helping companies to implement compliance programs. To restore trust. The statement has been taken from the company's 2009 annual report. It is no surprise that three out of four audit committee members recently surveyed by KPMG say they have increased their “hands-on involvement” with management and are reassessing risk management as a result of the economic crisis. But I believe the most important step is to rebuild trust and confidence in our financial systems and in business in general. There are encouraging signs that the global economy is stabilizing and beginning to recover. I am encouraged by the work that is being undertaken by the Group of 20 (G-20) and the Financial Services Board.* A clear role for the accounting profession Our profession has a clear role to play in this recovery. as we touch every aspect of the capital markets system. transparency. And businesses will not lend each other money or make deals until they have trust in the system. global accounting standards by 2011. and this is an area we will be increasingly focused on with clients. Businesses — helped by their auditors. all of which are essential to effective global change. but our role is not limited to the investor — it also includes providing the right information to management to enable better decisions.
and that raise the level of trust both inside and outside their businesses. and making sure local operations and global culture work together for the benefit of clients and our people. improve the depth and transparency of their financial reporting. Advisory simplified its service approach. Boards and management are having robust conversations to better understand the risk appetite of the organization and the allocation of risk across the entity. we know that is not enough to fully address the challenges facing our world today. They help us maintain KPMG’s culture and values. Asia Pacific. We greatly expanded the use of eAudIT to help our member firms serve clients. In 2009. • Striving for Quality Growth that is sustainable to maintain the high quality of our services. aligning it globally for greater consistency and adaptability to client needs. We are committed KPMG International © Datamonitor Page 19 . assess. We are helping them control and optimize costs. mitigate. helping to ensure that we have the right person. However. our firms are working together and building common processes and infrastructure to enable greater sharing of knowledge and resources. and Advisory services. For example. Tax has taken efficiency to a new level in the way it delivers its services. Risk front and center Risk management is moving front and center. Guided by strategy Within our global network. which recognize the unique and special aspects of our people and our communities. aiming to improve efficiencies and client service. and monitor risk — are likely to be the ones that are successful in these challenging economic times. At the same time. Indeed. not only with management but also with the board. we are driving forward with our strategy that has guided us successfully: • Serving clients with the highest levels of Professionalism and Integrity across our Audit. we recognize that citizenship is central to our organization. including how they align risk oversight responsibilities with the full board and its standing committees. driving efficiencies in the way we operate while investing in those areas that can enhance our ability to serve clients. Organizations that have effective risk management processes — that can identify. we re-energized our mobility program. Our network strongly supports the global adoption of International Financial Reporting Standards (IFRS).KPMG International Company View marketplace. And many boards are taking a close look at their risk oversight processes. and the Americas regions. • Operating with Global Strength and Consistency. Tax. with the right skill set. to help member firms serve clients. In Europe. and make needed performance improvements. The network's electronic audit management tool is designed to deliver an unparalleled audit experience. our network of member firms sought to deliver greater value for clients. regionally and globally. in the right country. Our member firms continue to take steps toward becoming more aligned. and • Being an Employer of Choice that attracts the best people and provides opportunities for them to learn and develop in their careers. we understand that strong country practices are fundamental to how we face the market. We understand that responsible business practices contribute to broadbased development and sustainable markets. restoring trust KPMG member firms have a critical role to play in restoring trust and are working diligently with both private and public sector clients to help them adapt to the dramatic change brought about by the crisis and worldwide recession.
As leaders. do?” And for those of us in leadership.KPMG International Company View to doing more — taking leadership in and for our communities. we need to focus our people on the future. ethical leadership is essential to restore the trust and confidence that. and enter new markets. where the first and most important question considered — before sales or profits — is: “Are we doing the right thing. “What can our organizations do?” Strong. They need to look judiciously at mergers and IPOs to create new opportunities for their businesses. Ethics and integrity come first It is also time to recommit ourselves to operating with the highest level of ethics and integrity. this commitment strikes me as perhaps even more important than ever before. and grounded in the recognition of the roles and responsibilities that we all have to the capital markets and the communities in which we operate. develop new products and services. With crisis comes opportunity With the economic crisis has come new opportunities — and businesses that can adapt to the new world will likely prosper. integrity. fostering highly ethical business cultures in each of our organizations — cultures that have a common framework built on trust. Each of us in business needs to ask. should provide sustainability in the markets and drive recovery. and using our skills in creative and determined ways that help deliver and support solutions. as individuals. I believe that all of us need to get back to basic values. KPMG International © Datamonitor Page 20 . They need to look at their business models and innovate. “What can we. I believe it is time to plan in earnest for the post-recession world. and transparency. In the aftermath of the financial crisis. Companies need to focus on long-term growth plans and not just short-term cost-cutting. more than anything else. in the right way?” In the end.
KPMG International Locations and Subsidiaries LOCATIONS AND SUBSIDIARIES Head Office KPMG International Burgemeester Rijnderslaan 10-20 Amstelveen 1185 MC NLD P:31 20 656 7890 F:31 20 656 7700 http://www.com Other Locations and Subsidiaries KPMG Switzerland Muhlemattstrasse 58 Stadtbachhof CH-5000 Aarau CHE KMPG USA 345 Park Avenue New York 10154-0102 USA KPMG USA 530 Chestnut Ridge Road Montvale New Jersy 07645 USA KPMG Sweden Fabriksgatan 8 SE-702 10 Orebro SWE KPMG Australia 10 Shelley Street Sydney New South Wales 2000 AUS KPMG India 4B DLF Corporate Park DLF City Phase III Gurgaon Haryana 122 002 IND KPMG UK 37 Albyn Place Aberdeen AB10 1JB GBR KPMG China 8th Floor Tower E2 Oriental Plaza 1 East Chang An Avenue Beijing 100738 CHN KPMG International © Datamonitor Page 21 .kpmg.
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