KPMG International published its 2005 Annual Review, which includes final combined revenue and growth figures achieved by KPMG member firms.
In 2005, composite revenues rose to $15.69 billion, an increase of 16.7 percent. Measured in local currency terms, the growth rate was 13.1 percent. KPMG member firms' total composite revenues for fiscal year 2005 represent an increase of $2.25 billion over the previous year.
"We benefited from increased economic activity and increased regulatory requirements placed on clients, as did the profession as a whole," said the chairman of KPMG International, Mike Rake, who was re-elected in October to serve another three years, in a statement. "But we also grew because of the investments we have made over the last three years, when we took the decision to invest more heavily and ahead of the economic curve."
The results reflect significant growth in all three of KPMG's geographic regions worldwide. Recorded revenues in KPMG's Americas region were $5.67 billion, and KPMG's Asia-Pacific region revenues were $1.92 billion -- each representing annual growth of 15 percent. The largest growth was in KPMG's Europe, Middle East and Africa region, which recorded revenues of $8.10 billion, an increase of 18.4 percent.
Composite revenues from audit activities in KPMG member firms in 2005 were $7.81 billion, an increase of 21.7 percent (18.1 percent in local currency terms). Composite tax revenues were $3.17 billion, representing growth of 1.9 percent (down 1.3 percent in local currency terms), and composite advisory revenues were $4.71 billion, an increase of 20.5 percent on the previous year (16.3 percent in local currency terms).
The full review is available at http://www.kpmg.com/review2005/.
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