What kind of industry is kpmg

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Close Notice of updates! Since the last time you logged in our privacy statement has been updated. This effort proved so successful that the firm later went on to offer tailored services to companies in the insurance industry, the thrift field, and to mutual fund brokers. This configuration of the company remained in effect for the next three-quarters of a century. During this time, Peat Marwick grew steadily, becoming one of the 'Big Eight' major public accounting firms in the United States.

In the late s and early s, Peat Marwick's business and revenues began to grow dramatically, as did those of their competitors. This boom in demand for accounting services came as a result of increasingly complex tax laws, securities laws, and industry regulations.

Between and , for example, the Securities and Exchange Commission SEC added 16 new disclosure requirements for publicly held companies. With the ever-increasing mandated need for accounting services, Peat Marwick's revenues grew steadily as demand outstripped supply. In addition to the welter of new federal regulations, accounting industry standards became more exacting. The Accounting Principles Board and the Financial Accounting Standards Board issued a wide variety of directives to members of the industry in response to complaints that the accounting industry was not fulfilling its watchdog role in corporate America stringently enough.

Like the rest of its peers in the industry, Peat Marwick was defendant in several lawsuits charging it with failing to prevent or expose financial malfeasance. In the early s, the legal entanglements continued. In May , for example, the Raytheon Company sued the accounting firm over its audits of the Visual Electronics Corporation from to , charging that its work failed to show how bad the company's financial straits were. Nevertheless, by this time Peat Marwick had become the largest public accounting firm in the nation.

The company had grown by providing services to corporations and also by winning government contracts. In , for instance, it won a Department of Transportation contract to analyze the department's planning techniques.

In response to a general consensus that the financial industry was moving toward greater accountability, Peat Marwick took steps in to shore up the controls on its accounting practice. The firm was concerned that its recent bad publicity was causing local government units, highly sensitive to public opinion, to seek other firms for their auditing business. In taking this step, Peat Marwick became the first public accounting firm to inaugurate a peer review process.

The audit was scheduled to begin in June, in place of an earlier planned process that would have been conducted by the American Institute of Certified Public Accountants. Peat Marwick abandoned its plan for this review because it wished to make the results of the audit public. The report, which cost the company more than half a million dollars, was favorable in its account of the company's activities.

In April , the company revised its audit manual to include more use of internal auditors. In addition to its other big clients, the firm was engaged by the General Electric Company for an audit so broad in scope that it required employees in 38 different offices.

With this change, the company set up a multinational umbrella partnership of different firms in locations around the world. By doing this, Peat Marwick hoped to prepare itself for further globalization of the world economy and financial markets by combining a single firm image with well-respected and established local accounting organizations.

As Peat Marwick entered the s with this strong financial performance behind it, the company began to face a maturing market for its services and growing competition from the other Big Eight firms.

In addition, under pressure from the federal government, the accounting industry was forced to abandon its self-enforced prohibition on advertising. This resulted in a far more hotly contested market for accounting services.

Entering a new decade, Peat Marwick and the accounting business both appeared to be in solid positions. Business seemed to be increasing as well; workload figures rose by more than eight percent over About 80 percent of the firm's revenues were generated from auditing and accounting, about 14 percent was attributed to tax advice, and the remainder came from management consultancy services.

Peat Marwick earned more than half of its sales in North America. Among the firm's significant new clients were Vickers Ltd. Despite significant growth, competition in the accounting industry was heating up, and in Peat Marwick moved to counter rising competition by automating the audit process. Three years later, the company switched to the Apple Macintosh for all its future computer applications.

Also in , Peat Marwick purchased another accounting firm, W. With this move, the company added eight new partners to its worldwide tally of 1, You will not receive KPMG subscription messages until you agree to the new policy. Ignore and log out. Industries KPMG can provide an informed perspective on issues faced by the global business community. All Industries Minimize all industries. Financial Services. Frontiers in finance. Assessing the preparedness of 30 countries in the race for autonomous vehicles.

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