Annual report 2024

We have seen high demand for our services over the past few months, especially in advisory, tax and legal services.  After a long period of persistent inflation and high interest rates, there finally seems to be a turnaround ahead. A reduction in interest rates has begun and inflation has slowed considerably.  It is therefore expected that economic conditions will be favorable, and it is important to establish long-term stability.

During the year, we decided to sell our majority stake in KPMG Bókað to the Norwegian company ECIT AS, and the new owner will take over the business at the beginning of 2025.  KPMG will continue to own a minority stake in the company and will continue to cooperate closely with it.  There will be no changes to the strong team of employees who have led and served our clients in the field of accounting and payroll services.  This change is part of KPMG Iceland’s journey towards closer co-operation with KPMG in the Nordic countries and globally.  KPMG's policy is to promote and continue to provide services in the company's core areas of audit and accounting services, tax and legal services and advisory services.

Strategy development work undertaken in 2022 resulted in the motto “Better Together”.  The phrase is indicative of KPMG’s strengths in working closely together across sectors, service lines and borders, with the aim of providing our customers with excellent services in accordance with their needs and expectations.  The main tenets of our policy are to promote employee satisfaction, be the customers’ first choice, and to have a positive impact on society.  In our opinion, the strategy has produced tangible results, and we work together better than ever to the benefit of the company, our customers and our community.

val viðskiptavina og hafa jákvæð áhrif á samfélagið. Að okkar mati hefur stefnan skilað áþreifanlegum árangri og við vinnum betur en áður saman þvert á félagið, viðskiptavinum okkar og samfélaginu til hagsbóta.

The year 2025 will mark a major milestone in the history of KPMG in Iceland as we celebrate the 50th anniversary of the company.  KPMG has long been a leader in its market segment in Iceland, and we are grateful for the loyalty and trust that the company's customers have shown us, as these are the things that matter the most to us.  We are very grateful for our excellent personnel over the years, which is the foundation for our success.

Our employees are our greatest resource, and we are committed to giving our staff the opportunity to develop and increase their skills in an international and exciting environment.  Our employee pulse surveys conducted every other month reveal that our staff is happy, engagedand proud to work for KPMG.  We are committed to supporting the mental and physical health of our people and offer a wide range of counselling services, including through Kara Connect, as well as providing sports activities that are easily accessible to staff.  We have invested heavily in the facilities and working environment of our employees in recent years.  Our facilities in the capital area have been considerably improved and the same is now being done at our locations across the country.

We are constantly developing and improving our processes with digital solutions in mind.  Meanwhile, we’re working closely with our customers on their digital journey, sharing our knowledge and insights with them.

Sustainability is likewise a dominant theme in the company's strategy, which has guided us since 2022.  We have built a strong sustainability team across all departments of the company that supports our customers, as well as ourselves, when it comes to being at the forefront of sustainability issues.  KPMG has been at the forefront of advisory services in this field, and going forward it will become necessary to verify and certify sustainability information presented in the annual accounts and other financial information of companies and institutions.

There are exciting times ahead, as well as various challenges that we at KPMG look forward to facing with our employees, customers and other stakeholders.  Our guiding principle is to continue to build trust in the business community through our work, and we take that responsibility seriously.