83. KPMG Full-Form | What is Klynveld Peat Marwick and Goerdeler (KPMG)

KPMG Full-Form | What is Klynveld Peat Marwick and Goerdeler (KPMG)

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KPMG — Klynveld Peat Marwick and Goerdeler

KPMG Full-Form refers to Klynveld Peat Marwick and Goerdeler. KPMG is a leading company in the professional services industry. It is among the biggest PSN or professional services network throughout the world, along with the PwC, EY, and Deloitte. The main office of KPMG is present in Amsterdam (Netherlands). It has employed more than one hundred thousand people, out of which nine thousand are in Hong Kong and mainland China, eleven thousand in the United Kingdom. It provides advisory, tax and audit services. The advisory and tax service lines are further segmented into numerous service groups.

KPMG Full-Form | What is Klynveld Peat Marwick and Goerdeler (KPMG)Another interesting fact pertaining to this company is that the merging of the Klynveld Main Goerdeler or KMG with PM or Peat Marwick gave this company the KPMG name. Piet Klijnveld founded Klynveld Kraayenhof & Co, an accounting firm in the year 1917 in Amsterdam. William Barclay Pear founded the Barclay Peat & Co in the year 1870 in New York. James Marwick was the co-founder of Marwick, Mitchell & Co., which was an accounting firm, formed in the year 1897 in New York. Reinhard Goerdeler was the chairman of DTG or Deutsche Treuhand-Gesellschaft, a German Finn. He later became the chairmen of the KPMG Company.

Recent History of KPMG

KPEG sold its consulting firm in the US using the stock market launch (also called IPO or Initial Public Offering) in the year 2001. This firm was called KPMG Consulting INC and is now referred to as the BearingPoint, Inc. It applied for the bankruptcy protection in the year 2009. In the year 2000, the KPEG sold it’s Dutch and the UK consulting firms to the Atos Origin.

The member firms of KPEG in nations like Switzerland, UK, Liechtenstein and Germany merged in the year 2007, thereby forming KPEG Europe LLP. Spain, Netherlands, CIS (that is, Armenia, Kyrgyzstan, Ukraine, Azerbaijan, Georgia, Kazakhstan, Belarus, and Russia), Norway, Saudi Arabia, Belgium, Luxembourg, and Turkey followed these member firms. Ralf Nonnenmache and John Griffith-Jones were appointed as the joint Chairmen. The new head office was situated in Germany.

Services offered by KPMG

As mentioned above, the services of the KPMG can be categorized into three lines of services. These are Audit, Advisory, and Tax. The advisory services of this company are further segmented into Restructuring & Transactions, Risk Consulting, and Management Counseling. In the year 2015, the company earned the revenue of twenty-four billion dollars in the year 2015, out of which forty-two per cent came from Audit, thirty-seven per cent from the Advisory, and the remaining twenty per cent from the Tax services.

Global Structure

Every national firm of KPEG is a legal and independent entity. These firms are also the members of the KPMG Global Cooperative. This cooperative, initially being a Swiss Verein, altered its legal structure to a cooperative in the year 2003. In accordance with this structure, the support services are given only to its member firms. This method is the same as that of the other networks of professional services. The member firms are responsible for giving the client services. The main purpose of this adjustment lies in limiting the liability of every member.

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