KPMG International reported Thursday its worldwide revenue grew 5 percent in local currency terms to a record level of $26.4 billion the fiscal year ending Sept. 30, 2017.

In terms of services, total audit revenues for the year increased 3.1 percent to US$10.39 billion, following growth last year of 4.5 percent. Tax revenues increased 5.9 percent over the previous year to US$5.83 billion, driven by tax compliance services, along with international and M&A related services, in all three regions. Advisory revenues increased 6.0 percent to US$10.18 billion, with double-digit revenue growth in strategy services and emerging technologies such as cyber.

In terms of regions, revenues in the Americas increased 4.4 percent, with tax growing 6.7 percent. The Asia Pacific region saw revenues growing 8.1 percent, with the advisory practice growing 15.0 percent, including a 29 percent increase in revenue in China. The Europe, Middle East and Africa region (including India) saw revenues increasing 4.0 percent.

“The KPMG network grew strongly while continuing to transform to meet the rapidly changing demands of clients,” said KPMG International chairman Bill Thomas in a statement. “We are making significant, strategic investments across audit, tax and advisory in technology and innovative services where clients are facing their greatest challenges and disruption.”

KPMG logo on wall
Tannen Maury/Bloomberg News

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access

Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.