Full History Of KPMG In Timeline From 1913

1913: Main & Co. Founded

In about 1913, Frank Wilber Main founded Main & Co. in Pittsburgh.

March 1917: Klynveld Kraayenhof & Co. Founded

In March 1917, Piet Klijnveld and Jaap Kraayenhof established the accounting firm Klynveld Kraayenhof & Co. in Amsterdam.

1923: The American Audit Company Renamed

In 1923, The American Audit Company was renamed to FW LaFrentz & Co.

1925: William Barclay Peat & Co. and Marwick Mitchell & Co. Merge

In 1925, William Barclay Peat & Co. and Marwick Mitchell & Co. merged to form Peat Marwick Mitchell & Co., which was based at No. 11 Ironmonger Lane in London.

1939: Meijburg & Co. Founded

In 1939, the tax advisory agency Meijburg & Co. was founded by Willem Meijburg, Inspector of National Taxes.

1963: Main LaFrentz & Co Formed

In 1963, Main LaFrentz & Co. was formed through the merger of Main & Co. and FW LaFrentz & Co.

1969: Thomson McLintock and Main LaFrentz Merge

In 1969, Thomson McLintock and Main LaFrentz merged to create McLintock Main LaFrentz International, which subsequently absorbed the general practice of Grace, Ryland & Co.

1976: Peat Marwick Mitchell & Co. moves location

In 1976, Peat Marwick Mitchell & Co. moved its base in London to Puddle Dock.

1979: KMG Formation

In 1979, Klynveld Kraayenhof & Co. (Netherlands), McLintock Main LaFrentz (United Kingdom / United States), and Deutsche Treuhand-Gesellschaft (Germany) formed KMG (Klynveld Main Goerdeler) to create a strong European-based international firm. In the United States, Main Lafrentz & Co. merged with Hurdman and Cranstoun to form Main Hurdman & Cranstoun.

1979: Part of the international organization

KPMG South Africa has been part of the international organization since its founding in 1979.

1984: Peat Marwick Becomes Large Customer of Apple Macintosh

From 1984 Peat Marwick was the first, largest, and for some time the only large corporate customer of the Apple Macintosh.

1987: KMG and Peat Marwick Merge to Form KPMG

In 1987, KMG and Peat Marwick joined forces to form KPMG in the United States and most of the world and Peat Marwick McLintock in the United Kingdom.

1988: PMI tax advisors joined Meijburg & Co.

In 1988, PMI tax advisors joined Meijburg & Co. due to the merger between PMI and KMG.

1991: Firm Renamed KPMG Peat Marwick

In 1991, the firm was renamed KPMG Peat Marwick.

1992: KPMG in India

In India, where regulations do not permit foreign auditing firms to operate, KPMG is licensed as an investment bank and carries out audits under the name of BSR & Co, an auditing firm KPMG purchased after the 1992 liberalisation of the Indian economy.

1996: KPMG's Fraudulent Tax Shelters

Between 1996 and 2002, KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients avoid $2.5 billion in taxes and agreed to pay $456 million in penalties to avoid indictment.

October 1997: KPMG and Ernst & Young Merger Announced

In October 1997, KPMG and Ernst & Young announced plans to merge; however, the merger was later abandoned despite regulatory approval for the PwC merger.

1999: Name Reduced to KPMG

In 1999, the name was reduced again to KPMG.

2001: Takedown Notice for KPMG Theme Song

In 2001, KPMG sent a takedown notice to a blogger who linked to KPMG's "corporate theme song" MP3 files, claiming it required a formal agreement.

2001: KPMG Consulting Spun Off

In 2001, KPMG spun off its United States consulting firm through an initial public offering of KPMG Consulting, which was later rebranded as BearingPoint.

2002: KPMG's Fraudulent Tax Shelters

Between 1996 and 2002, KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients avoid $2.5 billion in taxes and agreed to pay $456 million in penalties to avoid indictment.

2002: UK and Dutch consulting arms sold to Atos

In 2002, The UK and Dutch consulting arms were sold to Atos.

2003: KPMG changed legal structure

In 2003, KPMG International changed its legal structure from a Swiss Verein to a co-operative under Swiss law.

2003: Divestment of Klegal and Dispute Advisory Services

In 2003, KPMG divested itself of its legal arm, Klegal, and sold its Dispute Advisory Services to FTI Consulting.

2003: IRS issues summonses to KPMG

In 2003, the IRS issued summonses to KPMG for information about certain tax shelters and their investors.

2003: KPMG issued audit reports for CMED

KPMG had issued written audit reports for CMED from 2003 to 2008, and was replaced by PwC Zhong Tian in August 2009.

February 2004: US Justice Department commences criminal inquiry

In February 2004, the US Justice Department commenced a criminal inquiry against KPMG LLP, accusing them of fraud in marketing abusive tax shelters.

January 2007: Criminal conspiracy charges against KPMG were dropped

On 3 January 2007, the criminal conspiracy charges against KPMG were dropped.

October 2007: KPMG Europe LLP Formed

In October 2007, KPMG's member firms in the United Kingdom, Germany, Switzerland, and Liechtenstein merged to form KPMG Europe LLP. These member firms were followed by Spain, Belgium, the Netherlands, Luxembourg, CIS (Azerbaijan, Russia, Ukraine, Belarus, Kyrgyzstan, Kazakhstan, Armenia and Georgia), Turkey, Norway, and Saudi Arabia. John Griffith-Jones and Ralf Nonnenmacher were appointed joint Chairmen.

February 2008: Mickelson Signs Sponsorship Deal with KPMG

In February 2008, Phil Mickelson, signed a three-year global sponsorship deal with KPMG. As part of the agreement, Mickelson was to wear the KPMG logo on his headwear during all golf related appearances.

February 2008: HBOS accounts published

In February 2008, the HBOS accounts were published and six months later HBOS had to be rescued by Lloyds Bank. One reason for undertaking an investigation into the audit, was that the audit did not reveal the HBOS Reading branch fraud.

March 2008: KPMG Employees Accused of Bribery and Trade Secret Collection

In March 2008, KPMG employees in the UK and South Africa were accused of bribing and recruiting employees of commercial structures to collect trade secrets for monetary reward.

November 2008: Siemens Supervisory Board Recommended Changing Auditors

In November 2008, the Siemens Supervisory Board recommended changing auditors from KPMG to Ernst & Young following investigations into KPMG Germany for ignoring questionable payments in the Siemens bribery case.

2008: KPMG Preferred Employer

In 2008, KPMG was the preferred employer among the Big Four accounting firms according to CollegeGrad.com.

2008: KPMG issued audit reports for CMED

KPMG had issued written audit reports for CMED from 2003 to 2008, and was replaced by PwC Zhong Tian in August 2009.

August 2009: PwC Zhong Tian Replaces KPMG

In August 2009, PwC Zhong Tian replaced KPMG as auditor of China Medical Technologies (CMED).

2009: Settlement for Failing to Identify Fraud at China Forestry

In 2009, KPMG paid HK$650 million (US$84 million) to settle legal claims after failing to identify fraud at a Chinese timber company, China Forestry, ahead of its listing in 2009.

2009: Ranked in Consultancy Rankings 2009

In 2009, KPMG ranked in the top two overall in Consultancy Rankings by OpRisk & Compliance, recognizing KPMG's experience in risk management.

2009: KPMG Ranked No. 4

In 2009, KPMG was also ranked No. 4 on the list of "50 Best Places to Launch a Career" according to Bloomberg Businessweek.

2009: BearingPoint Files for Bankruptcy

In early 2009, BearingPoint, formerly KPMG Consulting, filed for Chapter 11 bankruptcy protection.

December 2010: FRC Investigation into KPMG UK's Audit of Rolls-Royce plc

In December 2010, KPMG UK's audit of the financial statements of Rolls-Royce plc for the year ended December 2010, was under investigation by the FRC.

2010: KPMG Sponsored Alexandre Bilodeau

In 2010, the Canadian member firm sponsored skier Alexandre Bilodeau, who won the first gold medal for Canada on home soil in the Vancouver Olympics.

2011: Ranked Second on World's Best Outsourcing Advisors

In 2011, KPMG was ranked second on the World's Best Outsourcing Advisors and was inducted into the Working Mother Hall of Fame after being honored for 15 years as one of Working Mother magazine's 100 Best Companies for Working Mothers.

November 2012: HP Announces Write Off Due to Autonomy Accounting Issues

In November 2012, Hewlett-Packard announced an $8.8 billion write off due to "serious accounting improprieties" committed by Autonomy management prior to its acquisition. KPMG had conducted due diligence work on Hewlett-Packard's $11.1 billion acquisition of the British software company Autonomy during August 2012.

2012: KPMG Brokered Deal for Microsoft with Puerto Rico's Government

In 2012, KPMG brokered a deal for Microsoft with the Puerto Rico's government to give them a tax rate of nearly 0%, allowing Microsoft to sell its intellectual property to a 85-person local factory, channelling at least $39 billion in profits to Puerto Rico.

2013: KPMG UK settles lawsuit with Quindell

In 2013, KPMG UK agreed to pay £5 million (US$6 million) to settle a lawsuit by former client Quindell (now Watchstone) regarding deficient audit work for its 2013 financial statements.

2013: Lawsuit against KPMG UK by Watchstone

In 2013, KPMG UK faced a £15m lawsuit by insurance outsourcer Watchstone, formerly known as Quindell, over allegations it suffered losses due to the audit firm's negligence.

2014: Lawsuits against KPMG LLP

In 2014, Augusta Ventures announced it would bankroll three $152.4-million lawsuits in Canada against KPMG LLP, Cassels Brock & Blackwell LLP and Canaccord Genuity Corp of the Money Retailer Monetary Providers Inc, a Canadian payday lender that filed for creditor safety in 2014.

2014: Sanctioned for Offences Incurred in Aurus Insignia Fondo de Inversión Audit

In 2014, Chile's Comision Para El Mercado Financiero(CMF) sanctioned KPMG Auditores Consultores Limitada and its partner, Joaquín Lira Herreros, for offences incurred in the audit made to the financial statements of the Aurus Insignia Fondo de Inversión.

2014: KPMG UK settles lawsuit with UK's Official Receiver over Carillion audit

In 2014, KPMG UK confidentially settled the £1.3 billion (US$1.6 billion) lawsuit launched in 2022 by the UK's Official Receiver relating to KPMG's audit of the failed construction firm, Carillion, between 2014 - 2018.

2014: Strategic Alliance with McLaren Technology Group

In 2014, KPMG and McLaren Technology Group formed a ten-year strategic alliance to apply McLaren Applied Technologies' predictive analytics and technology to KPMG's audit and advisory services, with KPMG's logo placed on the McLaren F1 Team cars.

2014: Improper Major Contract Audit

In 2014, major contracts of Carillion were not properly accounted for in the audits by KPMG.

2014: Luxembourg Leaks

In 2014, tax arrangements relating to tax avoidance and multinational corporations and Luxembourg, negotiated by KPMG, became public in the so-called Luxembourg Leaks.

2015: Report on Finance Minister Pravin Gordhan

In 2015, KPMG issued a controversial report that implicated former Finance Minister Pravin Gordhan in the creation of an illegal intelligence gathering unit of the South African Revenue Service (SARS).

2015: Improper Major Contract Audit

In 2015, major contracts of Carillion were not properly accounted for in the audits by KPMG.

February 2016: Contempt Proceedings Against KPMG Hong Kong Partners

In February 2016, 91 partners of KPMG Hong Kong faced contempt proceedings in Hong Kong High Court, as China Medical Technologies (CMED) liquidators took action against KPMG with regard to its refusal to honor a court order to produce Chinese working papers, correspondence, and records to the liquidators. The liquidators are asking that 91 defendants be held in contempt of court, which could result in criminal penalties, or weekly fines.

2016: Carillion Audit Information

In 2016, KPMG provided allegedly false and misleading information concerning the Carillion audit, which led to a formal complaint against KPMG and former KPMG partner Peter Meehan.

2016: Ranked Number 13 in Consulting Magazine

In 2016, KPMG was ranked number 13 in Consulting Magazine's Best Firms to Work for.

2016: KPMG Resigns from Gupta Family Company

In 2016, after revelations of corruption and collusion, KPMG resigned from working with the Gupta family company in the mining sector, Oakbay Resources and Energy.

2016: Improper Major Contract Audit

In 2016, major contracts of Carillion were not properly accounted for in the audits by KPMG.

2016: FRC fines KPMG UK for audit failures of Luceco

In 2016, the Financial Reporting Council fined KPMG's UK affiliate £875,000 (Approx. US$1.1 million) for failing to meet audit requirements in case of its client, lighting company Luceco's, 2016 financial statements particularly its inventory cost errors.

2016: Strategic Sponsor of Brain Bar

Since 2016, KPMG has been a strategic sponsor of Brain Bar, a Budapest-based, annually held festival on the future.

July 2017: Carillion profit warning

In July 2017, Carillion issued a profit warning.

July 2017: Moses Kgosana Withdraws from Alexander Forbes

In July 2017, Moses Kgosana, former chief executive of KPMG South Africa, withdrew from becoming the chairman of Alexander Forbes after controversial documents were leaked.

September 2017: KPMG Withdraws Controversial Report

In September 2017, KPMG withdrew a controversial report that implicated former Finance Minister Pravin Gordhan in the creation of an illegal intelligence gathering unit, which earned the ire of the Commissioner of SARS, Tom Moyane.

September 2017: KPMG South Africa Leadership Resigns

In September 2017, after an internal investigation that found work done for the Gupta family fell "considerably short" of the firm's standards, KPMG's senior leadership in South Africa, including its chairman Ahmed Jaffer, CEO Trevor Hoole, COO Steven Louw, and five partners, resigned.

2017: Partnership termination with Mclaren Technology Group

In 2017, KPMG terminated the partnership with Mclaren Technology Group and McLaren signed a similar partnership with competitor Deloitte.

2017: KPMG Involved in Gupta Family Scandals

In 2017, KPMG was embroiled in related scandals involving the Gupta family, leading to calls for the firm's closure in South Africa.

2017: Ranked on Fortune and Among Top UK Companies

In 2017, KPMG was ranked 29th on the Fortune list of 100 best companies to work for and was among the UK's 25 top companies to work for.

2017: FRC Investigation into KPMG UK's Audit of Rolls-Royce plc

In 2017, the FRC initiated an investigation into KPMG UK's audit of Rolls-Royce plc's financial statements for the year ended December 2010; potentially leading to a fine of up to £4.5 million (~US$5.6 million) for questionable audit practices.

2017: Top Staff Resigned During 2017

In December 2017, KPMG South Africa published an open apology for its participation in various scandals in South Africa, including publishing a misleading report that led to the resignation of the South African Finance Minister, involvement with the Gupta family who have been implicated in corruption scandal with former President, Jacob Zuma, and acting as the auditor of VBS Mutual Bank that collapsed due to fraud. Its top eight staff resigned during 2017 and its workforce shrank from 3,400 to 2,200.

2017: FRC fines KPMG UK for audit failures of Eddie Stobart Group

In June 2017, the UK Financial Reporting Council imposed a £877,000 (Approx. US$1.1 million) fine on KPMG's UK affiliate for not satisfying relevant requirements regarding its 2017 audit of the financial statements of logistics company, Eddie Stobart Group.

2017: KPMG Has Highest Number of Deficiencies

It was reported in 2017 that KPMG had the highest number of deficiencies, among the Big Four, cited by its regulator in the previous two years. This includes two annual inspections that were compromised as a result of advanced access to inspection information.

January 2018: FRC to examine KPMG's role in Carillion collapse

In January 2018, it was announced that KPMG, auditor of collapsed UK construction firm Carillion, would have its role examined by the Financial Reporting Council, (FRC).

February 2018: KPMG summoned to give evidence before House of Commons select committees

In February 2018, KPMG was summoned to give evidence before two House of Commons select committees regarding its role in the collapse of Carillion.

February 2018: MP criticizes KPMG's role in Carillion collapse

On 13 February 2018, MP Frank Field described the 'Big 4' accountancy firms, including KPMG, as "feasting on what was soon to become a carcass" after collecting fees of £72m for Carillion work. KPMG was singled out for criticism for its role in Carillion's last accounts before a profit warning in July 2017.

February 2018: MPs contest evidence from KPMG

On 22 February 2018, MPs contested evidence from KPMG regarding the collapse of Carillion.

April 2018: Investigation into KPMG’s Work for Conviviality

In April 2018, the UK accounting watchdog, the Financial Reporting Council (FRC), announced an investigation into KPMG’s work for Conviviality, the British drinks supplier that collapsed into administration.

May 2018: Parliamentary inquiry criticizes KPMG for complicity in Carillion's financial reporting practices

In May 2018, the final report of the Parliamentary inquiry into Carillion's collapse criticized KPMG for its "complicity" in the company's financial reporting practices.

June 2018: FRC identifies failure to challenge management and show appropriate scepticism across audits

In a June 2018 report on audit standards, the FRC identified "failure to challenge management and show appropriate scepticism across their audits." and KPMG performed the worst.

July 2018: FRC starts investigation into KPMG's audit role at Conviviality

In July 2018, the FRC started an investigation into KPMG's audit role at collapsed drinks merchant Conviviality.

October 2018: FRC Proposes Reforms and Rebukes KPMG

In October 2018, the FRC proposed reforms to tackle the "underlying falling trust in business and the effectiveness of audit," and severely rebuked KPMG.

November 2018: KPMG to discontinue consultancy work for FTSE 350 companies it audits

In November 2018, KPMG announced that it would no longer undertake consultancy work for FTSE 350 Index-listed companies if it was also auditing them, in an effort to avoid conflicts of interest.

2018: KPMG UK settles lawsuit with UK's Official Receiver over Carillion audit

In 2018, KPMG UK confidentially settled the £1.3 billion (US$1.6 billion) lawsuit launched in 2022 by the UK's Official Receiver relating to KPMG's audit of the failed construction firm, Carillion, between 2014 - 2018.

2018: PCAOB fines KPMG South Korea for audit deficiencies

In 2018, the PCAOB fined KPMG South Korea US$500,000 for lacking proper procedures to prevent auditors from doctoring work papers. Two partners were also fined and banned for altering documents and violating auditing standards during the audit of an unnamed US-listed company's Korean business.

2018: NFRA fines KPMG India for Coffee Day audit lapses

In August 2018, India's National Financial Reporting Authority (NFRA) fined KPMG's Indian affiliate, BSR & Associates LLP, Rupees 10 Crore (~$1.2 million) for lapses in auditing the 2018-19 financial statements of Coffee Day Enterprises and barred two partners from audit work.

2018: FRC fines KPMG UK for M&C Saatchi Audit Failings

In March 2018, KPMG's UK affiliate was fined £1.46 million ($1.9 million) by the UK accounting regulator, Financial Reporting Council for 'basic failings' in its audit of the 2018 financial statements of advertising agency, M&C Saatchi plc.

2018: Whistleblowing Reports

Since 2018, copies of three whistleblowing reports sent to KPMG International, alleging issues in Saudi Arabia practice, including wrongful terminations, failure to pay staff and concerns about personal safety in the region, have been viewed.

January 2019: KPMG Suspends Partner and Team Members

In January 2019, KPMG announced the suspension of the partner leading Carillion's audit and three members of their team due to misconduct.

March 2019: David Middendorf and Jeffrey Wada Convicted

In March 2019, David Middendorf and Jeffrey Wada, co-defendants in the scandal involving advanced confidential knowledge of planned audit inspections by its Public Company Accounting Oversight Board (PCAOB), were convicted.

June 2019: KPMG Fined $50 Million for Altering Audit Work

In June 2019, KPMG was fined $50 million for altering its past audit work after receiving stolen data from the Public Company Accounting Oversight Board (PCAOB).

2019: KPMG Fined for PCAOB Data Theft

In 2019, following a US$50 million fine, it was revealed that KPMG employees used stolen data from the PCAOB to identify which audits would be reviewed.

May 2020: Official Receiver Prepares to Sue KPMG

In May 2020, the Financial Times reported that the Official Receiver was preparing to sue KPMG for £250 million over alleged negligence in its audits of Carillion.

September 2020: FRC Report Delivered to KPMG

In September 2020, the FRC's first report regarding breaches in KPMG's audit of Carillion's accounts was delivered to KPMG, with the FRC awaiting a response before deciding on enforcement action.

2020: KPMG International Limited Incorporated

In 2020, KPMG International Limited was incorporated in London, England.

2020: KPMG changed legal structure to a limited company

In 2020, KPMG International changed its legal structure to a limited company.

2020: FRC fines KPMG UK for audit failures of TheWorks.co.uk plc

In 2020, the UK's Financial Reporting Council fined KPMG's UK affiliate £1 million (Approx. US$1.3 million) for failing to meet audit requirements for stationery company TheWorks.co.uk plc's 2020 financial statements, particularly concerning inventory.

2020: KPMG US diversity reports published since 2020

KPMG US had been publishing diversity reports since 2020.

February 2021: KPMG UK Appoints First Female Leaders

In February 2021, Bina Mehta was appointed as acting UK chairman and Mary O'Connor took over executive responsibilities as acting senior partner in UK after Bill Michael stepped aside.

February 2021: KPMG South Africa settles with liquidators of VBS Mutual Bank

In February 2021, KPMG's South African affiliate was supposed to have entered into a confidential out-of-court settlement of 500 million Rand (~$27 million) with the liquidators of bankrupt South African bank, VBS Mutual Bank in response to their lawsuit against KPMG filed in February 2021 for 863.5 million Rand (~$59 million).

March 2021: KPMG Inches Towards Financial Settlement

In March 2021, reports indicated that KPMG was "inching towards a financial settlement with regulators" over its auditing of Carillion, with the FRC potentially imposing a record fine, possibly around £25 million, for the firm's failings.

April 2021: Mary O'Connor Quits KPMG

In April 2021, Mary O'Connor quit KPMG after being passed over for the permanent role.

May 2021: Liquidator Secures Funding for Legal Action

In May 2021, the liquidator secured funding for legal action against KPMG, with speculation suggesting the likely damages claim could reach as much as £2 billion.

August 2021: FRC Disciplinary Panel Scheduled

In August 2021, a Financial Reporting Council (FRC) disciplinary panel was scheduled for January 10, 2022, to address a formal complaint against KPMG and former KPMG partner Peter Meehan concerning allegedly false and misleading information related to the 2016 Carillion audit.

November 2021: KPMG UK Revises Partnership Process

In November 2021, KPMG UK revised its partnership process to introduce five levels of partnership, requiring partners to inject capital at levels starting at £150,000 and going up to £500,000. This, along with the £115 million proceeds from the sale of its pensions business earlier in 2021, was intended to prepare the balance sheet for a potential large fine arising out of the Carillion lawsuit.

2021: KPMG Canada Sued by PriceWaterhouseCoopers

In 2021, KPMG’s Canadian affiliate was sued for Canadian $1.4 billion (~US$1.1 billion) by PriceWaterhouseCoopers, the Receiver winding down defunct financing firm, Bridging Finance Inc., for negligently failing to detect and report on misstatements in its financial statements before the firm’s collapse.

2021: No bonuses for 2021

The average profits per partners fell, while they were not paid bonuses for 2021 due to "cash flow issues".

January 2022: Tribunal Hearing and Misconduct Discovery

In January 2022, a tribunal convened to address a formal complaint against KPMG, and during the disciplinary hearing, KPMG's UK chief executive Jon Holt disclosed the discovery of misconduct by its staff during internal investigations and reported it to the FRC.

February 2022: Official Receiver's Claim Reported

In February 2022, Sky News reported that the Official Receiver's claim against KPMG would be in the range of £1 billion to £1.5 billion, focusing on the value of major contracts not properly accounted for in audits in 2014, 2015, and 2016.

February 2022: Mickelson and KPMG Mutually Split

On February 22, 2022, Phil Mickelson and KPMG mutually split following comments in which Mickelson called Saudi Arabia "scary" but would overlook the country's human rights controversies in the best interest of the PGA Tour.

March 2022: KPMG Firms Leave Russian and Belarusian Networks

In March 2022, in response to the Russian invasion of Ukraine, KPMG announced that their Russian and Belarusian firms would leave the KPMG network.

April 2022: KPMG to Acquire Acceleris

In April 2022, KPMG announced its intention to acquire 50% of Acceleris, a UK-based venture capital advisory specialist, subject to approval from the Financial Conduct Authority.

July 2022: Controversies Emerge Around KPMG Lower Gulf

In July 2022, controversies emerged around KPMG Lower Gulf as staff at the UAE division accused the firm of neglecting complaints against the Emirati CEO Nader Haffar, alleging a "fear culture."

July 2022: Penalties Announced for KPMG Staff

In July 2022, penalties were announced for KPMG staff related to the Carillion audit case, including a £250,000 fine and a ten-year ban for Peter Meehan, as well as fines and bans for three other former KPMG executives.

August 2022: KPMG Plans to Downsize New York City Office Footprint

In August 2022, KPMG announced plans to downsize its office footprint in New York City. The firm plans to move its offices from Midtown Manhattan to Two Manhattan West in Hudson Yards in 2025.

September 2022: Urging to Suspend Haffar

In September 2022, global bosses were urged to suspend Nader Haffar, citing "nepotism, cronyism and a culture of fear" under his leadership, in the UAE branch.

October 2022: Unethical Employment Practices at KPMG Saudi Arabia

In October 2022, the Financial Times reported that unethical employment practices at KPMG Saudi Arabia were commonplace, leaving expatriate staff fearing for their personal safety and struggling with their mental health.

November 2022: Official Receiver Says KPMG Failed to Respond

In November 2022, the Official Receiver stated that KPMG had "failed to respond" to Carillion allegations regarding the firm's failure to properly audit the accounting of 20 significant construction contracts.

2022: H2O fined by French Regulator

In 2022, H2O was separately fined €75 million ($82 million) by the French regulator, Autorité des Marchés Financiers (France).

2022: KPMG UK settles lawsuit with UK's Official Receiver over Carillion audit

In 2022, KPMG UK confidentially settled the £1.3 billion (US$1.6 billion) lawsuit launched by the UK's Official Receiver relating to KPMG's audit of Carillion between 2014 - 2018.

2022: FRC Investigates KPMG UK's Audit of Entain

In January 2022, the UK Financial Reporting Council announced it opened an investigation into the 2022 audit of gambling company, Entain, which was conducted by KPMG's UK affiliate.

February 2023: KPMG Settles Lawsuit with Carillion's Liquidators

In February 2023, The Guardian reported that KPMG had settled the £1.3 billion lawsuit brought by Carillion's liquidators, with details of the settlement remaining undisclosed.

March 10, 2023: KPMG Gave Silicon Valley Bank Clean Bill of Health

Just 11 days before Silicon Valley Bank's collapse on March 10, 2023, KPMG gave the bank a clean bill of health, and declared that it "stood behind its audits of SVB".

October 2023: KPMG UK Fined £21 Million

In October 2023, the Financial Reporting Council (FRC) fined KPMG UK £21 million for failing to follow "the most basic and fundamental audit concepts" and for an "unusually large number of breaches."

December 2023: KPMG France Sued Over H2O Investments

In December 2023, Collectif Porteurs H2O, representing investors in H2O funds, sued KPMG's French affiliate for losses of almost €700 million ($764 million) due to investments in illiquid assets tied to Lars Windhorst.

2023: KPMG criticised for NYCB audit

In 2023, KPMG has been criticized over its audit for the distressed New York Community Bank (NYCB) in light of its passing audits for three regional banks that failed in 2023.

2023: KPMG criticised for audits of collapsed banks

In 2023, KPMG were criticised for their audits of three regional banks which collapsed: Signature Bank, First Republic Bank, and Silicon Valley Bank (SVB).

May 2024: KPMG UK and Switzerland Firms Merger Approved

In May 2024, KPMG partners approved the merger of its UK and Switzerland firms, which are working across audit, legal, tax, and advisory, and generating $4.4 billion annually.

November 2024: KPMG Partners with Google Cloud to Boost AI Services

In November 2024, KPMG announced that it would invest $100 million over the next four years to enhance its enterprise artificial intelligence services through a partnership with Alphabet's Google Cloud. This aims to leverage Google products in the workplace, develop AI agents, and familiarize the workforce with the technology.

2024: KPMG Service Lines Generated $38.4 Billion in Revenue

In 2024, KPMG's three service lines generated $38.4 billion in revenue.

February 2025: KPMG US Removes Diversity Reports

In February 2025, KPMG US removed from its website the diversity reports it had been publishing since 2020 as part of a broader effort to abandon the firm's DEI targets.