Kpmg

KPMG is one of the largest professional services firms in the world. KPMG employs 113,000 people in a global network spanning 148 countries. Composite revenues of KPMG member firms in 2006 were $16.9 billion USD (7.6% growth from 2005). KPMG has three lines of services: audit services, tax services, and advisory services. KPMG is a Big Four auditor, alongside PricewaterhouseCoopers, Ernst & Young and Deloitte Touche Tohmatsu.

Contents

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* 1 Name

* 2 History

* 3 Legal structure and executives

* 4 Audit clients

* 5 Tax shelter fraud

* 6 Banco Nacional Scandal in Brazil

* 7 Corporate Anthem and Internet Cliche

* 8 Notable current and former employees

o 8.1 Business

o 8.2 Politics and public service

o 8.3 Other

* 9 External links

[edit] Name

The name of the firm, KPMG, is not actually an initialism. However, the roots of the name stem from four partners in the firms that merged to form KPMG.

* K stands for Klynveld. This originates from the accounting firm Klynveld Kraayenhof & Co. founded by Piet Klynveld in Amsterdam in 1917.

* P is for Peat, originating from the accounting firm William Barclay Peat & Co., which was founded by William Barclay Peat in London in 1870.

* M stands for Marwick. James Marwick founded the accounting firm Marwick, Mitchell & Co. together with Roger Mitchell in New York City in 1897.

* G is for Goerdeler. Dr. Reinhard Goerdeler was for many years chairman of the German Deutsche Treuhand-Gesellschaft (DTG) and later chairman of KPMG. He is credited with laying much of the groundwork for the KMG merger.

[edit] History

* In 1870, William Barclay Peat formed an accounting firm in London

* In 1877 accountancy firm Thomson McLintock opens in Glasgow

* In 1911, William Barclay Peat & Co. and Marwick Mitchell & Co. merged to form what would later be known as Peat Marwick International (PMI).

* In 1979, Thomson McLintock forms KMG (Klynveld Main Goerdeler) a grouping of independent national practices to create a strong European-based international firm.

* In 1987 Thomson McLintock/KMG and Peat Marwick joined forces in the first mega-merger of large accounting firms and formed KPMG.

* In 1997, KPMG and Ernst & Young announced that they were to merge, in a manoeuvre largely seen as a spoiling tactic over the merger of Price Waterhouse and Coopers & Lybrand. However that merger, to form PricewaterhouseCoopers, was granted regulatory approval while the KPMG/Ernst & Young tie-up was later abandoned.

* In 2001, KPMG divested its U.S. consulting firm through an IPO of KPMG Consulting Inc, which is now called BearingPoint, Inc.. A song that was produced for KPMG, "Our Vision of Global Strategy", experienced a brief period of Internet notoriety.

* In 2002, the UK and Dutch consulting arms were sold to Atos Origin.

* In 2003, KPMG divested itself of its legal arm, Klegal.

* In 2005, the U.S. member firm admitted criminal wrongdoing in a multi-billion dollar tax shelter fraud.

* In 2006, KPMG's member firms in the UK and Germany proposed to merge and form a single entity, KPMG Europe LLP. With a projected turnover for the UK and German firms in excess of Ј2 billion in 2009, KPMG Europe LLP will most likely be the largest fully integrated accountancy firm in Europe.

* In October 2007, KPMG's member firms in the UK, Germany, Swizerland and Liechtenstein merged to form KPMG Europe LLP. They now have joint Chairmen, John Griffith-Jones and Ralf Nonnenmacher.

[edit] Legal structure and executives

Each national KPMG firm is an independent legal entity and is a member of KPMG International, a Swiss cooperative registered in the Swiss Canton of Zug. KPMG International changed its legal structure from a Swiss Verein to a cooperative under Swiss law in 2003.[1]

KPMG International is led by:

* Sir Michael Rake, Chairman, Senior Partner of KPMG in the United Kingdom. Timothy P. Flynn, Chairman and CEO of KPMG LLP, should become the next chairman as for October, 1st of 2007, since Michael Rake will manage BT Group plc as chairman ;

* Carlson Tong and John B. Harrison, Chairman-Asia Pacific Region, Partner of KPMG in China and Hong Kong;

* Timothy P. Flynn, Chairman-Americas Region, Chairman of KPMG in the United States;

* Ben van der Veer, Chairman-Europe, Middle East and Africa Region, Chairman of KPMG in the Netherlands.

[edit] Audit clients

KPMG member firms serve as the independent auditors for a large number of major corporations:

* Consulting: Accenture, Gartner, Shaw Group

* Construction/Real Estate Lend Lease Corporation, AMEC, Carillion, KBR, Tishman Speyer, Jones Lang LaSalle

* Energy: Devon Energy, Citgo, Halliburton, LUKoil, Murphy Oil, Occidental Petroleum, Petrobras, Reliant Energy, Sinopec, Husky, TransCanada Pipelines, Valero Energy Corporation

* Financial Services: ABN AMRO, Allianz, Allstate Corporation, Bank of New York Mellon Corporation, American Express, Aon Corporation, Citigroup, Countrywide Financial, Credit Suisse, Deutsche Bank, Deutsche Bцrse, Dresdner Bank, First Republic Bank, Hang Seng Bank, HBOS, H&R Block, HSBC, International Bank of Commerce, ING Group, Legg Mason, MassMutual Financial Group, Munich Re, Nationwide Financial, Old Mutual, Salomon Smith Barney, Standard Chartered Bank, Visa International, Wachovia, Wells Fargo, Oppenheimer Funds

* Government: St. Mary's University, CPS Energy,City of San Antonio,