Singapore, 14 December 2022: KPMG International announces strong annual aggregated revenues for KPMG firms globally of US$35 billion for the fiscal year ending 30 September 2022 (FY22) — an increase of 14%.*
During continued economic and geopolitical uncertainty, robust numbers and consistent growth were achieved across all functions. Advisory achieved the largest growth increase — up 19% on FY21 across KPMG firms globally. Growth was driven by the success of Transaction and Deal Advisory services, as well as continued demand for innovative technologies and advanced cyber security solutions. Tax & Legal Services experienced 10% growth while Audit grew 8%, benefiting from a combination of the investments made in technology and our KPMG firms’ connected local knowledge.
“FY22 has been a strong year. KPMG firms’ financial performance validates an unwavering commitment to deliver services of the highest quality through a multi-disciplinary approach that helps provide solutions to clients’ most difficult challenges and the stability and resilience to invest, even in hard times.
But the true measure of our success is what we’ve been able to accomplish for those that rely on us most. Clients and wider society continue to face complex problems that require KPMG professionals to work across borders and disciplines and to collaborate more closely than ever. Few organisations have the expertise and global reach that KPMG has, and we’re at our best when we work together to inspire confidence and empower change.” - Bill Thomas, Global Chairman and CEO, KPMG International
“Growth for our Asia Pacific firms is in tandem with KPMG’s increasing double-digit global growth rates, at 13%. The results reflect our regional strengths and capabilities across key areas, including our commitments and expertise in the ESG arena, our talent pool and our advancements in technology-focused offerings. Our regional performance is bolstered by the competitive advantages of our multi-disciplinary business model, which is the foundation of both our past and future successes. There is much potential in the region, and we remain focused on helping our clients with their varying needs, supporting organisations to help fulfil their purpose and realise growth ambitions, while ensuring a strong and sustainable future for our firm as we continue to deliver on our responsibility to society."- Honson To, Chairman, KPMG Asia Pacific and KPMG China
“We have seen a strong financial performance for KPMG in Singapore as well. That's because many business leaders here are viewing the economic slowdown as a bump that they will soon get over. Hence many are preferring to take a longer-term view by investing in acquiring or developing capabilities for greater innovation and differentiation. Business transformation continues to hold strong except this is not just about technology enablement. The focus now is holistically how companies pivot to new markets and opportunities in their business models, how they use data effectively to drive insights, reporting and anticipatory actions across their value chains, and the ways they are able to ramp up their commitments for environmental, social and governance factors while not putting too much of a strain on the wallet.” - Ong Pang Thye, Managing Partner, KPMG in Singapore
Talent
The KPMG global organisation’s worldwide headcount continues to grow, increasing by 12.4% in FY22, bolstered by more than 29,000 net new roles created. This growth has led to the addition of specialists and subject-matter experts at all levels, helping to enable high-quality and multi-disciplinary services designed to solve the complex problems of modern organisations around the world.
KPMG’s commitment to inclusion, diversity and equity (IDE) remains; women represent 48.5% of all KPMG professionals and we have achieved gender parity on the Global Management Team.
Bill Thomas commented: “This year’s growth will help us continue to invest in our people — which remains critical in a competitive marketplace for talent. Ensuring KPMG professionals are working on diverse projects that are making a positive difference and providing them with a flexible career path in an inclusive and caring environment are priorities for us. Keeping people motivated and happy is fundamental to success, and that’s why we’re so focused on the continued development of our culture that puts our purpose and Values at the heart of everything we do.”
Technology
The past year has seen the demand for technology-enabled transformation rise dramatically, reshaping many businesses, including our own. KPMG continues to make significant investments across the organisation in digital transformation, including the appointment of Lisa Heneghan, as the Global Chief Digital Officer. Over the last year, KPMG professionals have helped clients transform their business model or processes, leading to more than 20% growth in revenue in this area from FY21 that is largely driven by digital transformation work — a testament to KPMG firms’ offerings: “Connected. Powered. Trusted. Elevate.” and the power of our alliance-driven digital solutions with globally recognised technology organisations.
Technology enables everything KPMG firms do as digital businesses and continues to drive investments in compliance and strategic tax advisory services. KPMG Digital Gateway, a cloud-native platform solution powered by Microsoft Azure, provides clients with access to a full suite of tax and legal technologies across 140 jurisdictions, helping organisations turn data into value when faced with huge shifts in the global tax policy and regulatory landscape.
More and more global organisations have looked to cloud technologies for growth opportunities, and through the power of our global delivery centers, the KPMG Delivery Network, KPMG firms have harnessed the agility and power of our global teams to extend the power and reach of technology solutions.
KPMG has invested significantly in our system of quality management throughout the organisation, enabling compliance with new industry-wide global quality management standards. Following its rollout two years ago, KPMG Clara, our global, cloud-enabled, smart audit platform, also powered by Microsoft Azure, is used by nearly all 90,000 audit professionals across the 143 countries and territories that KPMG firms operate in.
KPMG Clara is an important step in KPMG’s journey to innovate and digitalise Audit. As part of our ongoing commitment to audit quality, consistency and innovation, the platform is a significant investment that integrates new and emerging technologies, with advanced capabilities that leverage data science, audit automation, and data visualisation.
Environmental, social and governance (ESG)
ESG remains the watermark running through the organisation and steady financial growth has underpinned investment in industry-leading global environmental, social and governance (ESG) solutions — in line with the US$1.5 billion investment commitment we made in 2021.
KPMG professionals’ focus on delivering multi-disciplinary client solutions to maximise the opportunities and address the challenges presented by the ESG agenda includes the creation of a global climate change and decarbonisation hub to provide emerging technology expertise and decarbonisation support and the launch of the sustainability reporting resource center to provide guidance in preparation for the International Sustainability Standards Board’s (ISSB) forthcoming Sustainability Disclosure Standards.
To date, almost 100,000 KPMG professionals have undertaken specialist ESG 101 training. This program, of learning for a lifetime, will continue.