KPMG has reported a ten per cent rise in annual global revenues, up to $32.1bn, as advisory services have boomed during the pandemic.
The combined results of the Big Four consulting firms – Deloitte, EY, KPMG and PwC – are the strongest since the Enron scandal which resulted in the collapse of Arther Andersen, according to the Financial Times, which first reported the news.
Collectively the Big Four firms generated $167.3bn in turnover for the financial year ended 2021, up seven per cent on the previous year.
KPMG’s advisory arm saw sales rise 17 per cent to $13.7bn amid a dealmaking boom which saw more businesses spending on advice about mergers and acquisitions, technology and cyber security.
The firm, which employs 236,000 partners and staff across 145 countries, recorded the greatest incline in revenue in Asia-Pacific where sales rose to nearly $6bn despite being the smallest of KPMG’s regions.
The accounting giant plans to further increase its presence in China, by more than half, to 20,000 in the next three years. Its rival PwC also recently announced plans to target China by hiring another 20,000 people over the next five years.