KPMG is one of the most renowned and largest organizations in the world which provides professional services to its client companies and shareholders (Gostick and Elton 14). The relationship chain of KPMG exceeds over 145 countries. Its name has been set according to the four names of the partners who get together to set this internationally known organization. According to the four partners who merged their operations of business to build this company (Shea and Fogarty 74):
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- K stands for Klynvend, which belongs to the accounting organization Klynvend Kraayenhof & Corporation located in Amsterdam and was founded in the year 1917
- P means Peat, another accounting organization used to be known by the name of Barclay Peat & Corporation which used to operate in the city of London and was founded in the year 1870
- M goes for Marwick, an accounting firm which used to operate in the New York City and was founded in the year 1897 with the name of Marwick, Mitchell & Corporation
- G stands for Goerdeler was another organization which was operated by Dr. Reinhard Goerdeler
(Hodge 105) Overall, the KPMG Company employees more than 123,000 professionals around the globe. These professionals are devoted to serve their client and client companies in individual industry segment, taking them to an enthusiastic appreciative understanding of industry-oriented business matters and new trends in the capital market. KPMG delivers a set of comprehensive range professional of services:
- Tax services
- Audit services
- Advisory services
- Corporate finance
- IT advisory
- Actuarial services
- Business Performance Services
- Accounting Advisory Services
- Internal audit services
- Transaction services
- Financial risk management services
(Waugh 252) The clients of KPMG consist of major internally known multinational organizations and KPMG serves them in large group of interests and sectors, such as; consulting, construction and real estate, energy sector, financial services, government and education, healthcare, restaurant chains and hotels, industrial products, media, mining, pharmaceutical, retail and consumer products, technology, telecoms and travel and transportations sector.
The KPMG Annual Report 2007
The main entity which drives the world business is Globalization. In order to carry out perfect Globalization within its international organizational structure and business environment, KPMG works globally for worldwide growth and prosperity which could provide business opportunities in other countries. For this purpose, the member companies and organizations of KPMG play a very crucial and vital role for helping KMPG to reach to the level of an increasingly complex and borderless global market (Fuller 100).
The variations and modifications in economic supremacy and market assets have exceeded all forecasts and calculations. Improving and rising economies of different countries are now essential and fundamental to the global economy. At present, they correspond to 50% of the energy utilization in world, 40% of the global exports and 70% of foreign exchange reserves.
The present global economy produces immense confronts and also huge prospects for the member companies and countries. For the member organizations of KPMG, this responds to discriminating errands. In fact, the major role of member companies of KPMG is to add and contribute towards the reliability and honor of capital markets of KMG by providing apparent, transparent and precise financial reporting which has never been appreciated before (Abrahams 15).
The KPMG annual report of 2007 provides details and insights from our superior management and other KPMG community about the rapidity and speed of globalization, the velocity of revolutionize in the market places we supply, the impact of transformations on those markets, up-and-coming matters and our conscientiousness as corporate members.
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The annual revenue brought forward by its member firms consists of 19.8 billion US dollars for the year 2007.
The KPMG International Annual Review 2007
The motto of KPMG is;
“Bondless Markets, Bondless Opportunities”
By the end of the year 2007, the KPMG organization managed to reach to the revenue growth of around 19.81 billion US dollars which was much higher than the 16.88 billion US dollars revenue of last year 2006. As observed by the management of the company, credit crunch, collateralized debt obligations, structured investment vehicle and sub-prime crisis became the top headlines and major focus point of the regulators and business boardrooms around the globe (Bolisani 376).
The audit services of KPMG made a remarkable increase of 13.3 percent which is 9.39 billion US dollars. The revenue growth in the advisory services also had remarkable growth due to the companies merger, acquisition activities, heightened regulations, enhanced focus on the risk management and performance improvement. Tax services also experiences variable growth to 20 percent which is around 3.99 billion US dollars.
In 2007, 120 member countries grew at the rate of 4 percent economic growth rate which prove that today, globalization has taken place and the economic marketplace has actually become bondless for KPMG. But, KPMG is still working on improving in the areas of making more efforts so that people could be trained on new trends and standards, such as; accounting, academics, regulators, issuers and most importantly, investors (Annual Review 2007).
The entire group of KPMG has been divided into three main regions;
- Asia – Pacific Region: The growth in the Asia Pacific region was calculated to be 2.55 billion US dollars which is around 21.6 percent of the total growth for the fiscal year 2007. The countries of Japan and China played a vital role in this growth. The areas in which the growth was observed were private equity funds, mergers and acquisitions, and maturity of capital markets.
- EMA Region: The EMA region consists of Europe, Middle East and Africa. This region successfully made 20.9 percent of revenue which is equivalent to 10.67 billion US dollars. The remarkable growth made by the member countries are Central and Eastern Europe, India, Ireland and Luxembourg.
- Americas Region: The Americas region made the revenue of 6.59 billion US dollars which is 10.6 percent of growth for the fiscal year 2007.
The extreme developments made by the member countries of KPMG are known to be China, Latin America, central Europe and Eastern Europe.
In an increasing volume, client companies consult KPMG with projects on scale and scope which needs multiple sets of skills and KPMG fulfills their requirements with the help of high-quality services, consistent client experience around the globe. KPMG aims to improve its opportunities to better client services by building strong client relationship bonds so that KPMG could understand business needs with the help of strong deep technical skills of KPMG partners and employees (Annual Review 2007).
The KPMG Company aims to invest in their business and people so that their people could develop with standard calibers. For this purpose, the company provides and offer extensive trainings; such as, technical skills, soft skills, communication skills, and skills or diversified areas so that KPMG could attract member organizations retains its best professionals and contribute to the company’s significant projects and future developments.
In 2007, the KPMG Company expanded its operations of providing trainings to the professionals which would be increased more in 2008. This would help the company in responding consistently in every part of the world with an enhanced global client base.
KPMG helps the member companies and the capital markets to be effectively efficient and help investors understand the companies they are interested to invest in.
KPMG standing is very remarkable and highly appreciative for the fiscal year 2007. The KPMG Company is standing on a turning point right now and has been busy in many prospective matters and future development planning. The management has carried out a very wonderful job and has proven their skills in the company’s management and development. The management of all the different regions which are; EMA region, Asia-Pacific region and Americas region have all together put forward a successive annual report for the fiscal year 2007.
The company also provided all the details of revenues and growth as observed by the management of KPMG which is beneficial and of some use for its shareholders and investors. However, it has been felt that the all the details provided by the company’s management bear some gaps in the information provided because the given information could be beneficial for the revenue observers, critics, company board members, employees; but it does not contain all the significant and relevant informative details for the shareholders knowledge.
Though, the annual report contains the details of the awards and recognitions given to KPMG but its information lacks to certain extends for the in-depth observing investors and shareholders. However, some useful information I provided in the annual report 2007 of KPMG.
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It can be said that the management of KPMG has provided a very well-balanced information to its readers in the shape of the KPMG Annual Report 2007 since it provides all sorts of information to the general public and the people who are involved in the daily operations of KPMG. The KPMG annual report is no wonder and undoubtedly, very useful and is compatible to its competitors annual reports. The contents of the KPMG annual report 2007 can be used to target the contents of the annual reports of other competitors present in the marketplace (Annual Review 2007).
David Abrahams, 2008, Brand Risk: Adding Risk Literacy to Brand Management, Published by Gower Publishing, Ltd., p15.
Ettore Bolisani, 2008, Building the Knowledge Society on the Internet: Sharing and Exchanging Knowledge in Networked Environments, Published by Idea Group Inc (IGI), p376.
Annual Review 2007, The KPMG International Annual Review Report 2007, kpmg. Web.
Adrian Robert Gostick, Chester Elton; 2007, The Carrot Principle: How the Best Managers Use Recognition to Engage Their People, Retain Talent, and Accelerate Performance, Published by Free Press, p14.
Heather Shea, John Fogarty; 2002, Online Learning Today: Strategies that Work, Published by Berrett-Koehler, p74.
Graeme A. Hodge, 2006, Privatization and Market Development: Global Movements in Public Policy Ideas, Published by Edward Elgar Publishing, p105.
Troy Waugh, 2005, Power Up Your Profits: 31 Days to Better Selling, Published by John Wiley and Sons, p252.
Claire Fuller, 2008, Sustainable Workplaces 2008: special report, Published by Workplace Law Group, p100.