KPMG International has announced record-high combined revenues of US$23.03bn (£14.3bn) for the fiscal year ending 30 September 2012.
This represents a 4.4% increase over the previous year in local currency terms.
Adjusted to US dollars, the global firm's revenues increased by 1.4%, reflecting the relative strength of the US dollar.
The firm recorded increased revenues across all functions with particularly strong growth generated in financial services, industrial markets and infrastructure, government and healthcare. Advisory revenues grew by 8.3%, to $7.86bn; tax revenues grew by 6.3%, to $4.86bn; and audit revenues grew by 0.9%, to $10.31bn.
Michael Andrew, chairman of KPMG International, described 2012 as a year of two distinct halves - with growth strongest at 6.4% in the first six months of the year and relatively weaker growth of 2.1% in the six months to September.
'The growth in advisory and tax underlines the strength of client demand for professional services. On the audit side, the market has never been more competitive and we are focused on continuing to improve audit quality, as evidenced by our significant investments in our global audit platform that surpassed $50m, in addition to the $100m invested over the past several years. KPMG member firms are also actively engaged with their regulators around the world in constructive dialogue, with the goal of continuing to improve audit quality,' said Andrew.
At a regional level, the Americas delivered strong growth for the year, with revenues rising by 7%. The Europe, Middle East and Africa region reported increased revenues of 4% across the region, despite the ongoing economic uncertainty caused by the Eurozone crisis. The Asia Pacific region reported revenue growth of 1.1%, reflecting subdued growth in North Asia.
The firm's investment in rapidly growing economies was reflected by annual growth of 20% or more at KPMG firms in Argentina, Brazil, Chile, India and Turkey. Revenue growth was also strong in Africa and Indonesia, rising by more than 10% in each area over the last fiscal year.
The firm said that the decision to convert its Chinese member firm from a joint venture to a special general partnership was also a bold step and expects this will enable KPMG's Chinese firm to continue to contribute to the development of the Chinese accounting profession.
'I am proud that our Chinese member firm has grown from 30 employees only 20 years ago to 9,000 partners and staff today, with significant potential for future growth. Opening a new KPMG office in Myanmar last month was a sign of our commitment to helping to rebuild that country's economy, and to playing a leading role in the economic development of the region,' said Andrew.
KPMG also established member firms in Iraq and Mongolia during the course of the year.
Over the course of the year, KPMG increased its global workforce by over 5%, to more than 152,000 partners and staff, the highest number of individuals ever employed across the network. More than 450 new partners were appointed over the year, bringing the number of partners across the network to more than 8,600.
KPMG recruited more than 18,000 graduates last year and plans to recruit a further 60,000 graduates over the next three years, marking the highest planned recruitment levels in KPMG's history.
