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How did KPMG start?

How did KPMG start?

Business

KPMG is one of the world’s largest professional services firms, providing audit, tax, and advisory services to clients in various industries. The firm has a long history that dates back to the early 19th century. In this essay, we will explore the full history of KPMG, from its founding to the present day.

KPMG was founded in 1987 as a result of the merger of Peat Marwick International and Klynveld Main Goerdeler (KMG). Peat Marwick International had its roots in the United States. Where it became founded in 1911, while KMG had its origins in Europe. With the founding of Klynveld Kraayenhof & Co. in Amsterdam in 1917. The two firms merged to create a global professional services firm with a presence in over 140 countries.

Peat Marwick International’s history can be traced back to the early 20th century when William Barclay Peat established an accounting firm in London in 1870. In 1911, the firm merged with Marwick Mitchell, another accounting firm in the United States, to form Peat Marwick Mitchell. The firm expanded rapidly, and by the 1970s, it was one of the “Big Eight” accounting firms in the United States.

Klynveld Kraayenhof & Co., founded in Amsterdam in 1917 by Piet Klijnveld and Jaap Kraayenhof. The firm grew quickly, and by the 1950s, it was one of the largest accounting firms in the Netherlands. In 1979, the firm merged with several other European accounting firms to form KMG.

Following the merger of Peat Marwick International and KMG in 1987, the firm became known as KPMG Peat Marwick. In 1997, the firm changed its name to KPMG, reflecting its global reach and presence. Since then, KPMG has continued to expand its services and reach, with a focus on providing innovative solutions to its clients.

Over the years, KPMG has faced several controversies, including criticism of its auditing practices and the role it played in several high-profile corporate scandals. In 2005, KPMG agreed to pay $456 million to settle claims related to its audit of Xerox Corporation. Furthermore, in 2017, the firm faced criticism for its role in auditing the accounts of the South African Gupta family. Which became accused of using its political influence to influence government contracts.

Despite these controversies, KPMG remains one of the world’s leading professional services firms, with a reputation for providing high-quality services to its clients. Lastly, the firm’s long history and global reach have made it a trusted advisor to businesses around the world. In addition, its continued focus on innovation and technology is likely to ensure its success in the years to come.

How did KPMG start?