Tuesday Sep 17, 2024
Tuesday Sep 17, 2024
Wednesday, 18 December 2019 02:42 - - {{hitsCtrl.values.hits}}
KPMG Global announced record revenues of $29.75 billion for the fiscal year ending 30 September 2019 (FY19), representing a 6.2% increase in local currency terms on FY18.
KPMG is focused on building an inclusive and diverse culture, and has increased female diversity among our leadership ranks to 25% of Partners and Directors, while over 30% of new partners promoted and recruited in our largest practices were female.
“We are pleased to have achieved strong growth during an important transitional year for KPMG as we focus on making significant investments as part of our multi-year collective strategy implementation,” said KPMG International Global Chairman and CEO Bill Thomas.
The aggregated revenue of KPMG member firms in the Middle East & South Asia (MESA) region grew by 11.6% in local currency terms for the fiscal year ended 30 September 2019, with a significant contribution from KPMG Sri Lanka, marking the sixth consecutive year of double digit growth.
The region’s workforce grew further to a record high of over 8,000 professionals and associates with more than 2,200 new hires in the year. These milestones contributed to placing MESA among the fastest growing sub-regions in the KPMG network.
“As we strive to create sustainable value for clients, we are embracing disruption and collaborating seamlessly as a region. This emphasis is reflected in the latest propositions that we are bringing to the market and also in milestone projects being delivered in these countries. A strong emphasis is placed on the pillars of trust and quality which we see as pivotal, and also in embedding technology into all core functions,” said KPMG Sri Lanka Managing Partner and KPMG MESA Chairman Reyaz Mihular.
“I am particularly excited with our millennial initiatives that are driving greater engagement with millennials who now constitute over half of the region’s talent pool, and with the innovative new office spaces being established across the region to completely redefine our people and client experience,” he added.
Audit
Audit revenues for the year grew globally by 3.7% to $11.18 billion.
KPMG is committed to improving quality and consistency by investing in game-changing methodologies and technology innovations. During 2019 KPMG continued the roll out of Clara, KPMG’s smart audit platform which brings KPMG’s powerful data and analytics capabilities into one interface, allowing our professionals to work smarter while interacting with clients online in real time as they conduct the audit. KPMG Clara has been deployed in more than 100 countries and territories to date.
As part of the network’s collective strategy all KPMG firms are committed to driving tangible and sustainable advances in quality and consistency. As a global organisation, KPMG is driving the use of centralisation to achieve the consistency regulators and stakeholders expect and deserve.
Tax and Legal Services
Tax and Legal Services revenues grew 7.8% in FY19 to $6.62 billion up from 6.3% growth in FY18, driven by strong demand for KPMG’s multi-disciplinary tax services, including Corporate and Business Tax compliance which continued to be enhanced by ongoing collective investments. Strong growth in Legal Services has been supported by the continuing expansion of coverage of the offering across KPMG.
With the introduction of new technologies and enhanced service offerings, KPMG has been able to help tax and legal leaders not only meet compliance obligations but also transform their departments and establish new ways of working through such initiatives as Tax Reimagined, KPMG’s unique framework that combines the strengths of our technology, transformation and compliance capabilities.
“As organisations face unprecedented regulatory change and challenging geopolitical shifts, as well as the impacts of digitalisation and heightened public attention on tax and legal activities, our collective investments in the depth, breadth and connectivity of our multidisciplinary tax and legal services paved the way for growth in these areas through FY19,” said KPMG International Global Head of Tax and Legal Services Jane McCormick.
Advisory
Advisory grew by 7.9% in FY19 to $11.95 billion, driven in part by high client demand for strategy, deal related services and digital transformation solutions.
“As our clients shape, transform and protect their businesses to maintain a competitive edge in an increasingly digital world, they are looking to KPMG’s capabilities and globally minded practitioners to help them address these critical challenges and opportunities. KPMG’s deep industry expertise, a future focused view of sectors and business models and our strong tools, methods and technologies help clients hone their strategies, align their operations across the enterprise, and become more customer centric. These demands have set the stage for our strong overall growth,” said KPMG International Global Head of Advisory Mark A. Goodburn.
KPMG’s Advisory capabilities continue to be recognised by the analyst community. In 2019, KPMG was ranked as a Leader in 25 major evaluations in areas central to our client’s transformation agendas including cybersecurity and artificial intelligence, digital change management, and corporate services as well as our Powered Enterprise and Connected Enterprise solutions.
KPMG Sri Lanka
KPMG Sri Lanka is the oldest Chartered Accountancy firm in the country with 122 years of experience, expanded in 5 districts along with a branch in The Maldives. The Sri Lankan firm is strengthened by over 1100 professionals in Audit, Tax and Advisory pillars led by 19 partners. A key highlight in this financial year was KPMG Sri Lanka making it to the No. 01 spot of LMD Most Respected 2019 in the Financial Services sector.
