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

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