KPMG Internationals annual revenues fell to $20.11 billion internationally for the fiscal year ending Sept. 30, compared to $22.69 billion in the previous year, although the firm saw an uptick in some parts of the world.
Like other companies worldwide, the firm suffered from the economic crisis of the past year. The decline represented 11.4 percent in U.S. dollars, or 2.6 percent in local currency terms. While overall revenue results for the 2009 fiscal year reflected the global economic downturn, we were pleased that our continued investments in high-growth markets resulted in continued growth in those country member firms, said KPMG International chairman Timothy P. Flynn in a statement.
KPMGs strongest-performing region was the Asia Pacific, with local currency growth of 3.9 percent, driven largely by audit services. Revenues in the BRIC (Brazil, Russia, India and China) countries grew 4.3 percent. The Middle East and South Asia, where KPMG is also investing, was the fastest-growing practice with a 25 percent growth rate.
In the Americas region, however, combined fiscal year 2009 revenue totaled $6.31 billion in 2009 versus $7.17 billion last year, a decline of 8.6 percent in local currency terms, or 12 percent in U.S. dollars.
Globally, audit services totaled $9.95 billion versus $10.69 billion in aggregated revenues last year. Advisory services recorded combined global revenues of $6.07 billion in 2009, versus $7.27 billion last year. Revenues for tax services in 2009 totaled $4.09 billion, compared with $4.73 billion in 2008. Among the growth areas for tax services in the past year were transfer pricing with 5.3 percent growth, indirect tax with 8 percent growth, and international executive services, which grew 7.8 percent during the year, in local currency terms.
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