Glossary 

It is the nature of business to shorten names and titles to acronyms and to have an ever-increasing number of terms which might puzzle the uninitiated. This page offers some definitions.
ACI
KPMG Global Energy & Natural Resources practice
AMA
KPMG Global Energy Conference
AML
KPMG Global Energy Institute
Audit related services
KPMG Global ENR Tax practice
BRIC economies
KPMG Global Financial Services Tax practice
CAS
KPMG Global Food, Drink and Consumer Goods practice
CEE
KPMG Global Forensic group
CFO
KPMG Global Government practice
ELV
KPMG Global Industrial Products practice
EMA
KPMG Global Real Estate and Construction practice
ENR
KPMG Global Retail practice
Enterprise 2.0
KPMG Global Tax Outsourcing practice
ERM
KPMG Global Transfer Pricing Services practice
ERMs
KPMG Global Transport practice
Estate agent / realtor
KPMG GTO practice
EU-ETS
KPMG IFRG
Euro I
KPMG Indirect Tax practice
Euro IV exhaust emission standards
KPMG International
Euro V
KPMG International Board
EVM project management software
KPMG International Corporate Tax practice
FMCG
KPMG International Council
Four dimensions of business change, the
KPMG International Management Committee
FSA
KPMG IT Advisory Team
GAPP survey
KPMG Private Equity Group
GCC
Kyoto Protocol
GHG
Lead partner
GTMS
M&A
GTPS
MNOs
HAZMAT legislation
M-payments
HR
OECD
IASB
OEM / OEMs
ICAAP
PFI
IFIs
PPP
IFRS
Prospective reporting
IFSB
R&D
Interpreter®
REACH
IP
RoHS
IRR
RWCR
IT
SAVCA
IT due diligence
SEC
JV
Social security
KPMG 404 Institute
SPVs
KPMG Electronics, Software and Services practice
Takaful
KPMG ENR Tax Masterclass training program
TaxCube
KPMG Financial Services Global Client Program
US Basel II
KPMG Financial Services practice
VAT
KPMG Financial Services Tax practice
WEEE
KPMG Global Automotive Sector practice
WTO
KPMG Global Chemicals Sector practice


KPMG established the Audit Committee Institute (ACI) to help audit committee members keep pace with business issues relating to governance, audit, accounting and financial reporting. Since its inception in 1999, KPMG member firms have launched ACIs in 20 countries.

Advanced measurement approach

Anti-money laundering

Services designed to help clients address specific issues which may relate to major regulatory or reporting changes or to the need for special skills on accounting matters.

Brazil, Russia, India and China

Capital Adequacy Standard

Central and Eastern Europe

Chief Financial Officer

End of Life Vehicles Directive. EU legislation.

Europe, Middle East and Africa region

Energy & Natural Resources. The ENR sector includes oil and gas, power and utilities, mining and forestry industries.

Enterprise social software (E2.0). The use of an entire suite of emergent technologies — wikis, blogs, tagging, and social networking tools — both inside companies and between companies and the outside world.

Enterprise risk management

Enterprise Risk Management frameworks

UK usage: estate agent; US usage: realtor. Professionals dealing with the valuation and sale of property.

EU Emissions Trading Scheme. Launched in January 2005 with mandatory GHG (green house gas) emission controls for industrial activities from 1 January 2005. Currently focusing on activities including the production and the manufacture of ferrous metals, pulp and paper, the scope of the scheme is expected to be widened to include other GHG emissions and industrial activities from January 2008.

Legislative regime that came into effect in 1992.

Legislative regime to come into effect in 2008.

Earned value management project management software. Software that evaluates contractor management.

Fast moving consumergoods

People, processes, technology and risk/control

UK Financial Services Authority

Global Assignment Policies and Practices

Gulf Co-operation Council

Green house gas

Global Tax Management System. A KPMG proprietary system.

KPMG Global Transfer Pricing Services practice. A network of KPMG professionals based in KPMG member firms providing transfer pricing services.

Legislation regarding the regulation of hazardous materials.

Human resources

International Accounting Standards Board

Internal Capital Adequacy Assessment Process

Islamic financial institutions

International Financial Reporting Standards

Islamic Financial Services Board

KPMG web-based transfer pricing platform.

Intellectual property

Integrated regulatory reporting

Information Technology

Evaluation of external IT systems. An IT audit of the value, effectiveness and risk profile of a client's IT systems.

Joint venture

A forum where organizations can learn more about the requirements of section 404 of the Sarbanes-Oxley Act,  and discuss ways to address the evolution of effective internal controls.

A network of KPMG professionals based in KPMG member firms providing services to clients in the electronics and software sectors.

The Masterclass training program is a cooperative approach to learning. Built around case study workgroups, over the course of two days, the workgroups and the client work together discussing client issues, brainstorming possible solutions, and cultivating a client/KPMG network. 

Through the Global Client Program Financial Services coordinates global service delivery, to clients aligning their line of business, functions and regional needs.

A network of KPMG professionals based in KPMG member firms providing financial services.

A network of KPMG professionals based in KPMG member firms providing tax services to organizations in the financial services sector.

A network of KPMG professionals based in KPMG member firms providing services to clients in the automotive sector.

A network of KPMG professionals based in KPMG member firms providing services to clients in the chemicals sector.

A network of KPMG professionals based in KPMG member firms providing services to clients in the energy and natural resources sectors.

The KPMG Global Energy Conference is held annually in Houston, Texas, USA.

For financial executives in the energy industry to learn about the industry challenges and opportunities, share leading practices and conduct an ongoing dialogue about emerging energy-industry issues.

A network of KPMG professionals based in KPMG member firms providing tax services to clients in the energy and natural resources sectors. 

A network of KPMG professionals based in KPMG member firms providing tax services to clients in the financial services sector.

A network of KPMG professionals based in KPMG member firms providing services to clients in the food, drink and consumer goods sectors including food, drink, tobacco, apparel, consumer durables fast moving consumer goods (FMCG), and luxury goods.

A network of KPMG professionals based in KPMG member firms providing forensic services.

A network of KPMG professionals based in KPMG member firms providing services to clients in government.

A network of KPMG professionals based in KPMG member firms providing services to clients in the industrial products sector including industrial manufacturing, aerospace and defense, machinery and electrical equipment manufacturing, metal processing and metal products.

A network of KPMG professionals, based in KPMG member firms providing services to clients in the real estate and construction sectors.

A network of KPMG professionals based in KPMG member firms providing services to retail clients.

KPMG GTO practice. A network of KPMG professionals based in KPMG member firms providing global tax outsourcing services.

A network of KPMG professionals based in KPMG member firms providing global transfer pricing services.

A network of KPMG professionals based in KPMG member firms providing services to clients in the transport sector including aviation, shipping and ports, land transport, road freight and logistics.

KPMG Global Tax Outsourcing practice. A network of KPMG professionals based in KPMG member firms providing global tax outsourcing services.

KPMG International Financial Reporting Group. A single independent unit based in the U.K. providing international financial reporting services.

A network of KPMG professionals based in KPMG member firms providing indirect tax services.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent firms.

The International Board has an overall mandate to review, endorse and implement the policies and regulations of KPMG International.

A network of KPMG professionals based in KPMG member firms providing international corporate tax services.

The International Council approves common goals and significant new policies to make sure the network of member firms that comprise KPMG International is developed, governed and managed effectively. The Council meets at least twice a year.

An eight-member International Management Committee, which meets at least six times a year, is responsible for debating key issues and making recommendations to the main Board.

A network of KPMG professionals based in KPMG member firms providing IT advisory services.

A network of KPMG professionals based in KPMG member firms providing services to clients in the private equity market.

International climate change accord

KPMG partner with overall responsibility for managing the KPMG member firms' relationship with the client.

Mergers and acquisitions

Mobile network operators

Mobile payments

Organisation for Economic Co-operation and Development

Original equipment manufacturer(s)

Private finance initiatives

Public private partnership

Where permitted, assisting clients with the preparation, due diligence or attestation required as part of a process to obtain financing.

Research and development

Registration, Evaluation and Authorization of Chemicals. European Union (EU) directive which came into effect on June 1, 2007 and  requires chemical manufacturers and importers in the EU to prove the safety of their products.

Restriction of Hazardous Substances Directive

Risk-weighted capital ratio

South African Venture Capital & Private Equity Association

US Securities and Exchange Commission

In the UK, National Insurance.

Special purpose vehicles

Islamic insurance.

KPMG proprietary software.

Known as Basel IA.

Value Added Tax

Waste Electrical and Electronic Directive.

World Trade Organization