Company Background Of The Company

1525 Words Jul 26th, 2015 7 Pages
KPMG Company Background
In 2012 the firm purchased the ONESOURCE Indirect Tax Managed Services business of Thomson Reuters to further enhance its indirect tax compliance services. It made two acquisitions in 2011, as well. KPMG L.L.P. bought Optimum Solutions, which provides management consulting and implementation services to companies that use Oracle enterprise software. The move has enabled it to serve clients with ERP and HR transformation needs. To boost capacity, the company and its UK affiliate teamed up in 2011 to buy outsourcing advisory firm EquaTerra, adding another revenue stream. The acquisition follows KPMG L.L.P. 's 2010 purchase of the supply chain advisory services unit of second-tier accountancy Grant Thornton.
KPMG has been able to rebound from some past legal troubles. The drawn-out drama began in 2005 when the firm admitted to unlawful conduct in an investigation by the Department of Justice. Former partners of the firm created abusive tax shelters for more than 600 wealthy customers between 1996 and 2002; the unpaid taxes cost the Treasury more than $100 million. KPMG avoided criminal prosecution by agreeing to pay $456 million in fines, restitution, and penalties. (A criminal indictment led to the collapse of KPMG 's former rival Arthur Andersen.) A federal jury found three ex-KPMG employees guilty in the tax-shelter trial in 2008 (a fourth defendant was acquitted). Those former managers were ordered to pay nearly $10 million in fines and received…
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