KPMG in Iceland consists of three companies, all fully owned by 37 partners.
The main services of KPMG in Iceland are in the areas of auditing and accounting, tax and legal advisory, consulting services, and accounting and payroll services. At the end of the fiscal year, a total of 335 people were employed by KPMG in Iceland. All partners of the companies work at KPMG.
KPMG ehf.
KPMG ehf. holds a license from KPMG Global and is subject to supervision and requirements from there.
The company’s operations are divided into three areas: the auditing division, which handles auditing, settlement, and accounting services; the consulting division, which provides comprehensive business consulting; and the development and operations division, which handles internal services for the company. The CEO of KPMG ehf. is Hlynur Sigurðsson, who is also the CEO of KPMG in Iceland.
KPMG Law ehf.
KPMG Law is a specialized international law firm. The firm is based on the tax and legal division of KPMG, which has a long history, but since 2017, it has been operated as a separate entity. The company provides extensive services in the fields of legal and tax matters. The CEO of KPMG Law is Ágúst Karl Guðmundsson, who also sits on the executive board of KPMG in Iceland.
KPMG Bókað ehf.
KPMG’s accounting and payroll services are operated under the name Bókað but were set up as a separate company, KPMG Bókað ehf., at the beginning of the fiscal year. The company provides services to about 2,000 companies and organizations across the country. The CEO of the company is Birna Mjöll Rannversdóttir, who also sits on the executive board of KPMG. The company was sold to the Norwegian financial and technology company ECIT AS at the beginning of the 2024-2025 fiscal year, and the finalization of the transaction will be completed at the start of 2025.
Key figures from operations (all amounts in millions of ISK)
Executive Board of KPMG Iceland 2023-2024
Auður Þórisdóttir, Head of Risk and Ethics and Independence
Ágúst Karl Guðmundsson, Managing Director of KPMG Law
Birna M. Rannversdóttir, Managing Director of KPMG Bókað
Erik Christianson Chaillot, Head of People and Culture
Hlynur Sigurðsson, CEO
Magnús Jónsson, Head of Audit
Sigrún Kristjánsdóttir, CFO
Svanbjörn Thoroddsen, Head of Advisory
Top row from left: Svanbjörn Thoroddsen, Auður Þórisdóttir, Birna M. Rannversdóttir, Hlynur Sigurðsson, Ágúst Karl Guðmundsson. Lower row from left: Sigrún Kristjánsdóttir, Magnús Jónsson, Erik Christianson Chaillot.
KPMG Board of Directors
Hrafnhildur Helgadóttir, Chairman
Jónas Rafn Tómasson
Magnús Erlendsson
Sigríður Soffía Sigurðardóttir
Sigurjón Örn Arnarson
From left: Magnús Erlendsson, Hrafnhildur Helgadóttir, Sigríður Soffía Sigurðardóttir, Sigurjón Örn Arnarson og Jónas Rafn Tómasson.
KPMG policy and goals for 2025
KPMG Iceland is guided by a strategy of growing on a solid foundation by being an obvious customer choice, promoting employee satisfaction and having a positive impact on society. This policy is the result of policy formulation carried out in 2022, and will remain in effect until 2025. The foundations of the policy are to utilise the forces and knowledge of employees across the company under the banner "Better Together" as well as to promote efficiency in the company's operations. The company's sustainability objectives are integrated into the overall strategy. The company’s policy is based on KPMG’s global purpose of promoting trust in financial markets and being a force for positive change in society as a whole.
The company's success during the operating year was in line with the company's policy and objectives. During the next operating year, a review of the company's strategy will take place where the aim is to formulate a new focus in line with the different configuration of the company following the sale of the company's accounting and payroll services, as well as a closer cooperation with KPMG's member companies in the Nordic countries.
KPMG Values
KPMG works according to five values that guide us and are at the heart of everything the company does in its day-to-day operations. The values consist of operating with integrity, sticking together and drawing strength from our differences, having the courage to think and act boldly, always striving for excellence, and ensuring that the activities of the company have a positive impact.
Sustainability governance
The Managing Director is responsible for sustainability at KPMG. The role of the Managing Director is to oversee and monitor sustainability issues as well as approve and be responsible for the company's policies.
The Executive Board is responsible for implementing the matters of each department, as well as having an overview of the objectives and policies in each area.
The company has a sustainability committee. It consists of the Managing Director, Chief Financial Officer, Director of Human Resources, Director of Business Development, a representative of shareholders and a sustainability expert. The role of the committee is to oversee the implementation and follow-up of sustainability issues across the company as well as provide information to stakeholders on the issues covered by the committee.
Materiality assessment
Our sustainability journey has been based on a materiality assessment carried out in 2021. The analysis found that governance and social factors are most important in our operations, although we can obviously also have an impact in the areas of prosperity and the environment. Our coverage in this report is based on this materiality assessment.
During the year, work began on updating the materiality assessment according to the double materiality requirements of the European Sustainability Reporting Standards (ESRS). The factors identified by KPMG Global as critical for the operation were used for guidance. Three workshops were held, with staff and management working on the analysis of the value chain as well as the impact, risks and opportunities. The analysis is being finalised through discussions with stakeholders and a decision on the materiality threshold, with the final analysis expected to be ready by the end of 2024.
Preliminary results show that the impacts, risks and opportunities are still largely in social aspects and governance. As for social aspects, the health and safety of employees and ensuring qualified and satisfied employees are among the most important. In governance, it is ethics, integrity and independence that are most important, along with information security, transparency and accountability. It continues to be important that we contribute to climate mitigation, as well as providing effective community involvement.
KPMG's nationwide services
The goal of KPMG in Iceland is to provide businesses, institutions, and municipalities across the country with high-quality services on a broad basis. KPMG provides thousands of clients with essential core services and advice in accounting and financial reporting, auditing, business consulting, and legal matters. Our services are crucial to our clients in conducting legal and sustainable business practices and achieving success in their operations. KPMG's strategy is to have a positive impact on society, and we aim to be the first choice for clients in the market. KPMG has 15 offices, spread across the country.
One of our goals at KPMG is to always be the first choice for our clients. To achieve this goal, we place great emphasis on understanding the business environment and the needs of private companies and public entities in the market at any given time. For many years, we have focused on creating a platform within KPMG aimed at developing expertise in key industries in Iceland. This platform consists of experienced staff who have worked with companies in various industries, along with specialists in operational areas that benefit each industry the most. This team works with key industries in the Icelandic business community.
KPMG's staff works closely with KPMG globally, especially in the Nordic countries, where extensive knowledge exists on the latest trends in key industries. To the right are examples of industries where KPMG has focused on developing expertise, including startups and innovation companies, as well as municipalities.
Expertise in individual sectors
- Public entities (Municipalities, public institutions, and companies)
- Financial services
- Startups and fast-growing companies
- Energy and infrastructure
- Tourism
- Real estate companies and contractors
- Retail and services
- Fisheries and aquaculture
The first choice of start-up companies
Our goal is to be the first choice for startups and innovation companies in Iceland. We provide a wide range of financial, business, legal and tax advisory services to innovation companies and investors. We have a team of experts who have developed extensive experience and knowledge when it comes to innovation companies, investors and other funders and supporters of innovation. We are also committed to being a strong partner of the innovation environment in Iceland. As well as providing innovation companies and investors with a broad range of services and advice in all our areas, our team provides a wide range of support for the innovation environment in Iceland, including mentoring roles in various accelerators and competitions, lectures and other educational activities, participation in focus groups and judging panels, writing articles and reports, providing opinions on legislative bills, etc. KPMG is also the sponsor of various initiatives in the innovation sector including KLAK, the Golden Egg, Innovation Week, Norðanátt, Drift EA, and Junior Achievement.
Expertise in municipal affairs
Since its founding, KPMG has provided important services and advice to municipalities throughout the country regarding auditing, settlements and financial reporting, and budgeting. This service is a major part of our services outside the capital region, and we take great pride in being close to our customers and familiar with the challenges of running each municipality. KPMG employs a team of highly experienced experts in municipal matters who focus on identifying the needs and shaping the company's service offering in this field. The company focuses on visibility in the market
and participates in conferences and meetings on municipal issues to maintain a connection with the market. For example, KPMG always has a booth at the financial conference of the Icelandic association of local authorities, where municipal employees from all over the country meet their contacts from the local authorities. Good cooperation with the Icelandic Association of Local Authorities in Iceland during the year led KPMG to conduct an analysis of the challenges faced by municipal employees when it comes to budgeting. This analysis, together with other aspects of the cooperation, can form the basis for future improvements in this area. The company’s
service offering for municipalities has evolved greatly and now includes various policy development projects, change management, and administrative and legal advice. Over the past year, the development of services in welfare and education, which are the largest issues in municipalities, has been undertaken in a systematic manner. KPMG staff has also organised workshops, staff preparation days, and meetings for municipalities. There has been an increased focus on the municipal digital journey, and KPMG’s team of experts has worked on developing solutions in the field that will allow municipalities to achieve greater efficiency and operational results.
Innovation and partnerships
At KPMG, great emphasis is placed on innovation and development of the company's service offering to meet the needs of customers in the best possible way. For the most effective results, we focus on utilising the expertise of our staff to develop service channels as well as collaborating with external partners with exceptional skills and knowledge. During the operating year, we focused on three projects that support our focus on innovation and development.
Municipal financial planning model
Within KPMG, extensive knowledge has been developed on municipal finances, as KPMG has provided numerous municipalities with broad-based services for many years. The process of budget preparation and financial reporting for municipalities is an important but very time-consuming and complex aspect of their operations. The benefits of well-prepared and realistic plans are significant, and at the same time, there are many and varied stakeholders. Our goal at KPMG is to work with municipalities to make the financial planning process simpler and more efficient. By developing a planning model that saves time when planning, simplifies communication between stakeholders, and improves visibility, we enable municipalities to achieve more success in their operations. The development team at KPMG has been working on developing the financial planning model, and the focus is on ensuring that it serves our customers in the best way possible. All data is securely stored in a cloud environment, the interface is developed with user needs in mind, and the presentation of data is user-friendly and efficient. The budget model is currently being tested by selected users and the aim is to launch its first version in the first half of 2025.
GreenSenze
During the year, Origo and KPMG developed a solution to analyse the carbon footprint of corporate procurement under the name GreenSenze. The solution is very simple to use for companies that often find it difficult to identify the carbon footprint of their procurement activities. The solution takes advantage of electronic invoicing data, plus various data sources and KPMG’s expertise in carbon calculations. The information is then clearly displayed in a live dashboard where you can easily view detailed data on what can be improved in corporate sustainability.
Greensenze was introduced at the KPMG and Origo morning meeting in May 2024 and attracted interest from corporate and public sector representatives who attended the meeting. The solution will make it easier for companies to gain an overview of the carbon footprint of their procurement, thus contributing to better decisions and more targeted information disclosure. KPMG's sustainability team was a key entity in the partnership with Origo. The solution is based on the company staff’s knowledge of carbon calculations and the methodology behind them. By linking KPMG’s impressive sustainability knowledge with Origo's technical know-how and procurement solutions, a powerful solution is now available on the market based on electronic invoicing via Unimaze.
Advise Management Dashboard
KPMG og Advise skrifuðu á starfsárinu undir samstarfssamning sem gerir KPMG kleift að veita viðskiptavinum sínum betri þjónustu með
Advise Business Monitor hugbúnaðarlausninni.
Advise, sem er íslensk hugbúnaðarlausn á sviði viðskiptagreindar, veitir litlum og meðalstórum fyrirtækjum rauntímaupplýsingar um rekstur sinn, auðveldar samskipti hagsmunaaðila og stuðlar að gagnadrifnum ákvörðunum. Lausnin innifelur m.a. lifandi rekstrargreiningar og mælaborð auk öflugrar aðgangsstýringar. Nú þegar hafa ýmsir viðskiptavinir KPMG nýtt sér þjónustu Advise með góðum árangri.
Knowledge sharing
At KPMG, we are committed to sharing our knowledge of important aspects of running a business. During the operational year, we held a number of meetings and events where
a variety of topics were covered. We'd like to thank the many people that attended
our events this past year.
Overview of meetings, conferences and seminars
Active participation in the economy
KPMG participates in numerous projects and is a member of all major organisations in the Icelandic economy.
Internship
We offer internships for students at the university level, with a focus on students in business, engineering and computer science. This is in line with our policy of being a desirable place to work and using our influence for good.
The internship is a collaboration with Reykjavik University and we invite both undergraduates and postgraduates to join us and spend 120-300 hours on projects with us. The focus is on practical projects that benefit the students as well as the company. The internship is part of the students’ studies for which they receive credits. There were 12 interns during the year, four of which were offered, and accepted, employment after graduation.
Taxes
We want to contribute to our community in the form of tax payments. For the past few years, we’ve calculated our tax footprint, which provides an overview of all taxes paid by the company. The company's tax footprint for the operating year 2023-2024 amounted to a total of ISK 3 billion.
During the operating year, the company's first tax policy was adopted by the Board of Directors, and we continued our journey towards an organised tax practice and approach in accordance with the global KPMG Principles for a Responsible Tax Practice, and increased requirements in tax practice.
The tax returns of KPMG ehf. and KPMG Law shareholders are reviewed by our tax experts, and an annual audit of owners’ tax returns is carried out by the international mother company.
KPMG in the community
KPMG is committed to being an active participant in the community and working according to its policy to promote sustainable activities that have a positive impact. Guided by integrity and accountability, the company supports important issues and works to improve society, strengthen relations with stakeholders and create long-term value for the parties involved in its activities.
Reykjavík Pride
Reykjavik Pride was held on 6-11 August 2024 under the slogan “Pride is Strength”. There is room for us all in our community, no matter how we define ourselves or who we love. KPMG remained a Reykjavik Pride partner, and we will continue to be curious, seek education and be involved in creating a society where all people have equal rights to exist.
Bryndís Klara Memorial Fund
We, like the whole nation, were deeply saddened by the news of the death of Bryndís Klara Birgisdóttir, who was the victim of a stabbing in Reykjavík last August. KPMG assisted Bryndís Klara's family in establishing the Bryndís Klara Memorial Fund and administers its activities.
The fund will support projects aimed at protecting children from violence and fostering a community where empathy and cooperation are at the forefront.
Reykjadalur
Reykjadalur is a summer camp in Mosfellsdalur for children and adolescents with disabilities. About 300 people, between the ages of 8 and 21, come to Reykjadalur every year. The guiding principle is that nothing is impossible and that dreams can come true.
A group of KPMG employees joined the Institute of State Authorized Public Accountants in Iceland (FLE) in spending one working day helping Reykjadalur staff with various maintenance tasks.
Reykjavík Marathon
Over 35 runners from KPMG participated in the Reykjavik Marathon, running various distances ranging from a 3 km fun run to a full marathon. KPMG runners raised a total of ISK 1.28 million ISK for Ljósið Cancer Rehabilitation Center and other good causes.
Beadmaking for Kraftur
KPMG staff had the opportunity to make the most of their time at work by beading to support Kraftur, an organisation for young people diagnosed with cancer and their family members. A new Life is Now bracelet was beaded and sold to raise funds and awareness for Kraftur.
Sustainability Week
The KPMG Sustainability Week was held for the second time under the heading “How does KPMG have a positive impact on society?”. This week is a part of raising awareness among employees about the importance of sustainability in KPMG's work and our vision of being a market leader when it comes to sustainability. Several events were offered during Sustainability Week, which were open to all employees of the company.
KPMG's sustainability experts gave a presentation to staff in line with the week’s theme. The focus was on how we can work together to achieve sustainability across sectors and the challenges and opportunities that come with it. KPMG staff also had the opportunity to attend a practical first aid course. Employees were also encouraged to use environmentally friendly transport on their way to work by walking, cycling, scooting or ride sharing as much as possible. In addition, the Pink Ribbon was for sale in the reception at Borgartún 27, and about 80 ribbons were sold.
Golf Dashboard
KPMG has supported the Icelandic Golf Association for a number of years and the partnership has been a successful one. KPMG has focused on supporting the development of the sport, especially young female golfers.
During the operating year, KPMG consultants analysed data from the Golf Union of Iceland’s national tournaments since 2001, and published some interesting statistics on their website. This creates insight into various aspects of the game, including what holes are most difficult and which golfers have the best averages. KPMG also provided statistics in the television broadcast of the national tournament, highlighting interesting statistical factors related to Iceland’s premium golfers, as well as statistics from the national tournament, which took place at Hólmsvöllur in Leira in 2011.
KPMG sponsors many projects related to sports or the promotion of public health, environmental protection or sustainability. Our goal is to have a positive impact on society, and during the year we donated a total of ISK 26 million to sports, public health and other charitable causes.
Impact dashboard for prosperity
KPMG ehf. in millions of ISK
Taxes from KPMG ehf. paid to the community in millions of ISK
Recruitments during the year
Support for start-up companies
Interns
