| | KPMG, the global network
of professional service
firms providing audit,
tax and advisory
services, has reported
that member firm
combined revenues
increased to $22.69bn
for the fiscal year
ending 30 September
2008, versus $19.81bn
for the prior fiscal
year, reflecting
double-digit growth
across all of KPMG's
service lines.
KPMG's combined
revenues for fiscal year
2008 represent growth of
14.5% in US dollars and
growth of 8.4% in local
currency terms.
"All of our
businesses recorded
solid growth last year,
despite the deepening
and acceleration of the
global financial crisis
in the last quarter of | |
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| | KPMG's fiscal year,"
said Timothy P. Flynn,
chairman of KPMG
International.
Across KPMG's
geographic regions and
member firms, the Asia
Pacific region grew
fastest in 2008, while
Russia saw revenues rise
64.5% in US dollars. In
India, revenues jumped
48.9%, in China revenues
rose 25.8%, and in
Africa revenues
increased by 16.5%, all
in US dollars.
"As we witnessed the
accelerated impact of
the credit crisis in
recent months, it became
clear that businesses in
every region and in
every sector are being
confronted with
unprecedented challenges
to maintain liquidity,
anticipate fluctuating
customer demand and | |
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| | seek to re-define their
risk management
structure, achieve
better cash management,
sell assets, optimise
costs, restructure their
debt, prepare for the
new regulation yet to
come, and improve the
depth and transparency
of their financial
reporting."
Revenues in 2008 were
strong across all three
of KPMG's core
businesses. For audit
services, where a faster
rate of overall growth
was recorded this year
than in 2007, global
revenues increased 13.9%
to $10.69bn.
KPMG's advisory
services also achieved
growth in all regions,
with revenues increasing
13.0% to $7.27bn for the
year.
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Revenues for tax
services rose 18.3% to
$4.73bn, again on the
basis of strong
performance in all
regions globally.
"An economic crisis
like the one we're
seeing gives virtually
every business
permission to drive
change – from how it
develops and delivers
its products and
services to how it
approaches the market,"
said Flynn. "I'm
confident that KPMG's
ability to 'think
beyond' borders and
immediate economic
concerns – and our focus
on global industries and
our deep understanding
of clients' businesses –
will prove to be a real
advantage for our
clients in helping them
emerge stronger after
this crisis." | |
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| | maintain operating
performance," said
Flynn.
"In a period of
profound and
unprecedented changes,
our profession, and in
particular KPMG firms
are well positioned and
committed to help
clients address the
significant challenges
ahead."
Flynn added: "KPMG
provides a portfolio of
governance, liquidity,
and operations related
service offerings
through our core audit,
tax and advisory
businesses that will
help clients as they | |
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