The KPMG network was formed in 1987 when Peat Marwick International and Klynveld Main Goerdeler merged along with their respective member firms.
The KPMG network was formed in 1987.
KPMG was formed in 1987 with the merger of Peat Marwick International (PMI) and Klynveld Main Goerdeler (KMG) and their individual member firms. With a rich history, spanning three centuries, the organization's background can be traced through the names of its principal founding members - whose initials form the name KPMG.
K stands for Klynveld. Piet Klynveld founded the accounting firm Klynveld Kraayenhof & Co. in Amsterdam in 1917.
P is for Peat. William Barclay Peat founded the accounting firm William Barclay Peat & Co. in London in 1870.
M stands for Marwick. James Marwick founded the accounting firm Marwick, Mitchell & Co. with Roger Mitchell in New York City in 1897.
G is for Goerdeler. Dr. Reinhard Goerdeler was for many years chairman of Deutsche Treuhand-Gesellschaft and later chairman of KPMG. He is credited with laying much of the groundwork for the KMG merger.
In 1911, William Barclay Peat & Co. and Marwick Mitchell & Co. joined forces to form what would later be known as Peat Marwick International (PMI), a worldwide network of accounting and consulting firms.
In 1979, Klynveld joined forces with Deutsche Treuhand-Gesellschaft and the international professional services firm McLintock Main Lafrentz to form Klynveld Main Goerdeler (KMG).
In 1987, PMI and KMG and their member firms joined forces. Today, all member firms throughout the world carry the KPMG name exclusively or include it in their national firm names.
The presence of KPMG China can be traced back to 1945. When Hong Kong was occupied in December 1941, the head office of the Hongkong and Shanghai Bank was transferred to London. Peat Marwick Mitchell & Co of London, one of the banks' auditors was asked to assist in preparing the bank's accounts. After the war, by which time Peat Marwick Mitchell & Co was co-auditor, the bank's head office returned to Hong Kong. In order to maintain staff continuity on the audit and at the request of the bank's Chief Manager (Sir Arthur Morse), Peat Marwick Mitchell & Co established a presence in Hong Kong.
In 1945, the Hong Kong partnership of Peat Marwick Mitchell & Co was established.
In 1983, our first office in Mainland China was established.
In 1987, following the worldwide merger of Peat Marwick Mitchell & Co and Klynveld Main Goerdeler, the firm became KPMG Peat Marwick.
In 1992, the firm was granted a foreign joint venture licence in China and KPMG was the first international accounting organisation granted such a licence.
In 1998, the Hong Kong member firm changed its name to KPMG.