About KPMG LLP (Consulting Practice)

THE SCOOP


Network Kings
Professional services giant KPMG International operates as an international network of independent member firms, which includes KPMG LLP U.S., known as a Swiss cooperative.  While the member firms that make up KPMG International might be independent of one another, their businesses are similarly organized around three service lines: audit, tax and advisory.  And, within those service lines, the offerings from country to country are likely to be pretty consistent, too.

Indeed, as of October 2009, KPMG advisory services will be organized into three groups that address distinct client issues: performance and technology, transactions and restructuring, and risk and compliance.  While that simplifies the firm's offerings from the nine categories it offered before, the shift will likely change little about the day-to-day work its consultants do; they'll still be committed to mitigating risk, improving performance and creating value on behalf of clients.  In North America, KPMG member firms include KPMG LLP (USA) and KPMG LLP (Canada).

Alphabet soup
KPMG's roots date back to 1870, when accountant William Barclay Peat hung out his shingle in London.  In 1911, his firm merged with New York-based Marwick Mitchell & Co., forming a business that later became known as Peat Marwick.  Meanwhile, over in Scotland, Glasgow accountancy Thomson McLintock partnered with Dutch and German accounting firms to create Klynveld Main Goerdeler (KMG), an alliance of independent practices operating throughout Europe.

The 1987 tie-up between KMG Main Hurdman and Peat Marwick Mitchell & Co. was considered the first megamerger of modern accounting, and the resulting entity, eventually named KPMG, organized its consulting activities into a separate business unit in 1997.  Three years later, KPMG spun off KPMG Consulting with an initial public offering.  The now-separate consulting business took over KPMG's consulting work for several companies, eventually changing its name to BearingPoint in October 2002.  The bulk of BearingPoint's assets are now owned by Deloitte, which purchased them after the company filed for bankruptcy protection early in 2009.

As part of the spin-off that created BearingPoint, KPMG signed a noncompete agreement with its former consulting arm, which limited KPMG's ability to provide certain types of services.   Following the spin-off, KPMG continued to provide advisory services, but any limitations on its ability to provide a full range of services ended when the noncompete agreement expired in 2006.  Today, KPMG's advisory practice generates around one-quarter of the company's overall revenue.

Service matters
While it may have reorganized its advisory service lines in October 2009, it is unlikely that what KPMG advisors do will be changing too much.  As such, the nine service lines it previously relied on are a good guide for the type of services and specialties that will be on offer from the firm: accounting advisory, business performance, corporate finance, financial risk management, forensic, internal audit, risk and compliance, IT advisory, restructuring and transaction services.

In addition to helping clients, the firm is also committed to helping the environment; it is currently in the midst of a three-part environmental program called the KPMG Living Green Initiative.  The primary goal of the program-begun in 2008-is a 25 percent reduction in member firms' combined carbon footprint by 2010, a target that has involved both an investment in renewable energy sources and limiting use of nonrenewable energy.  Measuring and reducing the firms' emissions profiles is the first step of the plan; the second step involves supporting environmental projects in member firms' local communities.  Finally, KPMG aims to help employees and suppliers-in addition to its clients-reduce their impact on the environment.

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KPMG LLP (Consulting Practice)

345 Park Avenue
New York, NY 10154
Phone: 212-758-9700
Fax: 212-758-9819

Stats

  • Employer Type: Private
  • Global Head of Advisory: Mark Goodburn
  • 2011 Employees: 23,000

Major Office Locations

  • New York, NY

Key Financials

  • 2011 Revenue: $7,050 million

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