KPMG Full Form

KPMG full form implies  "Klynveld Peat Marwick Goerdeler". The KPMG company full form has been derived from the names of its four founding members. The full meaning of KPMG is K for Piet Klynveld, P for William Barclay Pear, M for Marwick, and G for Dr. Reinhard Goerdeler. KPMG was formed in 1987 when Klynveld Main Goerdeler (KMG) merged with  Peat Marwick International (PMI). 

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KPMG Company

Now that we have learned the KPMG long form, let us see what is the company all about. The headquarters of the KPMG company are in Amstelveen, Netherlands. The company, however, is incorporated in the United Kingdom. Presently, the KPMG global network of firms is established in 147 countries. The KPMG company presently has over 227000 employees. The company offers services in three areas - tax, financial audit, and advisory. Furthermore, its advisory services are divided into numerous service groups. The tagline of the KPMG company is ‘Cutting through Complexity’.

The goal of KPMG is to help its client to grasp opportunities and mitigate risks. The clientele of KPMG ranges from nonprofit organizations, business corporations, public and government sector agencies.

A Brief History of KPMG

Now, that we have learned the KPMG full meaning, let us understand how the KPMG full form came to be about by having a brief look at its history. 

• William Barclay Peat, one of the founders of KPMG, started his career as an accountant under Robert Fletcher & Co. Admired for his works, William was quickly promoted to higher positions within the company to the effect that he renamed the fir in 1891 to "William Barclay Peat & Co".

• James Marwick, one of the other founders, in 1897, formed the Marwick, Mitchell & Co firm along with Roger Mitchell.

• Reinhard Goerdeler, one among the four founders, joined Deutsche Treuhand-Gesellschaft (DTG) in 1953,.

• Piet Klynveld, representative of the K in KPMG, started an accounting firm in 1917 in Amsterdam. The firm was named Klynveld Kraayenhof & Co. (KKC) after Jaap Kraayenhof joined.

• William Barclay Peat & Co. came together with Marwick Mitchell & Co in 1911 that resulted in the formation of Peat Marwick Mitchell & Co. This firm was established as a network of consultancy and accounting firms.

• Peat Marwick Mitchell & Co in 1978 was renamed Peat Marwick International (PMI).

• Simultaneously Klynveld Kraayenhof & Co merged with McLintock Main Lafrentz ad DTG in 1979 forming Klynveld Main Goerdeler (KMG).

• PMI, in 1986, merged with KMG. The public was made aware of the merger on January 1, 1987, and the new company was christened Klynveld Peat Marwick Goerdeler (KPMG).

KPMG India Full Form

The KPMG India full form is KPMG India Private Ltd. KPMG in India was established in the year 1993 and has since built a notable presence in the country. With its headquarters in Mumbai, are presently KPMG offices in India across multiple locations. Some of the office locations of the KPMG include Ahmedabad, Chandigarh, Bangalore, Chennai, Kochi, Gurugram, Noida, Vadodara, etc. In India, KPMG has more than 2700 companies as its clients. KPMG India’s global service delivery approach helps in providing its clients with value-added services. 

In India, KPMG entities are established as per Indian laws. The entities are also owned and managed by competent Indian professionals. KPMG India takes pride in differentiating itself on rapid industry-tailored, performance-based, business advisory services that are industry and technology-enabled. Moreover, some of India’s leading talented professionals are outlook the delivery of these services. KPMG India’s knowledge management systems and internal information technology enable for timely and informed delivery of business advice to the clients. 

KPMG Global Structure

All the national firms of KPMG are independent legal entities. These forms are members of KPMG International Limited which is a UK Ltd. Company, incorporated in London, UK. Under Swiss Law, KPMG International in 2003, altered its legal structure from its original Swiss Verein to a co-operative and finally in 2020, to a limited company.

In a manner that resembles other networks providing professional services, the Limited company offers support services to the member firms only. Services to clients are provided by the member firms. This structure serves the purpose of limiting the liability of each of the independent members. 

The present Global Chairman of KPMG is Bill Thomas. He was earlier serving as the CEO and Senior Partner of KPMG LLP, the member firm of KPMG in Canada. A few of the member firms of KPG are also registered as multidisciplinary entities providing legal services in specific jurisdictions. 

As per Indian regulations, foreign auditing firms are not permitted to operate. Thus, KPMG India carries out audits under BSR & Co, a firm originally founded in 1992 by B. S. Raut, that KPMG had bought. KPMG audit full form implies the auditing services provided by the company.