KPMG profits soar

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KPMG recorded its most successful year in 2004/5, with a 21 per cent increase in operating profit to 305 million.

Its strongest performer was Risk Advisory Services ' KPMG's consulting arm ' which saw profits leap by 48 per cent in the year ending September 30, 2005.

Other key results were:

' Turnover for 2005 up 20 percent to 1,281 million (2004: 1,071 million)

' Top-line growth across Audit, Tax and Advisory

Mike Rake, chairman of KPMG International and UK senior partner, said: 'In many ways, 2005 was the most successful year in the history of the UK firm. Our growth of 20 per cent makes KPMG the fastest growing 'Big Four' firm in the UK in 2005 ' and vindicates our strategy to invest at a time when the economic environment was less promising.'

The Audit practice also grew strongly in 2005 (t...

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24th Jan 2006 10:49

KPMG --- what does it stand for??
Dennis

If you want to know why I believe it stands for Krap Profits Made Good:

look at the articles published on AccountingWeb re Heritage plc: look at the alleged £771.9m inter-company debtors on Safeways (KPMG audited)last set of accounts (before they were acquired by Morrisons).

If you are still unsure---e-mail me and I will explain further.

Rgds
Jeff Lampert

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19th Jan 2006 21:24

Is this something to be proud of?
KPMG was slapped $456 mill for flogging dodgy tax schemes. Its staff grew globally around 6% - sounds like ethics isn't high on their agenda when you look at these numbers.

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