Big Four firm KPMG LLP recorded its 10th consecutive year of revenue growth, with reported revenue of $4.1 billion for fiscal 2004, up 8 percent over the prior year's revenue of $3.8 billion.
Meanwhile, global parent KPMG International reported member firm combined revenue of $13.44 billion for the year ended Sept. 30, 2004, up 14.7 percent, or $1.72 billion, over 2003.
KPMG International said that it restated its fiscal 2003 results to reflect discontinued operations, since the firm exited various businesses around the globe during fiscal 2004, including full-scope legal services and certain advisory services, to focus on higher-demand services.
Globally, audit services rose to $6.42 billion, up 15.9 percent versus $5.54 billion the previous year; tax services increased to $3.11 billion, up 5.8 percent; and advisory services recorded $3.91 billion, a gain of 20.7 percent.
Driven by the final integration of former Andersen firms in Japan, Indochina and Thailand, and by high demand for audit, tax and advisory services from the China market, Asia Pacific attained the strongest regional year-to-year growth. Member firm combined revenues in that region rose to $1.67 billion, an increase of 35.8 percent versus $1.23 billion last year.
KPMG Americas' combined revenues, representing KPMG International member firms in Latin America, Mexico, the Caribbean, the U.S. and Canada, rose 8 percent for the same period to $4.9 billion. Influenced by the market's response to the Sarbanes-Oxley Act, member firms' audit and risk advisory revenues in the Americas region totaled $3.61 billion, a 16 percent rate of growth, versus $3.12 billion in fiscal 2003, while tax revenues in the region declined 4 percent on total revenues of $1.37 billion, versus $1.43 billion in FY03.
In the Europe, Middle East and Africa region, member firm combined revenues reached $6.84 billion, a gain of 15.2 percent versus $5.94 billion.
KPMG International has nearly 94,000 people worldwide in member firms in 148 countries.
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