KPMG Clients

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

1. Accenture

KPMG is the auditor of Accenture. Accenture has a market capitalization of $71 billion. KPMG won the audit in 2002.  Accenture is the former consulting arm of Arthur Andersen. They broke off after the Enron Scandal.

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 Type 2016 2015
Audit Fee $16.1 million $15.5 million
Audit Related Fees $3.5 million $3.1 million
Tax Fees $1.5 million $0.9 million
Total Fees $21.1 million $19.5 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.


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3. Citigroup

 Citigroup is one of the largest banks in the world. KPMG was again ratified as Citigroup’s auditors as of the 2016 Proxy statement.

4. General Electric

General Electric has a market capitalization of about $280 billion. They operate as an infrastructure and financial services firm. They are reducing the financial services portion of their business because of increased regulation. KPMG will be ratified as their auditors again as of the 2017 proxy statement. As you can see in the fee detail below that KPMG’s audit fee has decreased significantly. This is most likely due to GE spinning off businesses to avoid further government regulation. KPMG might want this to increase in future years though now that GE’s tax department has been spun off to PwC.

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 GE 2016 2015
Audit Fees $81.5 million $75.0 million
Audit Related Fees $6.9 million $20.8 million
Tax Fees $1.5 million $1.8 million
Other $0 $0
Total $89.9 million $97.6 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.

Related: 

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

Fee Type – Wells Fargo 2016 2015
Audit Fees $41.1 million $39.2 million
Audit Related Fees $4.7 million $4.6 million
Tax Fees $6.7 million $4.5 million
Other $0 $1 million
Total $52.5 million $49.3 million

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7. Pepsico

 Pepsico is a worldwide food and beverage company. They have a market capitalization of $151 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.

Related:

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.

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By | May 18th, 2017|Categories: EY, KPMG|0 Comments