Rapid globalization. Regulatory change. Compliance and growth challenges. These are just a few of the important topics addressed in a review that takes a broad view of the world in which our firms’ clients operate and provides helpful insights so our constituents can make more prudent business decisions in 2006.
“KPMG has had an exceptional year,” said Mike Rake, who was re-elected in October to serve another three years as Chairman of KPMG International. “We benefited from increased economic activity and increased regulatory requirements placed on clients, as did the profession as a whole. Our success is also based on the professionalism of our people and the quality of our teamwork around the world.”
The review provides KPMG International’s financial performance figures, which demonstrate KPMG’s global strength. Global revenue grew by 16.7 percent to U.S. $15.69 billion —13.1 percent in local currency. With now more than 6,700 partners in 144 countries, KPMG’s international network is demonstrating its global leadership by providing a broad portfolio of audit, tax and advisory services to leading organizations around the world.
“The KPMG International 2005 Annual Review provides valuable insights into key drivers that will influence organizations’ business decisions in 2006, including economic opportunities and risks, top issues on boardroom agendas, the effects of new regulations and the importance of community and social responsibility,” says Tim Flynn, Chairman of KPMG LLP, the U.S. member firm of KPMG International.
KPMG’s strong performance in the fiscal year 2005 is directly attributable to the value we provide to our firms’ clients. Composite revenue from Audit activities in KPMG member firms in 2005 were U.S. $7.81 billion, an increase of 21.7 percent over fiscal 2004 (18.1 percent in local currency). Composite Tax revenue was U.S. $3.17 billion, representing growth of 1.9 percent (-1.3 percent in local currency) and composite Advisory revenue was U.S. $4.71 billion, an increase of 20.5 percent over the prior year (16.3 percent in local currency).