Who is… KPMG?
KPMG is a really huge, long established accounting firm. It formed in 1987 following the merger between the accounting firms of Peat Marwick International (PMI) and Klynveld Main Goerdeler (KMG), however, the history of the combined business can be traced back to 1870.
What do the letters "KPMG" stand for?
- The "K" in "KPMG" stands for "Klynveld". In 1917, Piet Klynveld founded the accounting firm Klynveld Kraayenhof & Co. in Amsterdam.
- The "P" stands for "Peat" after William Barclay Peat who founded the accounting firm William Barclay Peat & Co. in London in 1870.
- The "M" stands for "Marwick". With Roger Mitchell, in 1897 James Marwick founded the accounting firm Marwick, Mitchell & Co. in New York City.
- Lastly but not least, the "G" is for "Goerdeler". For many years Dr Reinhard Goerdeler was the chairman of Deutsche Treuhand-Gesellschaft and later became the chairman of KPMG. He is given credit for doing the groundwork for the KMG merger.
The history of KPMG in Australia began in 1885 with Frederick J. Smith who started an accounting practice in Sydney. He had a great reputation for ethical standards and as his reputation grew so did his client base. In 1995, after a series of mergers, the business became KPMG and has now become a national practice. Today, KPMG Australia has nearly 300 partners supported by 4,000 staff in 15 offices. Worldwide there are member firms in 140 countries employing more than 100,000 people.
Carbon neutral KPMG
KPMG is taking a leading role on climate change and has committed to reducing the greenhouse gas emissions associated with the running of the business. It aims to become carbon neutral by mid 2008, as outlined under the Greenhouse Friendly TM program. It is hoped that other major tax and accounting firms, legal and corporate businesses will follow their lead and also become carbon neutral.
Firms who belong to the KPMG group provide help with taxation, auditing and other financial advisory services.