KPMG Clients 2023

A list of KPMG’s largest audit clients is included below.

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2023 Banking Crisis

KPMG has been in the headlines during 2023 for their audits of all major banking crisis banks. According to, KPMG earns 14% of their public company audit fees from publicly traded banks. PwC earns 8%, Ey earns 3% and Deloitte earns 2%.
Silicon Valley Bank – According to Silicon Valley Bank’s latest proxy statement, KPMG has audited the company since 1994. KPMG earned audit fee revenue of $12.5 million in 2022 and $12 million in 2021
Signature Bank 
First Republic Bank – KPMG audited First Republic Bank since 2010. They also audit the predecessor entity since 2007. Kpmg earned $6.5 million in fees from First Republic Bank in 2021 and $6 million in fees in 2020.
Regulators have questioned whether their should be more regulations around financial disclosures for banks. They’ve also questioned whether KPMG properly assessed risks that these banks faced. One big risk is that these companies loaned out money at low interest rates while the federal reserve is raising interest rates rapidly. In that environment, depositors have been moving their money out of banks at a rapid pace. This raises solvency issues for small banks.
There are potentially more banking failures coming in 2023. Will KPMG also be auditors of those companies? We will have to wait and see.
Other regional banks that are being questioned that KPMG audits
Pacwest Bancorp – Kpmg signed off on their audit and is ratified as their auditors again 2023. KPMG only earned 2.7 million from Pacwest bancorp for their latest audit.

1. Accenture

KPMG is the auditor of Accenture. Accenture has a market capitalization of $123 billion. KPMG won the audit in 2002.  Accenture is the former consulting arm of Arthur Andersen. They broke off after the Enron Scandal. If you can’t get into the big 4, Accenture would be a good alternative as they are a large consulting firm.

You can see the fees that Accenture has paid to KPMG over the past couple of years in the table below. As you can see that KPMG was able to increase fees by about 10% year-over-year.

Fee Type20192018
Audit Fee$20.2 million$18.9 million
Audit Related Fees$1.4 thousand$1 million
Tax Fees$1.2 million$1.2 million
Total Fees$22.8 million$21.1 million

2. Halliburton

Halliburton is one of the largest oil services firm. Halliburton has a market capitalization of $34 billion. Per the 2016 Proxy Statement it looks KPMG will continue to be Halliburton’s auditors.

3. Citigroup

 Citigroup is one of the largest banks in the world. KPMG was again ratified as Citigroup’s auditors as of the 2019 Proxy statement.

Citigroup is one KPMG’s largest clients. They paid KPMG $99 million dollars in 2018 to be their auditor.

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4. General Electric

General Electric has a market capitalization of about $95.5 billion. They operate as an infrastructure and financial services firm. They are reducing the financial services portion of their business because of increased regulation.

GE has had a tough couple of years because of an insurance accounting scandal. Some people think that GE’s longterm care arm will bring the company down.

KPMG will be ratified as their auditors again as of the 2019 proxy statement. This didn’t come without much scrutiny though. There was a shareholder revolt that saw KPMG only approved by 65% of shareholders which is an unprecedented move.

This comes after a record year of fees from GE for KPMG. KPMG was able to earn their highest fee ever from General Electric. They earned 142.9 million from GE in the 2017 fiscal year.

This is primarily due to the acquisition of Baker Hughes. You can see this rise in fee in the audit related fees revenue of $45 million in 2017.

This didn’t change much for 2018. KPMG was still able to earn $133.3 million from GE in 2018.

General Electric’s tax department was recently acquired by PwC. KPMG was likely not involved in the bidding process because of independence issues.

Related Content:

GE Lays Off Tax Employees and Other Big 4 News

PwC acquires GE’s tax department

Fee Type – KPMG Fee for GE20172016
Audit Fees$95.8 million$81.5 million
Audit Related Fees$45.4 million$6.9 million
Tax Fees$1.7 million$1.5 million
Total$142.9 million$89.9 million

5. Deutsche Bank

 Deutsche Bank provides financial products and offers financial services worldwide. They are a leading investment bank. KPMG was ratified as their auditors as of their latest proxy filing.

6. Wells Fargo

 Wells Fargo is another one of the largest banks in the world. KPMG was ratified as their independent auditor as of the latest proxy. KPMG has been the independent auditors of Wells Fargo for over 85 years. As you can see KPMG’s audit fee went up to $52 million in 2016 following the scandal where employees created fake accounts for customers. Elizabeth Warren went on warpath questions KPMG’s role in overseeing this fraud.


Elizabeth Warren Questions KPMG about the role in the Wells Fargo fraud

Fee Type – Wells Fargo20182017
Audit Fees$44.6 million$44.8 million
Audit Related Fees$5.6 million$4.2 million
Tax Fees$6.4 million$5.8 million
Other$1.1$110 thousand
Total$57.6 million$54.9 million

7. Pepsico

 Pepsico is a worldwide food and beverage company. They have a market capitalization of $192 billion.  KPMG was approved as their independent auditor as of the latest proxy filing.

8. ING Group

 ING Group according to the Fortune 500 makes about $225 million in revenue. ING provides banking products to individuals and businesses

9. Rolls Royce

Rolls Royce is one of the most prestigious luxury car brands in the world. KPMG will be their auditor until 2018 at which time PwC will take over. KPMG is currently being investigated because Rolls Royce bribed people and was penalized by several governmental authorities around the world.


KPMG being investigated over Rolls Royce bribery

10. Hershey

The Hershey Company manufactures and distributes confectionery products throughout the world. Their most popular product is obviously their chocolate. They had revenues in excess of $3 billion for their most recent financial year.

2016 is the final year that KPMG will be Hershey’s auditor. Hershey decided to put their audit up for tender and as part of that process they dismissed KPMG as their auditor.

11. Pfizer

Pfizer is one of the largest pharmaceutical companies in the world. KPMG’s audit fees in 2016 exceeded $44.5 million. The tax fees for KPMG’s services were $4.3 million.

The total fees that KPMG earned in 2016 for all services to Citigroup was $49.9 million.

12. Emerson Electric

Emerson is a large multinational corporation with a market cap that exceeds $40 billion. They are one of KPMG’s largest clients.

KPMG’s audit fees in 2016 exceeded $24.5 million. The tax fees for KPMG’s services were $500k.

Other Audit Clients

14. Liberty Global

15. Omnicom Group

16. The Bank of New York

17. General Dynamics

18. Charter Communications

19. CenturyTel

20. Navistar International Corp

21. Ca Technologies

22. Yum Brands

23. Constellation Brands

24. The Travelers Companies

25. Occidental Petroleum Corportation

26, Estee Lauder Companies, Inc.

27. Visa

28. Unisys Corporations

29. Weyerhauser

30. Western Digital Corp

31. Bio-Rad Labs

32. Valero Energy

33. Diebold Inc

34. XPO Logistics

35. Jones Lang Lasalle

36. Versum Materials

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KPMG Tax Clients

One of KPMG’s largest tax clients is Siemens. Siemens is a large multinational company located in Germany. KPMG Germany is in charge of the tax compliance work for Siemens.

Since Siemens is a large multinational organization they obviously have a large amount of tax compliance work that needs to be done which is typical of a large organization.

In order to help streamline this tax compliance process, Siemens had KPMG help automate and simplify their tax process.

This is pretty typical work of tax lines of service in the big 4. They help large clients automate what were previously manual processes into more automated processes.

KPMG Advisory Clients

One of KPMG’s advisory clients is Dangote. Dangote is a large conglomerate in Africa.

KPMG Nigeria helped Dangote get the accounting systems in order to help implement an efficient accounting process.

Who are KPMG’s FTSE 100 Audit Clients?

Some of KPMG’s most well known FTSE 100 clients are listed below:

  • Associated British Food
  • Admiral Group
  • Astrazeneca
  • BAE Sys
  • BHP Billiton

To learn more about KPMG’s FTSE 100 Audit Clients, make sure to visit our FTSE 100 Auditors page.