In the year under review, Audit and Advisory firm KPMG has worked hard on the continued recovery of public trust. The firm has so far invested EUR 32 million of the EUR 54-million, three-year investment programme announced last year.
KPMG has invested this in, among other things, further improvement of the quality of its primary services, processes and systems, as well as the organisation itself. In addition, the firm has made substantial investments in the digitalisation of auditing and advisory fields, such as Data & Analytics, Cyber Security and Asset Based Services. KPMG will continue this investment in the years ahead.
KPMG’s auditors and advisers in the Netherlands recorded total revenues of EUR 453 million in the year under review (including Tax EUR 608 million), stable in comparison to the previous year. As a result of the mandatory audit firm rotation, KPMG’s Audit revenues were fractionally lower, while Advisory managed to increase revenues by EUR 4 million. ‘In view of the substantial investments, in terms of both time and money, this was a satisfying result’, says Chairman of the Board of Management, Albert Röell. ‘Deal Advisory, Financial Services and digital services recorded particularly healthy growth.’
**Excluding compilation practice
Röell notes that the sector – and primarily KPMG – must continue to work on regaining public trust: ‘After several turbulent years, we can now look back modestly but with a certain sense of satisfaction at the development of KPMG. We are working hard behind the scenes. However, it will take time to reveal the visible results of our efforts. We are striving for an organisational culture in which public interest and the interests of our clients underpin each other in a balanced manner. Thanks to the sheer depth and breadth of its professional field, KPMG is in a position to identify technological and social developments at a very early stage and provide insights into these developments for the benefit of both our clients and society as a whole. This means we can make a positive contribution to discussions in the Netherlands.’
In the year ahead, KPMG plans to take the next step in the digitalisation of its auditing and advisory operations. And KPMG will continue to make considerable investments in the far-reaching digitalisation of its services and processes over the next three to five years. By doing so, KPMG is responding to the wishes of its clients and society as a whole. Röell: ‘We offer deeper insights on the basis of data analyses and strive towards the drastic reduction of human errors in existing processes and procedures. The use of various new technologies, including cognitive intelligence, will play an important role in this effort.’
In 2017 KPMG will celebrate its 100th anniversary in the Netherlands. Piet Klijnveld, the founder of the Dutch arm of the international KPMG network, started his accountancy firm on the Herengracht in Amsterdam on 17 March 1917. In its anniversary year, KPMG, together with its employees, clients and society as a whole, will reflect on the fulfillment of its role in society. The “K” of KPMG reminds us to this day of the Dutch roots of the international KPMG network, which is active worldwide with 189,000 people in 152 countries.
‘Our sights are set firmly on the future. At KPMG, we think about significant societal trends’, Röell explains. ‘We have trust in the digital future and the contribution digitalisation will make to our clients and society as a whole. In addition to this, we look beyond the purely financial or technological.’ Under the motto “True Value”, KPMG’s goal is to provide insight into the impact of commercial operations on non-financial aspects of business, such as intellectual, social and natural capital.