KPMG made much of the new spirit of openness which has prompted the firm not only to publish plc-style accounts, but also to call in rivals Grant Thornton to audit their figures. Senior UK partner Colin Sharman said: “We believe that public and political opinion is moving towards full disclosure by professional firms and that we are right to provide this information.”
Most FDs would be proud of the firm’s report and accounts, produced by the part-owned Summerhouse Communications.
But KPMG still hasn’t quite got the hang of this reporting lark. The press release accompanying the document waxed lyrical about fee income, but didn’t get round to mentioning profits. No doubt that is due to inexperience of this sort of thing, rather than fears that clients might react badly to the 35% increase revealed in the figures.