KPMG

KPMG is a professional service company and one of the Big Four auditors, along with Deloitte, Ernst & Young (EY), and PricewaterhouseCoopers (PwC).

Seated in Amstelveen, the Netherlands, KPMG employs 207,050 people[4] and has three lines of services: financial audit, tax, and advisory. Its tax and advisory services are further divided into various service groups.

The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler." It was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987.

KPMG
Swiss Cooperative
IndustryProfessional services
Founded1987
(merger of Peat Marwick International and Klynveld Main Goerdeler)
1979
(KMG)
1925
(Peat Marwick)
1818 (Oldest component: Grace, Darbyshire, & Todd)[1]
Founders
  • William Barclay Peat
  • James Marwick
HeadquartersAmstelveen, Netherlands[2]
Area served
Worldwide
Key people
Bill Thomas (chairman)[3]
Services
RevenueIncrease US$28.96 billion (2018)[4]
Number of employees
207,050 (2018)[4]
Websitehome.kpmg

History

Early years and mergers

KPMG HQ Amstelveen Netherlands
Current KPMG head office in Amstelveen, The Netherlands
15 Canada Square London
15 Canada Square in Canary Wharf, London. The headquarters of KPMG in the UK.
PeatMarwickLogo
Peat Marwick logo
345 park1
Headquarters of KPMG LLP, the United States-based member firm of KPMG International, at 345 Park Avenue, New York City
Montreal KPMG Tower
The 34-story KPMG Tower on De Maisonneuve Boulevard in Montreal
KPMG Tower
The KPMG Tower at 355 South Grand Avenue in Los Angeles
150wjeff
KPMG offices at 150 West Jefferson in Detroit
KPMGBayAdelaide
KPMG at the Bay Adelaide West tower in Toronto

The organization's history has spanned three centuries. In 1818 John Moxham opened a company in Bristol.[1] James Grace and James Grace Jr. bought John Moxham & Co. and renamed it James Grace & Son in 1857.[1] In 1861 Henry Grace joined James Jr. and the company was renamed James & Henry Grace; the firm evolved to become Grace, Ryland & Co.[1]

William Barclay Peat joined Robert Fletcher & Co. in London at 17 and became head of the firm in 1891, renamed William Barclay Peat & Co. by then.[5] In 1877 Thomson McLintock founded Thomson McLintock & Co in Glasgow.[5] In 1897 Marwick Mitchell & Co. was founded by James Marwick and Roger Mitchell in New York City. In 1899 Ferdinand William LaFrentz founded the American Audit Co., in New York.[6] In 1923 The American Audit Company was renamed FW LaFrentz & Co.[6]

In about 1913, Frank Wilber Main founded Main & Co. in Pittsburgh.[7] In March 1917 Piet Klijnveld and Jaap Kraayenhof opened an accounting firm called Klynveld Kraayenhof & Co. in Amsterdam.[5]

In 1925 William Barclay Peat & Co. and Marwick Mitchell & Co., merged to form Peat Marwick Mitchell.[8]

In 1963 Main LaFrentz & Co was formed by the merger of Main & Co and FW LaFrentz & Co. In 1969 Thomson McLintock and Main LaFrentz merged forming McLintock Main LaFrentz International [9] and McLintock Main LaFrentz International absorbed the general practice of Grace, Ryland & Co.[1]

In 1979 Klynveld Kraayenhof & Co. (Netherlands), McLintock Main LaFrentz (United Kingdom / United States) and Deutsche Treuhandgesellschaft (Germany) formed KMG (Klynveld Main Goerdeler) as a grouping of independent national practices to create a strong European-based international firm.[5] Deutsche Treuhandgesellschaft CEO Reinhard Goerdeler (son of leading anti-Nazi activist Carl Goerdeler, who would have become Chancellor if Operation Valkyrie had succeeded) became the first CEO of KMG. In the United States, Main Lafrentz & Co. merged with Hurdman and Cranstoun to form Main Hurdman & Cranstoun.[10]

Then in 1987 KMG and Peat Marwick joined forces in the first mega-merger of large accounting firms and formed a firm called KPMG in the US, and most of the rest of the world, and Peat Marwick McLintock in the UK.[5]

In the Netherlands, as a consequence of the merger between PMI and KMG in 1988, PMI tax advisors joined Meijburg & Co. (The tax advisory agency Meijburg & Co. was founded by Willem Meijburg, Inspector of National Taxes, in 1939). Today, the Netherlands is the only country with two members of KPMG International: KPMG Audit (accountants) and Meijburg & Co (tax consultants).[11]

In 1991 the firm was renamed KPMG Peat Marwick, and in 1999 the name was reduced again to KPMG.[12]

In October 1997, KPMG and Ernst & Young announced that they were to merge.[13][14] However, while the merger to form PricewaterhouseCoopers was granted regulatory approval, the KPMG/Ernst & Young tie-up was later abandoned.[15][16]

Recent history

KPMG in Kamloops, Canada
KPMG building in Kamloops, British Columbia

In 2001 KPMG divested its U.S. consulting firm through an initial public offering of KPMG Consulting Inc, which is now called BearingPoint, Inc.[17] In early 2009, BearingPoint filed for Chapter 11 bankruptcy protection.[18]

The UK and Dutch consulting arms were sold to Atos Origin in 2002.[19]

In 2003 KPMG divested itself of its legal arm, Klegal[20] and KPMG LLP sold its Dispute Advisory Services to FTI Consulting.[21]

KPMG's member firms in the United Kingdom, Germany, Switzerland and Liechtenstein merged to form KPMG Europe LLP in October 2007. These member firms were followed by Spain, Belgium, the Netherlands, Luxembourg, CIS (Azerbaijan, Russia, Ukraine, Belarus, Kyrgyzstan, Kazakhstan, Armenia and Georgia), Turkey, Norway, and Saudi Arabia.[22][23] They appointed joint Chairmen, John Griffith-Jones and Ralf Nonnenmacher.[5]

Global structure

Each national KPMG firm is an independent legal entity and is a member of KPMG International Cooperative, a Swiss entity registered in the Swiss Canton of Zug. KPMG International changed its legal structure from a Swiss Verein to a co-operative under Swiss law in 2003.[24]

This structure in which the Cooperative provides support services only to the member firms is similar to other professional services networks. The member firms provide the services to client. The purpose is to limit the liability of each independent member.[25]

Bill Thomas is KPMG's Global Chairman. He was formerly Senior Partner and CEO of KPMG LLP, the KPMG member firm in Canada.[26]

Some KPMG member firms are registered as multidisciplinary entities which also provide legal services in certain jurisdictions.[27]

In India, regulations do not permit foreign auditing firms to operate.[28] Hence KPMG carries out audits in India under the name of BSR & Co, an auditing firm that it bought off. B.S.R & Co was an auditing firm founded by B.S.Raut in Mumbai. In 1992, after India was forced to liberalise as one of the conditions of the world bank and IMF bail out, KPMG was granted a license to operate in India as an investment bank. It subsequently purchased B.S.R & Co and conducts audits in India under the name of this firm.[29]

Services

KPMG is organised into the following three service lines (the 2018 revenue shares are listed in parentheses):[4]

Tax arrangements relating to tax avoidance and multinational corporations and Luxembourg which were negotiated by KPMG became public in 2014 in the so-called Luxembourg Leaks.[30]

Community involvement and advocacy

In March 2017 KPMG launched a campaign designed to encourage more women to pursue careers in technology-based professions.[31]

Staff

The US branch of KPMG was rated one of the top 10 companies for working mothers.[32] It was also ranked No. 12 on Fortune magazine's 2017 list of 100 Best Companies to Work For, voted for by employees.[33]

KPMG was the preferred employer among the Big Four accounting firms according to CollegeGrad.com.[34] It was also ranked No. 4 on the list of "50 Best Places to Launch a Career" in 2009 according to Bloomberg Businessweek.[35]

In 2009, KPMG in the UK was named the best big company to work for by The Times. This was the fourth consecutive year that KPMG had made the top three.[36]

In 2009, in the UK, KPMG introduced a programme known as 'Flexible Futures'. This allowed staff to volunteer to give the firm the option to either send them on a sabbatical at 30% pay for up to 12 weeks, or to reduce their working hours to 4 days a week. The option remained open to the firm until October 2010. This facility has been invoked by the firm in some departments. KPMG publicised this as innovative and an alternative approach to redundancies.[37]

In October 2010, for the eighth year in a row, KPMG was named one of "Canada's Top 100 Employers" by Mediacorp Canada Inc., and was featured in Maclean's news magazine. In November 2010, KPMG was also named one of Greater Toronto's Top Employers, which was announced by the Toronto Star newspaper.[38]

It was reported in early 2012 that KPMG has about 11,000 staff in the UK and 9,000 in mainland China and Hong Kong. KPMG's global deputy chairman predicted that headcount in China would overtake that of the UK by the end of 2013.[39]

KPMG's Innovation Lab is based out of a WeWork in New York City.[40]

Controversies

Tax shelter fraud

In 2003, the IRS issued summonses to KPMG for information about certain tax shelters and their investors.[41] In February 2004, the US Justice Department commenced a criminal inquiry.[41] The United States member firm, KPMG LLP, was accused by the United States Department of Justice of fraud in marketing abusive tax shelters. KPMG fired or forced the retirement of over a dozen who were involved.[42] KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients avoid $2.5 billion in taxes between 1996 and 2002, and agreed to pay $456 million in penalties to avoid indictment. Under the deferred prosecution agreement, KPMG LLP would not face criminal prosecution if it complied with the terms of its agreement with the government. On 3 January 2007, the criminal conspiracy charges against KPMG were dropped.[43]

Various

In 2003, KPMG agreed to pay $125 million and $75 million to settle lawsuits stemming from the firm's audits of Rite Aid and Oxford Health Plans Inc., respectively.[44]

In 2004, KPMG agreed to pay $115 million to settle lawsuits stemming from the collapse of software company Lernout & Hauspie Speech Products NV.[45][46]

In 2006, Fannie Mae sued KPMG for malpractice for approving years of erroneous financial statements.[47]

In February 2007, KPMG Germany was investigated for ignoring questionable payments in the Siemens bribery case.[48] In November 2008, the Siemens Supervisory Board recommended changing auditors from KPMG to Ernst & Young.[49]

In March 2008, KPMG was accused of enabling "improper and imprudent practices" at New Century Financial, a failed mortgage company,[50] and KPMG agreed to pay $80 million to settle suits from Xerox shareholders over manipulated earnings reports.[51]

It was announced in December 2008 that two of Tremont Group's Rye Select funds, audited by KPMG, had $2.37 billion invested with the Madoff "Ponzi scheme."[52] Class action suits were filed.[53]

In August 2010, it was reported by the Swedish Financial Supervisory Authority to the Swedish accountancy regulator after HQ Bank was forced into involuntary liquidation after the Financial Supervisory Authority revoked all its licences for breach of banking regulations.[54]

In August 2011, KPMG conducted due diligence work on Hewlett Packard's $11.1 billion acquisition of the British software company Autonomy. In November 2012 HP announced an $8.8 billion write off due to "serious accounting improprieties" committed by Autonomy management prior to the acquisition.[55][56]

According to an independent panel formed to investigate irregular payments made by Olympus which reported in December 2011, KPMG's affiliate in Japan did not identify fraud at the company.[57]

In April 2013, Scott London, a former KPMG LLP partner in charge of KPMG's US Los Angeles-based Pacific Southwest audit practice, admitted passing on stock tips about clients, including Herbalife, Skechers, and other companies, to his friend Bryan Shaw, a California jewelry-store owner.[58] In return Shaw gave London $70,000 as well as gifts that included a $12,000 Rolex watch and concert tickets.[59][58] On May 6, Shaw agreed to plead guilty to one count of conspiracy to commit securities fraud. He also agreed to pay around $1.3 million in restitution, and to cooperate with the government as part of a plea deal with federal prosecutors.[60] This scandal led KPMG to resign as auditor for Herbalife and Sketchers.[61]

In 2015, KPMG was accused by the Canada Revenue Agency of tax evasion schemes: "The CRA alleges that the KPMG tax structure was in reality a 'sham' that intended to deceive the taxman."[62]

In 2016, the Canada Revenue Agency was found to have offered an amnesty to KPMG clients caught using an offshore tax-avoidance scheme on the Isle of Man.[63]

In 2017, KPMG terminated five partners in its audit practice, including the head of its audit practice in the US, after an investigation of advanced confidential knowledge of planned audit inspections by its Public Company Accounting Oversight Board.[64][65] This followed criticism about KPMG's failure to uncover illegal sales practices at Wells Fargo or potential corruption at FIFA, the governing international body of soccer.[65] It was reported in 2017 that KPMG had the highest number of deficiencies, among the Big Four, cited by its regulator in the previous two years.[66] This includes two annual inspections that were compromised as a result of advanced access to inspection information. In March 2019, David Middendorf and Jeffrey Wada, co-defendants in the scandal, were convicted.[67]

In 2017, KPMG paid a $6.2 million fine to the US Securities and Exchange Commission for inadequacies in its audit of the financial statements of oil and gas company, Miller Energy Resources.[68]

In November 2017, 91 partners of KPMG faced contempt proceedings in Hong Kong High Court, as China Medical Technologies (CMED) liquidators investigating a $400 million fraud took action against KPMG with regard to its refusal honor a February 2016 court order to produce Chinese working papers, correspondence, and records to the liquidators.[69][70][71][72][73] The liquidators are asking that 91 defendants be held in contempt of court, which could result in criminal penalties, or weekly fines.[69] KPMG had issued written audit reports for CMED from 2003 to 2008, and was replaced by PwC Zhong Tian in August 2009.[70] "Perhaps locking up 91 KPMG partners over Christmas may spur the firms to find a solution to this problem", said Professor Paul Gillis of Peking University's Guanghua School of Management.[69]

In November 2018, the Sultanate of Oman's Capital Market Authority (CMA) suspended KPMG from auditing entities regulated by the CMA for a period of one year after discovering major financial and accounting irregularities in the entities' records.[74][75][76]

Carillion audit role

In January 2018 it was announced that KPMG, auditor of collapsed UK construction firm Carillion, would have its role examined by the Financial Reporting Council,[77] and it was summoned to give evidence before two House of Commons select committees on 22 February 2018.[78]

On 13 February 2018, the 'Big 4' accountancy firms, including KPMG, were described by MP Frank Field as "feasting on what was soon to become a carcass" after collecting fees of £72m for Carillion work during the years leading up to its collapse.[79] KPMG was singled out for particular criticism for signing off Carillion's last accounts before a profit warning in July 2017: "Either KPMG failed to spot the warning signs, or its judgement was clouded by its cosy relationship with the company and the multimillion-pound fees it received," said MP Rachel Reeves.[79] Two out of three former Carillion finance directors had also worked for KPMG.[79]

KPMG defended itself, saying that in the construction industry "an accumulation of adverse events [...] can quite quickly cause a precipitous decline." KPMG chairman and senior partner Bill Michael said: "It does not follow automatically from a company collapse either that the opinion of management was wrong, or that the auditor did a bad job."[79]

On 22 February 2018, MPs contested evidence from KPMG (in one exchange MP Peter Kyle told KPMG partner Peter Meehan: "I would not hire you to do an audit of the contents of my fridge").[80] Rachel Reeves, chair of the business select committee, said:

Auditing is a multi-million-pound business for the Big Four. On this morning's evidence from KPMG and Deloitte, these audits appear to be a colossal waste of time and money, fit only to provide false assurance to investors, workers and the public. [...] Carillion staff and investors could see the problems at the company but those responsible - auditors, regulators, and, ultimately, the directors – did nothing to stop Carillion being driven off a cliff.[81]

The final report of the Parliamentary inquiry into Carillion's collapse, published on 16 May 2018,[82] criticised KPMG for its "complicity" in the company's financial reporting practices:

KPMG audited Carillion for 19 years, pocketing £29 million in the process. Not once during that time did they qualify their audit opinion on the financial statements, instead signing off the figures put in front of them by the company's directors. Yet, had KPMG been prepared to challenge management, the warning signs were there in highly questionable assumptions about construction contract revenue and the intangible asset of goodwill accumulated in historic acquisitions. These assumptions were fundamental to the picture of corporate health presented in audited annual accounts. In failing to exercise—and voice—professional scepticism towards Carillion's aggressive accounting judgements, KPMG was complicit in them. It should take its own share of responsibility for the consequences.[83]

The select committee chairs (Frank Field and Rachel Reeves) called for a complete overhaul of Britain's corporate governance regime, saying the government had "lacked the decisiveness or bravery" to do so, accused the big four accounting firms of operating as a "cosy club", with KPMG singled out for its "complicity" in signing off Carillion's "increasingly fantastical figures".[82]

KPMG said:

We believe we conducted our audit appropriately. However, it's only right that following a corporate collapse of such size and significance, the necessary investigations are performed. Auditing large and complex businesses involves many judgments and we will continue to cooperate with the FRC's ongoing investigation. ... We welcome any future review of our profession. If we consider how the profession has changed in the last decade […] it is clear there is a need for us to look closely at our business models.[82]

In a June 2018 report on audit standards across eight accounting firms, the FRC identified "failure to challenge management and show appropriate scepticism across their audits." It highlighted a decline in the quality of work undertaken by the Big Four, with KPMG performing the worst. There had, the FRC said, been an "unacceptable deterioration" in the quality of KPMG's work, and the FRC would scrutinise KPMG more closely as a result.[84] In October 2018, the FRC proposed reforms to tackle the "underlying falling trust in business and the effectiveness of audit," and severely rebuked KPMG.[85]

In November 2018, KPMG said it would no longer undertake consultancy work for FTSE 350 Index-listed companies if it was also auditing them, in an effort to "remove even the perception of a possible conflict" of interest.[86]

The Carillion investigation followed FRC investigations into KPMG's role at HBOS, Quindell and The Co-operative Bank. In July 2018, the FRC started an investigation into KPMG's audit role at collapsed drinks merchant Conviviality.[87]

In January 2019, KPMG announced it had suspended the partner that led Carillion's audit and three members of his team,[88] and the FRC opened a second investigation into how KPMG audited Carillion's accounts.[89]

2017 South African corruption scandal

In 2017, KPMG was embroiled in related scandals involving the Gupta family.[90] KPMG, whose history in South Africa dated back to 1895, and which had been part of the international organization since its founding in 1979,[91] faced calls for closure, and an uncertain future, as a consequence of the damage done to the South African economy as a result of its activities.[92][93]

KPMG had been working with a Gupta family company in the mining sector, Oakbay Resources and Energy, for 15 years prior to the revelations of corruption and collusion in 2016, at which point KPMG resigned. The full impact and financial profit that KPMG received is yet to be determined;[94] however, at least one large company has terminated its services with KPMG due to its relationship with Oakbay.[95]

In July 2017, after controversial documents were leaked by the amaBhungane Centre for Investigative Journalism, former chief executive of KPMG South Africa and the former partner that was responsible for audits related to the Gupta family, Moses Kgosana, withdrew from becoming the chairman of Alexander Forbes, a financial services firm.[96][97]

In 2015, KPMG issued a controversial report that implicated former Finance Minister Pravin Gordhan in the creation of an illegal intelligence gathering unit of the South African Revenue Service (SARS). This report was seen by elements of the media to be part of a wider Gupta-linked state capture conspiracy, with the aim of forcing Gordhan out of his post.[98] The report was withdrawn by KPMG in September 2017,[99] earning the ire of the Commissioner of SARS, Tom Moyane.[100]

After an internal investigation that found work done for the Gupta family fell "considerably short" of the firm's standards and amid rising political and public backlash, KPMG's senior leadership in South Africa, including its chairman Ahmed Jaffer, CEO Trevor Hoole, COO Steven Louw, and five partners, resigned in September 2017.[101][102]

Save South Africa, a civil-society group, accused KPMG and UK PR firm Bell Pottinger of playing a "central role in facilitating state capture."[103] Numerous South African companies either fired KPMG in the immediate aftermath of the scandal, or were reconsidering their relationships with the firm [104] with the international chairman of KPMG, John Veihmeyer, apologising for the conduct of the South African arm[105] and the firm pledged to donate fees earned from Gupta businesses, as well as the withdrawn SARS report to anti-corruption activities.[106]

Sponsorship

The Squaire, Frankfurt am Main-1060
KPMG Europe headquarters in the Squaire building at Frankfurt Airport

The Swedish member firm was main sponsor for Swedish biathlete Magdalena Forsberg, six-time world champion and two-time Olympic medalist. Forsberg was working as a tax consultant at the KPMG Sundsvall office parallel to her athletic career.[107]

Phil & Jim "Bones" MacKay 2014
Phil Mickelson wearing KPMG hat

In February 2008, Phil Mickelson, ranked one of the best golfers in the world, signed a three-year global sponsorship deal with KPMG. As part of the agreement, Mickelson was to wear the KPMG logo on his headwear during all golf related appearances.[108]

The Canadian member firm sponsored skier Alexandre Bilodeau, who won the first gold medal for Canada on home soil in the 2010 Vancouver Olympics. Alexandre's father is a tax partner in the Montreal office.[109][110]

KPMG and McLaren Technology Group have formed a strategic alliance to apply McLaren Applied Technologies' (MAT) predictive analytics and technology to KPMG's audit and advisory services. McLaren 2015 Formula 1 car has the KPMG logo engraved above the pilot seat.[111]

Since 2016, KPMG has been strategic sponsor of Brain Bar, a Budapest-based, annually held festival on the future.[112]

Awards

KPMG ranked in the top 2 overall in Consultancy Rankings 2009 by OpRisk & Compliance – in recognition of KPMG's experience in risk management.[113]

In 2011, the company was ranked second on the World's Best Outsourcing Advisors – in recognition of the firm's depth of experience, global reach and holistic approach.[114] That same year, the company was inducted into Working Mother Hall of Fame after being honored for 15 years as one of Working Mother magazine's 100 Best Companies for Working Mothers.[32] KPMG was ranked number 13 in Consulting Magazine's Best Firms to Work for in 2016.[115]

In 2017, KPMG was ranked 29th on Fortune list of 100 best companies to work for.[116] That same year, KPMG, along with PwC, Deloitte, and PA Consulting Group, were among the UK's 25 top companies to work for.[117]

See also

References

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External links

2015 KPMG Women's PGA Championship

The 2015 KPMG Women's PGA Championship was the 61st Women's PGA Championship, held June 11–14 at Westchester Country Club in Harrison, New York, a suburb northeast of New York City.

Known as the LPGA Championship through 2014, it was the second of five major championships on the LPGA Tour during the 2015 season. This was the first year that the championship was organized by the PGA of America. The tournament was broadcast by Golf Channel and NBC Sports.

2016 KPMG Women's PGA Championship

The 2016 KPMG Women's PGA Championship was the 62nd Women's PGA Championship, played June 9–12 at Sahalee Country Club in Sammamish, Washington, a suburb east of Seattle. Brooke Henderson, 18, won her first major title with a birdie on the first hole of a sudden-death playoff with top-ranked Lydia Ko. It was the second win in a major by a Canadian and the first in 48 years. Henderson and Ko both had bogey-free final rounds with scores of 65 (–6) and 67 (–4), respectively.Known as the LPGA Championship through 2014, it was the second of five major championships on the LPGA Tour during the 2016 season. This was the second year that the championship was organized by the PGA of America, and it was broadcast by Golf Channel and NBC.

Sahalee hosted the PGA Championship in 1998, the first of three majors won by Vijay Singh. It was scheduled to host again in 2010, but the PGA of America reversed its decision and moved it to Whistling Straits in Wisconsin. The USGA helped fill that void with a senior major at Sahalee, the U.S. Senior Open in 2010, won by Bernhard Langer.

The Seattle area is an annual stop on the PGA Tour Champions with the Boeing Classic at TPC Snoqualmie Ridge in late August. The area formerly hosted the Safeco Classic, an LPGA Tour event from 1982 through 1999, held in September at Meridian Valley Country Club in Kent, southeast of Seattle.

2017 KPMG Women's PGA Championship

The 2017 KPMG Women's PGA Championship was the 63rd Women's PGA Championship, played June 29 – July 2 at Olympia Fields Country Club in Olympia Fields, Illinois, a suburb south of Chicago. Known as the LPGA Championship through 2014, it was the second of five major championships on the LPGA Tour during the 2017 season.

Danielle Kang won the championship for her first professional win, one stroke ahead of defending champion Brooke Henderson.Olympia Fields hosted the PGA Championship in 1925 and 1961, and the U.S. Open in 1928 and 2003. It has also been the site of the U.S. Senior Open (1997) and the U.S. Amateur (2015).Golf Channel and NBC Sports televised the Women's PGA for the third consecutive year.

2018 KPMG Women's PGA Championship

The 2018 KPMG Women's PGA Championship was the 64th Women's PGA Championship, played June 28 – July 1 at Kemper Lakes Golf Club in Long Grove, Illinois. Known as the LPGA Championship through 2014, it was the third of five major championships on the LPGA Tour during the 2018 season.

Golf Channel and NBC Sports televised the Women's PGA for the fourth consecutive year.

Park Sung-hyun won the championship in a playoff over Nasa Hataoka and Ryu So-yeon. It was Park's second major win.

717 Harwood

717 Harwood is a skyscraper in Downtown Dallas, Texas. The building rises 481 feet (147 meters). It contains 34 floors, and was completed in 1980. 717 Harwood currently stands as the 22nd-tallest building in the city. The building is well known for its sloping exterior glass walls, which slant inward from the building's top floor to ground level. 717 Harwood is owned by World Class Capital Group, an Austin-based real estate investment firm.The building formally housed the Dallas offices of KPMG, until their move in 2015 to the new KPMG Plaza tower.Harwood is home to the headquarters of Active Network, Lanyon and Omnitracs, and HOK.

Arthur Andersen

Arthur Andersen LLP, based in Chicago, was an American holding company. Formerly one of the "Big Five" accounting firms (along with PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG), the firm had provided auditing, tax, and consulting services to large corporations. By 2001, it had become one of the world's largest multinational companies.

In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accountants in the United States after being found guilty of criminal charges relating to the firm's auditing of Enron, an energy corporation based in Texas, which filed for bankruptcy in 2001. In 2005, the Supreme Court of the United States unanimously reversed Arthur Andersen's conviction due to serious errors in the trial judge's instructions to the jury that convicted the firm.The former consultancy and outsourcing practice of the firm separated from the firm's accountancy practice and split from Andersen Worldwide in 2000 whereby it renamed itself Accenture. It continues to operate.

Basel IV

Basel IV is a contested term for the changes agreed in 2016 and 2017 to the international banking standards known as the Basel Accords; regulators argue that these changes are simply completing the Basel III reforms, agreed in principle in 2010-11, although most of the Basel III reforms were agreed in detail at that time. Critics of the reform, in particular those from the banking industry, argue that Basel IV require a significant increase in capital and should be treated as a distinct round of reforms.

BearingPoint

BearingPoint (parent company: BearingPoint Europe Holdings B.V.) is a multinational management and technology consulting firm headquartered in Amsterdam, Netherlands. It has operations in 22 countries with around 4,500 employees and is one of the largest management consultancies in Europe.

BearingPoint's origins lie in the consulting services operations of KPMG, which became a distinct business unit in 1997. Following demerger from KPMG in 2000 and an IPO in 2001, the company was renamed BearingPoint Inc. in October 2002. BearingPoint became one of the world's largest providers of management and technology consulting services, with operations in more than 60 countries and approximately 17,100 employees. In February 2009 the company's US unit filed for Chapter 11 bankruptcy. Following restructuring and a management buyout in August 2009, BearingPoint's continuing operations were organized as a Netherlands-based partnership.

Big Four accounting firms

The Big Four (Deloitte, Ernst & Young (EY), KPMG and PricewaterhouseCoopers (PwC)) are the four biggest professional services networks in the world, offering audit, assurance services, taxation, management consulting, advisory, actuarial, corporate finance and legal services. They handle the vast majority of audits for public companies as well as many private companies.

Until the late 20th century, the market was dominated by eight networks but this gradually reduced due to mergers and the 2002 collapse of one firm, leaving four networks dominating the market in the early 21st century.

In the UK in 2011, it was reported that the Big Four audit 99% of the companies in the FTSE 100, and 96% of the companies in the FTSE 250 Index, an index of the leading mid-cap listing companies. Such industry concentration has caused concern and calls for the Competition and Markets Authority (CMA) to consider breaking up the Big Four. In October 2018, the CMA announced it had launched a detailed study of the Big Four's dominance of the audit sector.

Eurotower (Zagreb)

Eurotower is a high-rise building in Zagreb, Croatia, located in Trnje at the intersection of the Vukovarska and Lučićeva streets, in the southwest corner. It was built in 2006. This office tower has 26 levels and it is 96 m (315 ft) tall.

Eurotower is currently best known as the headquarters of the Zagreb Stock Exchange and KPMG in Croatia.

The architect is Marijan Hržić, who is also the designer of the Cibona Tower in Zagreb.

James Griffin (Australian politician)

James Henry Griffin is an Australian politician. He is a member of the New South Wales Legislative Assembly representing the electoral district of Manly for the Liberal Party. Griffin was elected on 8 April 2017 at the Manly state by-election held to replace the previous member, former Premier of New South Wales Mike Baird.

Identified as a rising star in the NSW Parliamentary Liberal Party, Griffin was appointed a Member of the Legislation Review Committee in June 2017, and subsequently appointed Chair of the same committee in November 2017. The Legislation Review Committee reviews all Bills introduced into Parliament and reports on the impact of these Bills on personal rights and liberties.In September 2018 Griffin was elected Chairman of the NSW Parliamentary Committee on Environment and Planning. The Committee tabled the Land Release and Housing Supply in NSW report in October 2018.[1]

Griffin went to school at St Mary's Cathedral College, and in 2006 was one of the first students to enrol at the Sydney campus of the University of Notre Dame Australia, from which he graduated with a Bachelor of Arts in 2008.Griffin was also involved in local government, serving a single term as a councillor on Manly Council, and as deputy mayor under Mayor Jean Hay from 2015 to 2016 when the council was amalgamated into the Northern Beaches Council. His mother, Cathy Griffin, was also a councillor in Manly, albeit as a member of the NSW Greens.Griffin was appointed as an Adjunct Lecturer in the School of Business at the University of Notre Dame, Sydney. He is also a Board Member of the University of Sydney Innovation Hub. Griffin co-founded SR7, a digital risk consulting company, in 2009. In February 2014, SR7 was acquired by professional service group KPMG, with Griffin joining the firm as a Director in the Risk Consulting Practice.

James Marwick

James Marwick (b. 1862 in Edinburgh, Scotland) was an original founder of an accounting office that became one of the Big Four auditors, KPMG.

Marwick's father was Sir James David Marwick, an Orcadian who was Town Clerk of Glasgow from 1873 to 1904. The young Marwick qualified as a chartered accountant, and began his accounting practice in Glasgow, and travelled to Australia to conduct a bank examination for a group of Scottish investors during the Australian banking crisis in the 1890s.

Marwick later travelled from Australia to Canada and, impressed with business opportunities in North America and cultivating banking clients, he went to the United States in 1894 and began looking for a partner.

Marwick and Roger Mitchell, schoolmates from the University of Glasgow, literally ran into each other on a New York City street in 1897. Mitchell had been sent to the United States to run the family textile business. The two set up a practice together in what has been labeled the perfect "front office/back office partnership."

After opening Marwick, Mitchell & Company in New York, Marwick began traveling to other cities, opening offices all over the United States. Percy Garrett, who ran the London office, once wrote that the tireless Marwick traveled as many as 15,000 miles a year.

Marwick retired in 1917, handing the reins to Mitchell, who took over as senior partner and stayed on until 1925 when the firm joined with William Barclay Peat & Co. to form Peat, Marwick & Mitchell.

KPMG Building

The KPMG Building is a 25-story, 100 m (330 ft) Class A office building located at 55 Second Street in the Financial District of San Francisco, California, designed by Heller Manus, and completed in 2002.

KPMG Tower

The KPMG Tower, formerly Maison des Coopérants or Place de la Cathédrale, is a 34-storey skyscraper in downtown Montreal that was completed in 1987. It is at 600 de Maisonneuve Ouest and has an official height of 146 m (479 ft). The building is owned and operated by Oxford Properties Group.

The KPMG Tower was built on a plot of land owned by the Christ Church Cathedral, which lies directly in front of the building when viewed from Saint Catherine Street. It was designed by WZMH Architects and was styled to relate to the cathedral.

The tower incorporates an underground shopping centre, Promenades Cathédrale, as part of the underground city that is connected to the Metro.

KPMG Trophy

The KPMG Trophy is a golf tournament on the Challenge Tour. It was first played in June 2014 at the Cleydael G&CC in Aartselaar, Belgium. In 2015, it was played at Golf de Pierpont in Les Bons Villers. It returned to Cleydael in 2016 and moved to Royal Waterloo Golf Club in 2017.

Mining industry of Guinea

The mining industry of Guinea was developed during colonial rule. The minerals extracted consisted of iron, gold, diamond, and bauxite. Guinea ranks first in the world in bauxite reserves and 6th in the extraction of high-grade bauxite, the aluminium ore. The mining industry and exports of mining products accounted for 17% of Guinea’s gross domestic product (GDP) in 2010. Mining accounts for over 50% of its exports. The country accounts for 94% of Africa’s mining production of bauxite. The large mineral reserve, which has mostly remained untapped, is of immense interest for international firms.In recent years, the mining industry in Guinea has suffered from controversy, specifically with respect to the iron ore mining industry and the block of mines in Northern Guinea.

Piet Klijnveld

Pieter 'Piet' Klijnveld (16 August 1874 – 9 February 1945) was a Dutch accountant who started a practice that after several mergers would grow into the international accounting firm KPMG.

William Barclay Peat

Sir William Barclay Peat (15 February 1852 – 24 January 1936) was born in Forebank St Cyrus, Kincardine, Scotland. He was the second son of James Peat and Margaret Barclay (of the banking family that built Barclays Bank, one of England's largest). Born of privilege, Peat studied law at the prestigious Montrose Academy in Scotland, but he did not enter the legal profession.

Instead, the eager 17-year-old moved to London in 1870 to seek his fortune. He was hired as a junior accounting clerk for a London firm and quickly rose through the ranks, earning partnership at the age of 24.

On 29 December 1873, Peat married Edith Roberts (d. 1929) and together they had six children.

In 1891, Peat assumed leadership of the firm, renamed it William Barclay Peat & Company, and ignited an accounting legacy that has endured until today."The Peat family kept the partnership going with a requirement that the senior partner needed to be a Peat for at least three generations," says Roger White, a retired KPMG partner and unofficial organization historian who wrote the book Peats to KPMG - Gracious Family to Global Firm. In fact, three of Peat's sons, Sir Harry, Roderick and Charles all later became partners in the firm. The Peat name lives on today in the world of accounting. His son Charles Urie Peat was MP for Darlington and served as Principal Private Secretary to Winston Churchill during the Second World War.

Peat retired from the firm in 1923 and died at his home, Wykeham Rise, Totteridge, Hertfordshire.

Women's PGA Championship

The Women's PGA Championship is the second-longest running golf tournament in the history of the Ladies Professional Golf Association, surpassed only by the U.S. Women's Open. Founded 64 years ago in 1955, it is one of five majors on the LPGA Tour. It is not recognized as a major by the Ladies European Tour, which does not recognize any of the three majors played in the United States.

Formerly known as the "LPGA Championship," the event's name was changed to the "KPMG Women's PGA Championship" in 2015, and the tournament's management was shifted to the PGA of America.

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