KPMG still bleeds revenues, but it has been a big beneficiary of the mandatory rotation of auditors

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KPMG SA's integrated annual report shows that the firm's revenues continued to decline in 2020. But it has gained hundreds of new clients, which could stabilise its fee revenues. Photo: Getty Images
KPMG SA's integrated annual report shows that the firm's revenues continued to decline in 2020. But it has gained hundreds of new clients, which could stabilise its fee revenues. Photo: Getty Images

KPMG SA's revenues continued on a downward slope in 2020. The firm's annual revenues have fallen by roughly R1 billion since it began publishing its voluntary integrated report in 2018 when it generated R2.7 billion.

Part of the declines stemmed from the client exodus the firm experienced in 2017 and 2018. But KPMG SA has also become more selective about who it accepts as a client to void another scandal.

By the time the firm started to voluntarily share what was going on financially and operationally through these reports, it had already lost a handful of big JSE-listed clients.

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