Full History Of KPMG In Timeline From 1913

1913: Frank Wilber Main founded Main & Co.

In approximately 1913, Frank Wilber Main founded Main & Co. in Pittsburgh, contributing to the early foundations of what would become KPMG.

March 1917: Klynveld Kraayenhof & Co. opened in Amsterdam

In March 1917, Piet Klijnveld and Jaap Kraayenhof opened an accounting firm called Klynveld Kraayenhof & Co. in Amsterdam, establishing a presence in the Netherlands.

1923: The American Audit Company was renamed FW LaFrentz & Co.

In 1923, The American Audit Company was renamed FW LaFrentz & Co, marking a change in the firm's identity.

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

In 1925, William Barclay Peat & Co. and Marwick Mitchell & Co. merged to form Peat Marwick Mitchell & Co., a significant consolidation in the accounting industry.

1939: Meijburg & Co was founded.

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

1963: Main LaFrentz & Co was formed

In 1963, Main LaFrentz & Co was formed by the merger of Main & Co and FW LaFrentz & Co, consolidating the firms' resources and expertise.

1969: Thomson McLintock and Main LaFrentz merged

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

1976: Peat Marwick Mitchell & Co. moved to Puddle Dock

In 1976, Peat Marwick Mitchell & Co., based at No. 11 Ironmonger Lane, relocated to Puddle Dock in London, changing their base of operations.

1979: KPMG became part of international organization

In 1979, KPMG had been part of the international organization since its founding.

1979: Klynveld Kraayenhof & Co., McLintock Main LaFrentz, and Deutsche Treuhand-Gesellschaft formed KMG

In 1979, Klynveld Kraayenhof & Co. (Netherlands), McLintock Main LaFrentz (United Kingdom / United States), and Deutsche Treuhand-Gesellschaft (Germany) formed KMG (Klynveld Main Goerdeler) as a grouping of independent national practices. Also, in the United States, Main Lafrentz & Co. merged with Hurdman and Cranstoun to form Main Hurdman & Cranstoun in 1979.

1984: Peat Marwick became a large corporate 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, and the combined company retained the computer.

1987: KMG merged with Peat Marwick to form KPMG

In 1987, KMG (Klynveld Main Goerdeler) merged with Peat Marwick in a mega-merger of large accounting firms, forming KPMG in the United States and most of the world, and Peat Marwick McLintock in the United Kingdom. The name "KPMG" was chosen as the initialism for "Klynveld Peat Marwick Goerdeler."

1987: KMG and Peat Marwick merged to form KPMG

In 1987, KMG and Peat Marwick joined forces in the first mega-merger of large accounting firms and formed a firm called KPMG in the United States and most of the rest of the world and Peat Marwick McLintock in the United Kingdom.

1988: PMI tax advisors joined Meijburg & Co.

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

1991: The firm was renamed KPMG Peat Marwick

In 1991, the firm was renamed KPMG Peat Marwick, reflecting the integrated identity of the merged entities.

1992: KPMG licensed as an investment bank in India

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

1996: KPMG committed criminal wrongdoing

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

October 1997: KPMG and Ernst & Young announced they would merge

In October 1997, KPMG and Ernst & Young announced they would merge; however, the KPMG/Ernst & Young tie-up was later abandoned.

1999: The name was reduced to KPMG

In 1999, the name was reduced again to KPMG, streamlining the brand identity.

2001: KPMG spun off its US consulting firm

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

2002: KPMG committed criminal wrongdoing

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

2002: The UK and Dutch consulting arms were sold to Atos

In 2002, the UK and Dutch consulting arms of KPMG were sold to Atos.

2003: KPMG issues audit reports for CMED

From 2003, KPMG had issued written audit reports for China Medical Technologies (CMED).

2003: KPMG International changed its legal structure

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

2003: KPMG divested itself of Klegal and sold its Dispute Advisory Services

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

2003: IRS issued summonses to KPMG

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

February 2004: The US Justice Department commenced a criminal inquiry

In February 2004, the US Justice Department commenced a criminal inquiry of KPMG regarding tax shelters.

January 2007: Criminal conspiracy charges against KPMG were dropped

On 3 January 2007, the criminal conspiracy charges against KPMG were dropped after KPMG complied with the terms of its agreement with the government.

October 2007: KPMG member firms merged to form KPMG Europe LLP

In October 2007, KPMG's member firms in the United Kingdom, Germany, Switzerland, and Liechtenstein merged to form KPMG Europe LLP.

February 2008: Phil Mickelson Signs Sponsorship Deal with KPMG

In February 2008, Phil Mickelson signed a three-year global sponsorship deal with KPMG, agreeing to wear the KPMG logo on his headwear during golf appearances.

February 2008: The HBOS accounts were published

In February 2008, the HBOS accounts were published. The audit of HBOS did not reveal the HBOS Reading branch fraud. HBOS had to be rescued by Lloyds Bank six months later.

March 2008: KPMG employees accused of bribery and recruiting for trade secrets

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 a monetary reward.

November 2008: Siemens Supervisory Board recommends changing auditors

In November 2008, the Siemens Supervisory Board recommended changing auditors from KPMG to Ernst & Young.

2008: KPMG issues audit reports for CMED

In 2008, KPMG issued written audit reports for China Medical Technologies (CMED).

2008: KPMG was the preferred employer among the Big Four accounting firms

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

August 2009: PwC replaces KPMG

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

2009: KPMG allegedly fails to identify fraud at China Forestry

In 2009, KPMG allegedly failed to identify fraud at a Chinese timber company, China Forestry ahead of its listing.

2009: KPMG Ranked in Consultancy Rankings by OpRisk & Compliance

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

2009: KPMG ranked No. 4 on list of "50 Best Places to Launch a Career"

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

2009: BearingPoint filed for bankruptcy protection

In early 2009, BearingPoint, which was previously KPMG Consulting, filed for Chapter 11 bankruptcy protection.

December 2010: FRC opens investigation into KPMG's audit of Rolls-Royce plc

In December 2010, the UK accounting regulator, Financial Regulation Council (FRC), opened an investigation into KPMG's audit of the financial statements of British aerospace company, Rolls-Royce plc for the year ended December 2010.

December 2010: FRC investigation of KPMG UK's audit of Rolls-Royce plc

In May, The Times reported that FRC was close to finishing its investigation, into KPMG UK's audit of the financial statements of Rolls-Royce plc for year ended December 2010

2010: KPMG Sponsors Alexandre Bilodeau at Vancouver Olympics

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

2011: KPMG Ranked Among World's Best Outsourcing Advisors

In 2011, the company was ranked second on the World's Best Outsourcing Advisors—in recognition of the firm's depth of experience, global reach and holistic approach. That same year, the company was inducted into 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 accounting improprieties

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.

2012: KPMG brokered a tax deal for Microsoft with Puerto Rico

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.

2013: KPMG UK settles lawsuit by Quindell

In November, KPMG UK agreed to pay £5 million (US$6 million) in settlement of a lawsuit by a former client, insurance software firm Quindell, relating to deficient audit work for Quindell (now known as Watchstone)relating to its 2013 financial statements.

2013: KPMG UK hit with lawsuit by Watchstone

In November, KPMG UK has been hit with a £15m lawsuit by insurance outsourcer Watchstone—formerly known as Quindell—over allegations it suffered losses because of the audit firm's negligence in 2013.

2014: Chile's CMF sanctioned KPMG

In 2014, Chile's Comision Para El Mercado Financiero (CMF) sanctioned KPMG Auditores Consultores Limitada (KPMG LLP's local affiliate) 3,000 UF (~$114,000), and Joaquín Lira Herreros, its partner, for offences incurred in the audit made to the financial statements of the Aurus Insignia Fondo de Inversión.

2014: KPMG and McLaren Technology Group Form Strategic Alliance

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.

2014: KPMG's tax arrangements became public in the Luxembourg Leaks

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

2014: Major contracts not properly accounted for

In 2014, the OR's negligence claim focuses on the value of major contracts which were not properly accounted for in audits, resulting in misstatements in excess of £800m within Carillion's financial reports.

2014: KPMG audited Carillion

In February, 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: Lawsuits in Canada against KPMG LLP

In November, a British litigation financing firm—Augusta Ventures announced that it will bankroll three $152.4-million lawsuits in Canada against the previous auditor (KPMG LLP) of the Money Retailer Monetary Providers Inc., a Canadian payday lender that filed for creditor safety in 2014.

2015: KPMG issues controversial report

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: Major contracts not properly accounted for

In 2015, the OR's negligence claim focuses on the value of major contracts which were not properly accounted for in audits, resulting in misstatements in excess of £800m within Carillion's financial reports.

February 2016: KPMG Hong Kong faces contempt proceedings

In February 2016, 91 partners of KPMG Hong Kong faced contempt proceedings in Hong Kong High Court, as China Medical Technologies (CMED) liquidators investigating a $400 million fraud took action against KPMG with regard to its refusal to honor a February 2016 court order to produce Chinese working papers, correspondence, and records to the liquidators.

2016: KPMG resigns from Gupta family company

In 2016, KPMG resigned from working with Oakbay Resources and Energy, a Gupta family company in the mining sector, after revelations of corruption and collusion. At least one large company terminated its services with KPMG due to its relationship with Oakbay.

2016: KPMG Ranked in Consulting Magazine's Best Firms to Work For

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

2016: KPMG Fined for Audit Failures in Luceco's Financial Statements

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: Major contracts not properly accounted for

In 2016, the OR's negligence claim focuses on the value of major contracts which were not properly accounted for in audits, resulting in misstatements in excess of £800m within Carillion's financial reports.

2016: FRC disciplinary panel was scheduled to hear a formal complaint against KPMG

In August 2021, an FRC disciplinary panel was scheduled for 10 January 2022 to hear a formal complaint against KPMG and former KPMG partner Peter Meehan regarding the provision of allegedly false and misleading information concerning the 2016 Carillion audit.

2016: KPMG Sponsors Brain Bar Festival

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

July 2017: Moses Kgosana withdraws from Alexander Forbes chairmanship

In July 2017, former chief executive of KPMG South Africa, Moses Kgosana, withdrew from becoming the chairman of Alexander Forbes, a financial services firm, after controversial documents were leaked by the amaBhungane Centre for Investigative Journalism.

September 2017: KPMG withdraws controversial report

In September 2017, KPMG withdrew a controversial report that implicated former Finance Minister Pravin Gordhan, earning the ire of the Commissioner of SARS, Tom Moyane.

September 2017: KPMG's senior leadership in South Africa resigns

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

2017: KPMG Terminates Partnership with McLaren

In 2017, KPMG terminated its partnership with McLaren and McLaren signed a similar partnership with competitor Deloitte.

2017: KPMG embroiled in scandals involving the Gupta family

In 2017, KPMG was embroiled in related scandals involving the Gupta family. KPMG, whose history in South Africa dated back to 1895, faced calls for closure, and an uncertain future, as a consequence of the damage done to the South African economy as a result of its activities.

2017: KPMG Ranked on Fortune's List of Best Companies to Work For

In 2017, KPMG was ranked 29th on the Fortune list of 100 best companies to work for. That same year, KPMG, along with PwC, Deloitte, and PA Consulting Group, were among the UK's 25 top companies to work for.

2017: KPMG had highest number of deficiencies

In 2017, it was reported 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.

2017: KPMG Fined for Audit Failures Regarding Eddie Stobart Group

In 2017, the UK accounting regulator 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 South Africa published an open apology

In December 2017, KPMG South Africa published an open apology for its participation in various scandals in South Africa, including publishing a misleading report, involvement with the Gupta family, and acting as the auditor of VBS Mutual Bank.

2017: FRC investigation of KPMG UK's audit of Rolls-Royce plc begun

In May, The Times reported that FRC was close to finishing its investigation, into KPMG UK's audit of the financial statements of Rolls-Royce plc for year ended December 2010; the investigation was begun in 2017 and the FRC may fine KPMG UK up to £4.5 million (~US$5.6 million) for questionable audit practices.

January 2018: KPMG's role as auditor of Carillion to be examined

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) and it was summoned to give evidence before two House of Commons select committees on 22 February 2018.

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

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) and it was summoned to give evidence before two House of Commons select committees on 22 February 2018.

April 2018: FRC announces an 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 into Carillion's collapse criticized KPMG

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

2018: NFRA Fines KPMG's Indian Affiliate for Audit Lapses in Coffee Day Enterprises' Financial Statements

During August 2018, the National Financial Reporting Authority (NFRA) in India 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 chain, Coffee Day Enterprises.

2018: PCAOB fines KPMG South Korea

In August, PCAOB which reviews audit procedures of foreign firms that audit US-listed entities, fined KPMG South Korea US$500,000 for failing to have proper procedures in place to prevent its auditors from doctoring work papers during the Big Four firm’s 2018 audit of the Korean business of an unnamed US-listed company. It also fined two of its partners and banned them from working for a PCAOB registered audit firm for three years.

2018: KPMG audited Carillion

In February, 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: KPMG Fined for Audit Failings in M&C Saatchi plc's Financial Statements

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 Allege Issues at KPMG Saudi Arabia

Since 2018, KPMG International has received whistleblowing reports alleging issues at the Saudi Arabia practice, including wrongful terminations, failure to pay staff and concerns about personal safety in the region.

January 2019: KPMG suspended the partner that led Carillion's audit and three members of his team

In January 2019, KPMG announced it had suspended the partner that led Carillion's audit and three members of his team.

March 2019: David Middendorf and Jeffrey Wada convicted

In March 2019, David Middendorf and Jeffrey Wada, co-defendants in the KPMG scandal, were convicted.

June 2019: KPMG fined for altering past audit work

In June 2019, KPMG was fined $50 million for altering its past audit work after receiving stolen data from accounting industry watch dog PCAOB. KPMG admitted to its mistakes and as a part of its settlement, it also agreed to hire an independent consultant to review its internal controls.

2019: US accounting regulator PCAOB announced employee cheating

In December, US accounting regulator PCAOB announced that its inspectors discovered that hundreds of KPMG employees in UK and Colombia affiliates cheated on their compliance exams. This follows a US$50 million fine in 2019 where KPMG employees were using data stolen from PCAOB to identify which audits would be reviewed.

May 2020: Official Receiver prepares to sue KPMG

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

September 2020: FRC delivers report to KPMG

In September 2020, the FRC's first report, which found a number of breaches, was delivered to KPMG; the FRC was awaiting a KPMG response before deciding whether to take enforcement action.

2020: KPMG International Limited was incorporated in London, England

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

2020: KPMG International changed its legal structure to a limited company

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

2020: KPMG Fined for Audit Failures in TheWorks.co.uk plc's Financial Statements

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 in case of its client, stationery company TheWorks.co.uk plc's 2020 financial statements, particularly its inventory.

February 2021: KPMG's South African Affiliate Faces Lawsuit from VBS Mutual Bank Liquidators

During February 2021, KPMG's South African affiliate was sued by the liquidators of bankrupt South African bank, VBS Mutual Bank for 863.5 million Rand (~$59 million).

February 2021: KPMG UK appointed its first female leaders

In February 2021, KPMG UK appointed its first female leaders, replacing Bill Michael. Bina Mehta became acting UK chairman, and Mary O'Connor took over executive responsibilities as acting senior partner in UK.

March 2021: KPMG inching towards settlement over Carillion auditing

In March 2021, it was reported that KPMG was "inching towards a financial settlement with regulators" over its auditing of Carillion, with the FRC expected to impose a record fine, possibly around £25m, on KPMG for its failings.

April 2021: Mary O'Connor quit the firm

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

May 2021: Liquidator secures funding for legal action against KPMG

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

August 2021: FRC disciplinary panel scheduled for January 2022

In August 2021, an FRC disciplinary panel was scheduled for 10 January 2022 to hear a formal complaint against KPMG and former KPMG partner Peter Meehan regarding the provision of allegedly false and misleading information concerning the 2016 Carillion audit.

November 2021: KPMG UK revised its partnership process

In November 2021, KPMG UK reportedly revised its partnership process to introduce five levels of partnership, requiring partners to inject capital at levels ranging from £150,000 to £500,000. This was intended to prepare the balance sheet for a potential large fine arising out of the Carillion lawsuit.

2021: KPMG Lower Gulf Partners Face Bonus Issues

In 2021, capital partners at KPMG Lower Gulf were not paid bonuses due to "cash flow issues".

2021: KPMG’s Canadian affiliate was sued by PriceWaterhouseCoopers

In April, 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 in 2021

January 2022: FRC disciplinary panel was scheduled to hear a formal complaint against KPMG

In August 2021, an FRC disciplinary panel was scheduled for 10 January 2022 to hear a formal complaint against KPMG and former KPMG partner Peter Meehan regarding the provision of allegedly false and misleading information concerning the 2016 Carillion audit.

January 2022: KPMG was fined £14.4m for misconduct relating to its audit of Carillion

The tribunal convened to hear the formal complaint started on 10 January 2022. Following the FRC tribunal, KPMG was fined £14.4m (one of the biggest penalties in UK audit history) for misconduct relating to its audit of Carillion and another firm, and received a "severe reprimand" from the regulator.

February 2022: Official Receiver's claim against KPMG reported

In February 2022, Sky News reported the Official Receiver's claim against KPMG would be in the range of £1bn-£1.5bn, with one source suggesting around £1.2bn. The claim focuses on the value of major contracts which were not properly accounted for in audits in 2014, 2015 and 2016, resulting in misstatements in excess of £800m within Carillion's financial reports.

February 2022: KPMG and Phil Mickelson Mutually Split

On 22 February 2022, KPMG and Phil Mickelson 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 announced that their Russian and Belarusian firms would leave the KPMG network.

During 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 50% of Acceleris

In April 2022, it was announced that KPMG will acquire 50% of the UK-based venture capital advisory specialist Acceleris, subject to approval from the Financial Conduct Authority.

July 2022: Peter Meehan was fined £250,000 and banned for ten years

In July 2022, it was announced that Peter Meehan had been fined £250,000 and banned for ten years; three other former KPMG executives also received fines and lengthy bans.

July 2022: Staff Accusations Against KPMG Lower Gulf CEO

In July 2022, staff at the UAE division of KPMG Lower Gulf accused the multinational firm of neglecting multiple complaints filed against the Emirati CEO Nader Haffar.

August 2022: KPMG announced plans to downsize its office footprint in New York City.

In August 2022, KPMG announced plans to downsize its office footprint in New York City in 2025, when it moves its offices in the city from Midtown Manhattan to Two Manhattan West in Hudson Yards.

September 2022: Urgent Call to Suspend KPMG Lower Gulf CEO

In September 2022, global bosses were urged to suspend the CEO of KPMG Lower Gulf, citing "nepotism, cronyism and a culture of fear" under his leadership.

October 2022: Report on Unethical Practices at KPMG Saudi Arabia

In October 2022, the Financial Times published a report describing unethical employment practices at KPMG Saudi Arabia, with expatriate staff facing safety concerns and mental health struggles.

November 2022: OR says KPMG failed to respond to Carillion allegations

In November 2022, the OR stated that KPMG had "failed to respond" to Carillion allegations that it had failed to properly audit the accounting of 20 significant construction contracts. KPMG reiterated that Carillion's failure was solely the fault of the company's board and management.

2022: Investigation Opened into KPMG's Audit of Entain

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

2022: H2O Fined by French Regulator

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

2022: KPMG UK confidentially settled lawsuit launched by the UK's Official Receiver

In February, 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.

February 2023: KPMG settles lawsuit brought by Carillion's liquidators

In February 2023, The Guardian reported that KPMG had settled the £1.3bn lawsuit brought by Carillion's liquidators; details of the settlement were not made public.

October 2023: FRC fines KPMG UK £21 million

In October 2023, the Financial Reporting Council fined KPMG UK £21 million, citing failures to follow basic audit concepts and an unusually large number of breaches. KPMG UK will also pay legal costs of about £5.3 million.

December 2023: Collectif Porteurs H2O Sues KPMG's French Affiliate

In late December 2023, Collectif Porteurs H2O, representing 9,000 investors, sued KPMG's French affiliate, alleging joint liability for losses of almost €700 million ($764 million) due to investments in illiquid assets tied to German financier Lars Windhorst.

2023: KPMG criticized over audit for distressed New York Community Bank

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 Regional Banks

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

May 2024: KPMG partners approved the merger of its UK and Switzerland firms

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 to spend $100 million to boost enterprise AI services with Google Cloud

In November 2024, KPMG announced that it would spend $100 million over the next four years to boost its enterprise artificial intelligence services via a partnership with Alphabet's Google Cloud to develop AI agents and overall make the workforce familiar with the technology.

2024: KPMG's 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 removed diversity reports from website

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.