kpmg clients Archives - Big4 by the numbers

Top Audit Firms in India

by enthusiastAugust 15, 2021May 7, 2022Deloitte / EY / KPMG / PwC

In India, regulations do not permit foreign auditing firms to operate. Hence KPMG carries out audits in India under the name of BSR & Co, an auditing firm that it bought. BSR & Co was an auditing firm founded by B.S. Raut in Mumbai. Deloitte carries out audits in India under multiple names of C.C.Chokshi & Co, Fraser & Ross, PC Hansotia & Company and SB Billimoria & Company and Deloitte Haskins & Sells. Price Waterhouse is the Indian affiliate of PwC. EY carries out its Indian audit operations through the firm SR Batliboi & Associates.

Global Firm	Indian Affiliate
KPMG	BSR & Co.
Deloitte	Deloitte Haskins & Sells
PwC	Price Waterhouse
EY	SR Batliboi & Associates
GT	Walker Chandiok & Co.
BDO	MSKA & Associates

Price Waterhouse was banned in 2019 by Indian market regulator Securities Exchange Board of India (SEBI) for a period of 2 years from conducting any audits. This order was later set aside by the Appellate Tribunal. Based on looking at the top 100 companies of India by market cap, PwC only audits 6 companies. KPMG audits 23 of the top 100 companies either individually or as a joint auditor while EY audits 22 of them. Deloitte audits 17 of the 100 companies. Indian audit market is highly fragmented with local firms auditing some of the biggest listed companies. Also, a significant number of companies on the top 100 list is government owned where auditors are non-big4 firms appointed by the Comptroller and Auditor General of India.

Audit Firm	Total Audit fees (In INR Crores)	No. of Companies audited
Non big-4 or GT or BDO	258.23	28
KPMG	197.53	22
EY	221.39	21
Deloitte	132.67	17
PwC	66.27	6
GT	15.01	3
EY & KPMG	15.26	1
GT & PwC	9.91	1
BDO	4.63	1

The listing of top 100 Indian companies by their market capitalization, auditor, and audit fees is provided below:

#	Company	Audit Firm	Global Firm	Total Fee (Crores INR)
1	Reliance Industries	SRBC & Co. LLP and DTS Associates	EY	59.73
2	Tata Consultancy Services	BSR & Co. LLP	KPMG	14.67
3	HDFC Bank	MSKA & Associates	BDO	4.63
4	Infosys	Deloitte Haskins & Sells LLP	Deloitte	19.00
5	Hindustan Unilever	BSR & Co. LLP	KPMG	4.49
6	Housing Development Finance Corporation	BSR & Co. LLP	KPMG	9.02
7	ICICI Bank	Walker Chandiok & Co.	GT	11.29
8	State Bank of India	Khandelwal Jain & Co	Non-big4	0
9	Bajaj Finance	SRBC & Co.	EY	1.65
10	Kotak Mahindra Bank	Walker Chandiok & Co. and Price Waterhouse LLP	GT & PwC	9.91
11	Wipro	Deloitte Haskins & Sells LLP	Deloitte	14.00
12	Bharti Airtel	Deloitte Haskins & Sells LLP	Deloitte	57.80
13	Asian Paints	Deloitte Haskins & Sells LLP	Deloitte	3.65
14	ITC	SRBC & Co.	EY	7.66
15	HCL Technologies	BSR & Co. LLP	KPMG	22.00
16	Maruti Suzuki India	Deloitte Haskins & Sells LLP	Deloitte	2.90
17	Bharat Petroleum	CVK Associates & Borkar Mazumdar	Non-big4	0.96
18	DMart	SRBC & Co.	EY	1.35
19	Adani Green Energy	Dharmesh Parikh & Co.	Non-big4	1.65
20	Bajaj Finserv	SRBC & Co.	EY	3.86
21	UltraTech Cement	BSR & Co. LLP; Khimji Kunverji & Co.	KPMG	6.20
22	Axis Bank	Haribhakti & Co. LLP	Non-big4	5.97
23	Adani Enterprises	Shah Dhandharia & Co	Non-big4	0.60
24	Adani Transmission	Deloitte Haskins & Sells LLP	Deloitte	2.12
25	JSW Steel	SRBC & Co.	EY	22.56
26	Adani Ports & SEZ	Deloitte Haskins & Sells LLP	Deloitte	4.31
27	Nestlé India	BSR & Co. LLP	KPMG	1.30
28	Sun Pharmaceutical	SRBC & Co.	EY	15.72
29	Oil & Natural Gas	MKPS & Associates, G.M. Kapadia & Co., R. Gopal & Associates, Kalani & Co., SARC & Associates and R.G.N. Price & Co	Non-big4	4.70
30	Titan Company	BSR & Co. LLP	KPMG	2.84
31	Hindustan Zinc	SRBC & Co.	EY	2.01
32	HDFC Life	G.M. Kapadia & Co., & Price Waterhouse	PwC	1.14
33	Tata Steel	Price Waterhouse & Co.	PwC	53.31
34	Bajaj Auto	SRBC & Co.	EY	3.65
35	Tata Motors	BSR & Co. LLP	KPMG	79.72
36	Powergrid Corporation of India	T R Chadha & Co.;Umamaheswara Rao & Co.;B M Chatrath & Co. and P S D & Associates	Non-big4	1.21
37	Divis Laboratories	Price Waterhouse & Co.	PwC	0.63
38	NTPC Limited	S K Mehta & Co., New Delhi; S.N. Dhawan & Co. LLP, New Delhi; Varma & Varma, Hyderabad; Parakh & Co., Jaipur; M/s C K Prusty & Associates, Bhubaneshwar; M/s B C Jain & Co., Kanpur; and M/s V K Jindal & Co., Ranchi.	Non-big4	2.03
39	Indian Oil	V. Singhi & Associates, Kolkata; K. C. Mehta & Co., Mumbai; G. S. Mathur & Co., New Delhi; and Singhi & Co., Kolkata	Non-big4	4.02
40	Vedanta	SRBC & Co.	EY	29.00
41	Pidilite	Deloitte Haskins & Sells LLP	Deloitte	1.50
42	Bharat Petroleum	BSR & Co. LLP	KPMG	9.02
43	Shree Cement	Gupta & Dua	Non-big4	56.94
44	Mahindra & Mahindra	BSR & Co. LLP	KPMG	11.22
45	SBI Life Insurance	R. Devendra Kumar & Associates and S.C. Bapna & Associates,	Non-big4	0.74
46	Grasim Industries	SRBC & Co. and BSR & Co. LLP	EY & KPMG	15.26
47	SBI Card	S. Ramanand Aiyar & Co	Non-big4	0.49
48	Tech Mahindra	BSR & Co. LLP	KPMG	6.60
49	Dabur	Walker Chandiok & Co LLP	GT	0.98
50	Coal India	RAY & RAY	Non-big4	0.95
51	Dr. Reddy's	SRBC & Co.	EY	11.16
52	Hindalco Industries	Price Waterhouse & Co.	PwC	5.00
53	Godrej	BSR & Co. LLP	KPMG	0.89
54	Britannia Industries	BSR & Co. LLP	KPMG	1.67
55	ICICI Prulife	BSR & Co. LLP	KPMG	2.16
56	Motherson Sumi Systems	SRBC & Co.	EY	45.94
57	IndusInd Bank	Haribhakti & Co. LLP	Non-big4	2.36
58	Berger Paints	SRBC & Co.	EY	0.78
59	Cipla	Walker Chandiok & Co LLP	GT	2.75
60	Siemens India	BSR & Co. LLP	KPMG	3.00
61	Eicher Motors	SRBC & Co.	EY	3.63
62	DLF	SRBC & Co.	EY	2.38
63	GAIL	ASA & Associates LLP and A R & Co.	Non-big4	1.56
64	InterGlobe Aviation	SRBC & Co.	EY	4.02
65	Indus Towers	Deloitte Haskins & Sells LLP	Deloitte	1.32
66	Havells India	SRBC & Co.	EY	1.45
67	Ambuja Cements	Deloitte Haskins & Sells LLP	Deloitte	2.14
68	ICICI Lombard	Chaturvedi & Co and PKF Sridhar & Santhanam LLP	Non-big4	3.17
69	Cadila Healthcare	Deloitte Haskins & Sells LLP	Deloitte	1.38
70	UPL	BSR & Co. LLP	KPMG	9.99
71	Tata Consumer Products	Deloitte Haskins & Sells LLP	Deloitte	12.84
72	Marico	BSR & Co. LLP	KPMG	2.72
73	Hero MotoCorp	BSR & Co. LLP	KPMG	2.76
74	Muthoot Finance	Varma & Varma	Non-big4	0.77
75	Info Edge	SRBC & Co.	EY	1.26
76	National Mineral Development Corporation	Sagar & Associates	Non-big4	0.90
77	Aurobindo Pharma	BSR & Co. LLP	KPMG	2.60
78	Lupin Limited	BSR & Co. LLP	KPMG	1.09
79	Gland Pharma	SRBC & Co.	EY	1.01
80	Bandhan Bank	Deloitte Haskins & Sells LLP and M. M. Nissim & Co. LLP	Deloitte	1.62
81	Apollo Hospitals	Deloitte Haskins & Sells LLP	Deloitte	4.00
82	Torrent Pharmaceuticals	BSR & Co. LLP	KPMG	1.17
83	Cholamandalam Investment and Finance	SRBC & Co.	EY	1.19
84	Biocon	BSR & Co. LLP	KPMG	2.40
85	BOSCH India	Deloitte Haskins & Sells LLP	Deloitte	1.10
86	Colgate-Palmolive India	SRBC & Co.	EY	1.38
87	Punjab National Bank	S N Dhawan & Co. LLP; M K Aggarwal & Co.; A John Moris & Co.; S R Goyal & Co.; PSMG & Associates	Non-big4	85.97
88	Hindustan Petroleum	M.P. Chitale & Co. and R. Devendra Kumar & Associates	Non-big4	1.41
89	Piramal Group	Deloitte Haskins & Sells LLP	Deloitte	2.03
90	Container Corporation of India	S.N. Nanda & Co	Non-big4	0.05
91	United Spirits	Price Waterhouse & Co	PwC	5.15
92	Balkrishna Industries	N G Thakrar & Co.	Non-big4	0.46
93	Bank of Baroda	Dass Gupta & Associates; R Devendra Kumar & Associates; J Kala & Associates; Vyas & Vyas	Non-big4	74.10
94	IDBI Bank	K S Aiyar & Co and M P Chitale & Co.	Non-big4	3.25
95	Jubilant FoodWorks	Deloitte Haskins & Sells LLP	Deloitte	0.96
96	Procter & Gamble India	Kalyaniwalla & Mistry LLP	Non-big4	1.17
97	PI Industries	Price Waterhouse & Co	PwC	1.04
98	Jindal Steel & Power	Lodha & Co.	Non-big4	2.41
99	Gujarat Gas	S. R. Goyal & Co.	Non-big4	0.24
100	Adani Gas	Shah Dhandharia & Co.	Non-big4	0.14

Look into our other posts on big4 audit clients in USA, UK, and Australia. We are starting a new blogpost to collect the salary data to help all current and prospective employees of accounting firms. So if interested, update the form and results will be published soon.

Tagged : deloitte clients / ey clients / kpmg clients / pwc clients

Biggest Big4 clients in Europe (Part-2)

by enthusiastJune 13, 2021June 21, 2021Deloitte / EY / KPMG / PwC1 Comment

Don’t miss Part-1 of this blog. Continuing from there,

Germany: The breakdown of the 15 top companies in Germany is as follows:

Name	Auditor	Currency	Sum of Total Fees (Reporting Currency)	Total Fees (Millions USD)
Adidas	KPMG	Euro	2.50	3.03
Allianz	PwC	Euro	77.60	93.90
BASF	KPMG	Euro	20.80	25.17
Bayer	Deloitte	Euro	28.00	33.88
Daimler	KPMG	Euro	52.00	62.92
Deutsche Boerse	KPMG	Euro	7.70	9.32
Deutsche Post	PwC	Euro	11.00	13.31
Deutsche Telekom	PwC	Euro	17.00	20.57
Infineon Technologies	KPMG	Euro	4.02	4.87
Linde	PwC	USD	25.21	25.21
Muenchener Rueck	EY	Euro	12.41	15.02
SAP	KPMG	Euro	14.00	16.94
Siemens	EY	Euro	68.60	83.01
Volkswagen Pref	EY	Euro	53.00	64.13
Vonovia Se	KPMG	Euro	5.40	6.53
Grand Total			399.24	477.79

Switzerland: The breakdown of the 14 top companies in Switzerland is as follows:

Name	Auditor	Currency	Sum of Total Fees (Reporting Currency)	Total Fees (Millions USD)
ABB	KPMG	USD	44.10	44.10
Alcon	PwC	USD	10.60	10.60
Cie Financiere Richemont	PwC	Euro	12.20	14.76
Credit Suisse Grp	PwC	CHF	58.10	64.49
Givaudan	Deloitte	CHF	3.60	4.00
Holcim	Deloitte	CHF	12.60	13.99
Lonza	KPMG	CHF	13.27	14.73
Nestle	EY	CHF	45.00	49.95
Novartis	PwC	USD	23.50	23.50
Roche Hldg P	KPMG	CHF	23.70	26.31
Sika	EY	CHF	6.40	7.10
Swiss Reinsurance Company	PwC	USD	43.30	43.30
UBS Group	EY	USD	73.00	73.00
Zurich Insurance Group	PwC	USD	57.20	57.20
Grand Total			426.57	447.02

The summary for other European countries are provided below:

Name	Auditor	Currency	Sum of Total Fees (Reporting Currency)	Total Fees (Millions USD)
Belgium
Anheuser-Busch Inbev	PwC	USD	20	20
Total			20	20
Denmark
Dsv Panalpina	PwC	DKK	65	10
Novo Nordisk B	PwC	DKK	42	7
Orsted	PwC	DKK	24	4
Vestas Wind Systems	PwC	Euro	4	5
Total			135	26
Spain
Amadeus It Group	EY	Euro	3	4
Bco Santander	PwC	Euro	104	126
Iberdrola	KPMG	Euro	28	34
Industria De Diseno Textil Sa	EY	Euro	8	10
Total			143	173
Finland
Kone B	PwC	Euro	7	8
Nokia	Deloitte	Euro	25	30
Total			31	38
Ireland
CRH	Deloitte	USD	18	18
Total			18	18
Italy
Enel	KPMG	Euro	–	15
ENI	PwC	Euro	1	1
Intesa Sanpaolo	KPMG	Euro	20	24
Total			21	40
Netherlands
Adyen	PwC	Euro	1	1
Ahold Delhaize	PwC	Euro	8	10
ASML Hldg	KPMG	Euro	3	4
ING Grp	KPMG	Euro	26	31
Koninklijke Dsm	KPMG	Euro	6	7
Philips	EY	Euro	17	20
Prosus	PwC	USD	8	8
Total			69	82
Russia
Gazprom	OOO FBK	Rubles	20	0
Lukoil	KPMG	Rubles	257	4
Novatek	PwC	Rubles	48	1
Sberbank	PwC	Rubles	109	2
Total			434	6
Sweden
Atlas Copco A	EY	SEK	90	11
Ericsson Lm B	Deloitte	SEK	114	14
Investor B	Deloitte	SEK	50	6
Volvo B	Deloitte	SEK	124	15
Total			378	45

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Tagged : deloitte clients / ey clients / kpmg clients / pwc clients

Big4 Auditors in Australia

by enthusiastMay 28, 2021September 18, 2021Deloitte / EY / KPMG / PwC

Focusing our attention to Australia after looking into the S&P 500 US auditors and FTSE 350 UK auditors in our previous posts.

Audit market share

ASX200 Index has the 200 largest companies in Australia by float adjusted market capitalization. We’ll now look at these 200 Companies to identify their auditors. EY leads with 60 audit clients followed by PwC with 57 clients. KPMG comes in third with 41 clients and Deloitte with 29 clients. Non big-4 firms collectively audit 11 companies.

Audit market share by sectors

Next looking at the break-down of the 200 companies by the various sectors and their auditors. All big-4 firms have share in all sectors except for utilities where Deloitte audits 3 of the 4 clients.

Big4 revenues

The revenues of the big4 audit firms across five years are provided below. PwC leads in total revenues followed by Deloitte, EY, and KPMG. PwC revenues for 2020 was AUD 2.6 billion while KPMG revenues for 2020 was AUD 1.9 billion. A difference of AUD 700 million between the top and last ranked firm.

Audit revenues of big4 firms

Looking at just the audit revenues for the big4 firms for FY20, PwC brings in audit fees of AUD 475 million, followed by EY with AUD 417 million, KPMG with AUD 363 million and Deloitte with AUD 305 million.

Audit Revenue (AUD millions)	PwC	EY	KPMG	Deloitte
2020	475	417	363	305
2019	443	390	356	288
Growth	7%	7%	2%	6%

ASIC Inspection firms

Looking into the Audit Inspection reports by ASIC (Australian Securities & Investments Commission) for FY20, EY has the least number of findings among the big4 firms. Only 14% of the areas reviewed for EY had findings while 35% of the areas reviewed for Deloitte had findings. Based on review of 55 financial reports of listed and public interest entities audited by EY, only 2 entities made material changes to their financial statements. The findings for other big4 firms are summarized in the table below.

Audit Firms	Deloitte	KPMG	PwC	EY
Key audit areas reviewed	26	39	35	35
Findings identified	9	10	8	5
2020 (%)	35%	26%	12%	14%

2019 (%)	32%	33%	18%	22%

Financial reports reviewed	45	47	36	55
Material changes based on inquiries	4	1	2	1
(%)	9%	2%	6%	2%

The link to the reports for Deloitte, KPMG, EY, and PwC is provided in this link.

Look into our blog posts for additional information on the audit clients for the big4 firms:

Deloitte Australia clients

KPMG Australia clients

EY Australia clients

PwC Australia clients

Subscribe this blog and stay updated on the latest happenings in the big4 audit space. If there is any specific items you want us to look into, please drop in a comment.

Do read into the other published blogs.

Tagged : ASX 200 / deloitte clients / ey clients / kpmg clients / pwc clients

KPMG PCAOB Inspection Report

by enthusiastFebruary 6, 2021July 6, 2021KPMG

PCAOB released its 2019 inspection report for KPMG. Of the 58 audits reviewed, Part I.A deficiencies were identified in 17 of them (a deficiency rate of 29%). For 2018 and 2017, KPMG’s deficiency rate were 37% and 50% respectively. A lot of improvement here!! KPMG’s deficiency rate for 2019 appears to be slightly lower than PwC (30%).

Year	2019	2018	2017
Total audits reviewed	58	52	52
Audits with Part I.A deficiencies	17	19	26
Deficiency rate %	29%	37%	50%

Part I.A deficiencies

Part I.A deficiencies break-down

Year	2019	2018	2017
Both financial statement and ICFR audits	16	14	18
Financial statement only	0	1	2
ICFR audit only	1	4	6
	17	19	26

Deficiencies in financial statement audit include failure to perform sufficient testing related to an account, failure to obtain sufficient evidence due to overreliance on controls, and failure to evaluate data and assumptions in developing an estimate. Deficiencies in ICFR audit include nonidentification of controls related to significant account, nontesting of design and operating effectiveness of controls, and failure to test the accuracy and completeness of data used in controls. One area of improvement noticed for KPMG is that there is lower deficiencies related to accuracy and completeness of data used in the operation of controls.

Following are the audit areas with frequent Part I.A deficiencies. These are also some of the audit areas most frequently reviewed.

Year	2019	2018	2017
Revenue and related accounts	9	10	11
Derivatives	2	1	3
Allowance for loan losses	2	2	5
Investment securities	2	0	3
Inventory	2	3	5
Business Combinations	3	3	1
Loans and related accounts	0	1	5

Improvements noted in auditing Inventory and Loans and related accounts.

Looking at the break-up by Industry sector, 13 audits were reviewed from the Financial services sector with deficiencies identified in 4 of them (31%!). Most of audits reviewed were within the $500 million to $1 billion revenue range (12 of them). 1 issuer with revenues exceeding $50 billion were reviewed with no deficiency identified in it.

Part I.B deficiencies

Following Part I.B deficiencies were identified:

Non-compliance	Reviewed	Deficiency
AS 1301, Communications with Audit Committees	19	3
AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion	3	1
PCAOB Rule 3211, Auditor Reporting of Certain Audit Participants.	20	2
PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services	10	1

Looking at KPMG actions to these deficiencies, we note, “In connection with our 2019 inspection procedures for one audit, the issuer restated its financial statements and the firm revised and reissued its report on the financial statements. In connection with our 2019 inspection procedures for this audit and for one additional audit, the issuers revised their reports on ICFR and the firm modified its opinions on the effectiveness of the issuers’ ICFR to express adverse opinions and reissued its reports. In addition, in connection with our 2019 inspection procedures for one audit, the issuer disclosed in a subsequent filing that a material weakness existed as of the date covered by the firm’s audit that was subject to our review“

So for 3 issuers, KPMG has to make revisions to its initial reports. Overall, a pretty decent year for KPMG with a continuing decline in deficiency rate.

Tagged : kpmg clients / PCAOB inspection

Q4 Big4 Auditor Changes

by enthusiastJanuary 1, 2021Auditor changes

Summarizing all the auditor changes in Q4’2020, EY made the biggest gain with 9 new clients while losing only one client. Deloitte, KPMG, and PwC gained 7,5, and 3 clients respectively. KPMG lost 5 clients in Q4’20 followed by PwC which lost 4 clients.

Here is the list of changes in detail:

Company	Old Auditor	New Auditor
Comstock Mining Inc.	Deloitte	DeCoria Maichel
Eagle Pharmaceuticals	BDO	EY
Adicet Bio Inc	PwC	KPMG
Fubo TV Inc	Soldinger	KPMG
Strattec Security Corporation	Deloitte	Crowe
Velodyne idar	Withum	KPMG
Multiplan Corp	Marcum	PwC
Lordstown Motors Corp	Withum	KPMG
Paya Holdings Inc	Withum	EY
Wellbit Inc	PwC	GT
PGT Innovations, Inc.	KPMG	EY
Shift Technologies Inc.	GT	Deloitte
BioCardia, Inc.	KPMG	PKF LLP
Enerpac Tool Group	PwC	EY
MedAvail Holdings, Inc.	Withum	PwC
American Equity Inv. Life	KPMG	EY
CIM Commercial Trust Corp	BDO	Deloitte
Viatris Inc	KPMG	Deloitte
SOC Telemed, Inc.	Marcum	PwC
Rexahn Pharmaceuticals	BakerTilly	EY
Fisker Inc	Withum	Deloitte
MP Materials Corp	Withum	KPMG
Morgan Group Holding Co	Deloitte	RSM
Regis Corp	PwC	GT
Luminar Technologies	KPMG	Deloitte
QuantumScape Corp	Marcum	EY
Desktop Metal Inc	Marcum	Deloitte
OpenDoor Technologies	Marcum	Deloitte
Skills Inc	Withum	EY
Porch Group	Withum	EY
Software Acquisition Group Inc.	EY	Marcum

Q4 2020 Auditor changes

Tagged : auditor carousel / ey clients / kpmg clients / pwc clients

KPMG UK Audit clients

by enthusiastJanuary 1, 2021May 7, 2022KPMG1 Comment

Home » kpmg clients

KPMG Fee Income

KPMG UK revenues for FY20 was 2.3 billion pounds. Revenue was lower by 4% when compared with FY19. FY19 fee income was 2.4 billion pounds. See below for a breakout of KPMG fee incomes over the past five years. Fee income grew on an average of 3% over the past five years.

Looking at the break-down of fee income among audit clients and non-audit clients we notice that direct audit fees has increased on an average by 6% while non-audit services to audit clients has decreased on an average by 11%. Advisory income has increased on an average by 5% for 5 years. The table below shows the break-down in millions pounds. There is a consistent trend among all big4 firms where non-audit services to audit clients are decreasing.

KPMG Quality Reports

KPMG’s UK 2020 Transparency Report mentions that of the FTSE 350 audits, 58% of the audits have been graded as good or limited improvement needed while 42% were graded as improvement needed.

The Financial Reporting Council (FRC) published its latest inspection reports on KPMG in July 2020. Of the 18 audits reviewed, 11 (61%) were graded as good or requiring limited improvements. 7 (39%) were graded as improvements needed. Of the 12 FTSE 350 clients reviewed, 7 (58%) were graded as good or limited improvement while 5 (42%) were graded as improvements needed. In regards to the FTSE 350 audits reviewed, FY20 results reflects a significant decline from the 80% good or limited improvement rating received in FY19. The graph below summarizes the results FRC inspections for all audits and FTSE 350 audit clients.

KPMG FTSE 350 Clients

KPMG audits 88 of the FTSE 350 companies bringing in a total revenue of 347 million pounds. KPMG brings in the largest revenue among all big4 companies. Barclays is the biggest audit client of KPMG which brings in revenue of 56 million pounds, i.e. 16% of the total FTSE 350 audit fees. British American Tobacco is the next biggest audit client which brings in 25 million pounds. The top 5 audit clients collectively bring in 41% of the total revenue. All 88 KPMG clients and their audit fee is included in the below graphic.

The top 25 clients of KPMG in this market are:

Company	Auditor	Total ('000) GBP
Barclays plc	KPMG	56,000
British American Tobacco plc	KPMG	25,200
Prudential plc	KPMG	22,943
Standard Chartered plc	KPMG	20,150
BT Group plc	KPMG	19,752
Micro Focus International plc	KPMG	15,396
Reckitt Benckiser Group Plc	KPMG	14,500
Unilever plc	KPMG	14,392
BHP Group Plc	KPMG	10,964
M&G plc	KPMG	9,600
Legal & General Group plc	KPMG	9,500
Smurfit Kappa Group Plc	KPMG	8,800
Standard Life Aberdeen Plc	KPMG	8,100
RSA Insurance Group	KPMG	6,900
Smiths Group Plc	KPMG	6,400
Compass Group plc	KPMG	6,300
Capita plc	KPMG	6,100
Wood Group (John) Plc	KPMG	5,434
Smith & Nephew plc	KPMG	5,132
Quilter Plc	KPMG	5,000
Experian Plc	KPMG	4,302
IWG plc	KPMG	3,600
Balfour Beatty plc	KPMG	3,300
Royal Mail PLC	KPMG	3,147
DCC plc	KPMG	3,016

Post a comment on any other metric you would like to know about EY UK or if you need this dataset. Look into our other blog posts on PwC, KPMG, and Deloitte UK. We are starting a new blogpost to collect the salary data to help all current and prospective employees of accounting firms. So if interested, update the form and results will be published soon.

Do read our other blog posts.

Tagged : ftse 350 audit clients / kpmg clients / KPMG london / KPMG uk clients

Who are KPMG’s largest clients?

by enthusiastSeptember 11, 2020May 7, 2022KPMG

The most frequently searched question for all Big4s are who are their largest audit clients. In the previous blog we looked into how KPMG stacks in regard to audit clients versus the total S&P 500 Companies. Below is a scatterplot showing the audit fee distribution of KPMG clients in the US.

Here is the list of top 25 clients of KPMG in terms of total fees in millions. The financials and industrial sectors are the major contributors in terms of fees for KPMG. Citigroup is KPMG’s biggest audit client generating a fee revenue of $97 million. GE, Wells Fargo, and BNY Mellon occupies the second, third, and fourth place respectively. These 25 clients together contribute $676 million in audit fees for KPMG. KPMG’s total global audit revenues for FY20 was $11 billion.

Security	GICS Sector	Audit Fees	Audit Related Fees	Tax Fees	Other Fees	Total
Citigroup Inc.	Financials	67	21	9	0	97
General Electric	Industrials	61	14	4	0	79
Wells Fargo	Financials	46	4	7	0	57
The Bank of New York Mellon	Financials	21	23	2	0	47
Pfizer Inc.	Health Care	41	1	5	0	47
General Dynamics	Industrials	25	2	2	0	29
Baker Hughes Co	Energy	27	0	0	0	28
PepsiCo Inc.	Consumer Staples	24	1	0	0	26
Omnicom Group	Communication Services	23	0	0	0	24
Accenture plc	Information Technology	20	1	1	0	23
Emerson Electric Company	Industrials	20	2	1	0	23
FMC Corporation	Materials	16	1	1	1	19
CBRE Group	Real Estate	13	3	2	0	18
CenturyLink Inc	Communication Services	18	0	0	0	18
Occidental Petroleum	Energy	16	0	0	0	16
Western Digital	Information Technology	10	0	5	0	16
Fidelity National Information Services	Information Technology	13	0	1	0	14
Centene Corporation	Health Care	12	1	0	0	13
Estée Lauder Companies	Consumer Staples	11	0	2	0	13
Halliburton Co.	Energy	12	0	0	0	12
Visa Inc.	Information Technology	10	2	1	0	12
SVB Financial	Financials	11	1	1	0	12
Zoetis	Health Care	10	0	1	0	11
NortonLifeLock	Information Technology	11	0	0	0	11
General Mills	Consumer Staples	8	1	2	0	11

Do read our posts on KPMG’s audit clients across the various US States and their corresponding Audit Fees. Subscribe to our posts for information on Big4 firms. If there is some data point that you would like us to analyze, just drop in a comment. We are starting a new blogpost to collect the salary data to help all current and prospective employees of accounting firms. So if interested, update the form and results will be published soon.

Tagged : kpmg atlanta / kpmg boston / kpmg chicago / kpmg clients / kpmg new york

9/11/20 – Auditor changes

by enthusiastSeptember 11, 2020Uncategorized

One major change this week. KPMG lost the audit of Extreme Networks Inc. which bought in $3.6 million in audit fees previous year. Big win for EY!!

Company	Old Auditor	New Auditor	Total Fee Previous Auditor (‘000) $
ZZLL Information Technology	LKC	WWC	–
Wytec International Inc.	Malone Bailey	Prager Metis	–
Mid Penn Bancorp Inc.	BDO	RSM	–
BOQI International Medical	HHC	Audit Alliance	–
Extreme Networks Inc.	KPMG	EY	3,680

Auditor changes

Tagged : auditor carousel / auditor changes in september / ey clients / kpmg clients

KPMG audit clients

by enthusiastAugust 29, 2020June 27, 2021KPMG

KPMG is one of the biggest audit firms in the world. They operate through a network of firms across the world. The key audit topic areas of KPMG based on their website are (1) Environmental, Social and Governance (2) SPAC IPO readiness for Controllers and CFOs (3) Industrial Manufacturing and AI and (4) Climate risk for the technology industry.

KPMG audits 84 of the 500 companies in S&P 500. KPMG’s biggest market share is within the Real Estate, Communications, and Energy sector. The biggest clients of KPMG in these sectors are CBRE Group, Omnicom Group, and Baker Hughes. In dollar terms, biggest fees is from Citigroup which pays $97.4 million followed by GE which pays $79.1 million. Big loss for KPMG in 2021 when GE switches to Deloitte. In total, the S&P 500 clients brings in ~$1 billion in fees.

The below chart shows KPMG’s share of major US audit clients spread across the different Industry sectors:

GICS Sector	KPMG # clients	Total Industry (#)	%	KPMG fees ($ M)	Total Industry ($ M)	%
Financials	14	66	21%	287.40	1438.89	20%
Health Care	7	61	11%	92.43	848.32	11%
Information Technology	13	71	18%	114.27	841.72	14%
Industrials	8	69	12%	145.38	876.49	17%
Materials	5	28	18%	40.98	393.82	10%
Consumer Discretionary	8	62	13%	43.01	568.64	8%
Communication Services	5	22	23%	60.59	471.79	13%
Energy	6	26	23%	72.31	297.39	24%
Consumer Staples	7	33	21%	76.48	425.49	18%
Utilities	1	28	4%	10.91	263.4	4%
Real Estate	10	31	32%	50.44	141.17	36%

Tagged : kpmg atlanta / kpmg boston / kpmg clients / kpmg new york

Big4 by the numbers

Tag: kpmg clients