KNOWLEDGE MANAGEMENT

CASE STUDY:








Ghighilan Alexandru
Burciu Andrei




Bucharest, 2014


THE BUCHAREST UNIVERSITY OF ECONOMIC STUDIES
FACULTY OF BUSINESS ADMINISTRATION IN FOREIGN
LANGUAGES
____________________________________________________________________________________________

2





Table of Contents


Introduction ................................................................................................................
3
1. General description of the company ....................................................................
3
1.1. History ...........................................................................................................3
1.2. About KPMG ................................................................................................ 4
1.3. Strategic groups .............................................................................................5
2. Organizational goals, values and performance ....................................................6
2.1. Goals ..............................................................................................................6
2.2. Values & culture ............................................................................................7
2.3. Performance ...................................................................................................9
3. Industry analysis ..................................................................................................9
4. Analysis of the strategic capability within the company ...................................12
4.1. SWOT Analysis ...........................................................................................13
5. Organizational structure and management system analysis ..............................13
6. Nature and source of competitive advantage of the company ...........................15
7. Description and implementation of the strategy of the company ......................16
Conclusion ...............................................................................................................17
References ................................................................................................................18


3

Introduction

Due to the rapid evolution of the world economy which dynamically changes every day
and due to the trade flows, is created huge number of great opportunities for the companies. Many
businesses aim to leverage a competitive advantage by their technologies, skills of the employees,
production capabilities and financial strength of high growth markets, to create truly global
business.
KPMG International Cooperative, the fourth largest accounting firm in the world by
revenue, along with Deloitte, Ernst & Young (EY) and PricewaterhouseCoopers (PwC) makes the
Big Four Auditors, which have created oligopoly in auditing large companies.
KPMGs service lines are divided into audit, tax, and advisory, with industry-specific
focus in each. They operate in 152 countries and have 145,000 people working in member firms
around the world. The independent member firms of the KPMG network are affiliated with
KPMG International Cooperative (KPMG International), a Swiss entity. Each KPMG firm is a
legally distinct and separate entity and describes itself as such. Through their worldwide network
they are able to offer their clients the benefits of a wide pool of skills and experience, while also
utilizing an in-depth understanding of each national market. As a professional services firm, they
provide comprehensive, tailored and industry-specific services to meet clients' needs, whether
they are multinational or local. KPMG was one of the first professional services firms to align its
services along industry lines and still focuses on delivering high-quality, coordinated services to
organizations in the key lines of business: Financial Services; Industrial and Consumer Markets;
Information, Communications & Entertainment; Infrastructure, Government & Healthcare.
With a worldwide presence, KPMG continues to build on their member firms' successes
thanks to clear vision, rigorously maintained values and, above all, its people. Their challenge is
to continue harnessing the talents and expertise of their people and to bring those together,
efficiently and effectively, to serve their global and national market clients in better ways. The
following pages describe who they are, what they do and how they do it. (KPMG Global
Frontiers)
4







1. General description of the company

1.1. History
First of all, I should start by deciphering the KPMG's initials, which stand for the
founding fathers of the organization, Piet Klynveld, William Barclay Peat, James Marwick and
Reinhard Goerdeler. The modern network of member firms was born in 1987, following a series
of expansions and mergers, with the unification of accounting firms PMI (Peat Marwick
International) and KMG (Klynveld Main Goerdeler). It has the origins in Switzerland and now it
has a global network comprising 152 countries and 145,000 staff worldwide.
In Romania, KPMG appeared in 1994 as an independent member firm of the KPMG
International Cooperative due to the demand of the local market. Later on, in 1999, they opened a
second office in Timisoara. They have about 650 staff and provide a wide range of Audit, Tax
and Advisory services created to assist companies doing business in Romania. They became one
of the leading providers of professional services in the financial industry and their high standards
and performances are highly recognized. At the moment, they work from the headquarters in
Bucharest as well as in other five cities: Iasi, Constanta, Timisoara, Cluj-Napoca and Chisinau.
As the business world changes in response to the new economic challenges, so does
KPMG, and they strive to keep their commitment to provide consistently high quality services.
(KPMG Romania)









5

1.2. About KPMG
KPMG is a global professional provider of
Audit, Tax and Advisory services and industry
insight to help organizations evaluate risks and
perform in the dynamic and challenging
environments in which they do business every
day. They assist firms and organizations in
meeting their compliance requirements and help
them to develop and take advantage of the
opportunities, adding value to their clients
business. They have specialized staff with many
different skills and backgrounds, and they are flexible - they adapt their services and develop new
ones to meet the needs of clients as market conditions change. Collectively they employ more
than 145,000 people across a wide range of disciplines.
KPMG in Romania now employs more than 600 people, including both local and
expatriate staff, who combine detailed experience of the Romanian market with international
know-how. The keys to their success are the quality and capabilities of their people, which are
developed through ongoing training in a broad range of skills at all levels of the firm.
The firm's clients include business corporations, governments and public sector agencies
as well as not-profit organizations. They look to KPMG for a consistent standard of service based
on high order professional capabilities, industry insight and local knowledge.
KPMG tries to create sustainable, long-term economic growth, not just for their company
and clients, but for the society they work in. They seek to be good corporate citizens, making a
real difference to the communities in which they operate. (KPMG Romania)
1.3. Strategic groups
Despite the fact that it is globally known and provides professional quality services,
KPMG is a part of the Big Four Auditors group. As the press has written The Big Four (also
written Big 4) public accounting firms (audit firms) dominate the sector and are major developers
of talent within the financial services industry. Despite their size, they are organized as
partnerships rather than as corporations. (Kolakowski, 2012)
The same Kolakowski is saying in the Financial Careers Guide that The Big Four are
orders of magnitude larger than the next biggest competitors, in terms of employees, revenues,
and numbers of Fortune 500 clients. They are the result of consolidation in the public accounting
sector.


6

The strategic group that makes the Big Four includes:
Deloitte Touche Tohmatsu
Ernst & Young
PricewaterhouseCoopers
KPMG
Making a Big 4 performance analysis, 2009 and 2010 were tough years for the accounting
firms named above, with performance largely affected by the global economic crisis. 2009
combined revenue fell by 7% from 2008, but stabilized in 2010 as revenue increased 1.4% to $95
billion from $94 billion in 2009. Results for the previous year, 2011, have been extraordinarily
optimistic, with all service lines and geographies recording terrific growth from 2010, lifted by
emerging countries, improvements in equity markets, and return to global economic growth and
executive optimism. Combined 2011 revenue for the four firms rose to historic high levels of
$103 billion, up 9% from 2010, and surpassing the previous record of $101 billion set in 2008.
(Big4.com, 2012)
Ernst & Young revenues grew the slowest at 7.6%, Deloitte at 8.4%, PwC increased
10.0% and KPMG grew the fastest at 10.1%. PwC grew faster than Deloitte and posted 2011
revenues of $29.2 million, $400 million more than Deloitte, thus reestablishing its leadership
position as the largest accounting firm in the world. (Big4.com, 2012)
The Big Four firms cumulatively employ more than 650,000 staff globally, with a total of
35,000 partners overseeing a steep pyramid of about 490,000 professionals. Net employment
increased by 36,000 from 2010 to 2011. (Big4.com, 2012)









Source: Big4.com, 2012
7

2. Organizational goals, values and performance

The mission of KPMG or the answer to the question Who we are and what we do? is
Cutting through complexity which is also part of the logo of the company. In other words, their
mission is to be the global network of professional services firms whose aim is to turn
understanding of information, industries and business trends into value. (KPMG Facts and
Figures)
The vision statement answers to the question Where we are going? KPMG's vision is
to be the leader in the markets the organization chooses to serve and to be recognized as
outstanding professionals by working to achieve the highest standards of integrity and service.
(World Economic Forum)
2.1. Goals
KPMGs primary goal is maintaining and enhancing the quality of the professional
workforce. Wherever they operate they want to be no less than the professional employer of
choice. (KPMG UK)
Besides this, there are a number of goals set for the near period or future regarding their clients,
level of expertise, organization, partners and people and communities.
Therefore, in addition to their continuing core activity of growing their global accounts
over the next three years they will focus on six priority growth sectors and 42 global accounts
within those sectors. Furthermore, they will increase their client portfolio in two high-growth
markets Turkey and Gulf Holdings. Another goal is to ensure their clients access to the very
best expertise regardless of geography. The third goal is to develop a fully integrated and
consolidated organization, by improving both the quality and efficiency of their services.
Attracting, developing and retaining the best peoplethus ensuring we are the market-leading
professionals is another goal of KPMG for the future. They strive to embed the partner career
paths as part of their core activities and ensure client satisfaction success. Last but not least
KPMG has integrated in their values a Corporate Social Responsibility program, defining the
way they do business.
Their people embrace KPMGs values. These values determine how they interact with
clients, with each other and with the world around them. They define what they stand for and how
they do things.




8

2.2. Values & culture
At the core of KPMG's vibrant culture is a set of values that bring out the best in their
people. Their network of member firms in 152 countries worldwide share the same values. What
are they and why do they work? Their reputation is created by the way the people within their
member firms act with clients, colleagues and their communities. (KPMG Romania)
Commitment to our communities is at the heart of KPMGs values as they describe themselves
ok the KPMG official site. (KPMG UK)
Values
As Serban Toader, Senior Partner at KPMG in Romania, said: professional excellence
and commitment to clients is one of KPMGs core values. (Romanian Business News, 2010,
Doingbusiness.ro, 2011) Their values create a sense of shared identity within the KPMG
organization. They define what they stand for and how they develop their actions. Their values
help them to work together in the most effective and fulfilling way.
Their values are at the heart of their Global Code of Conduct, which defines the standards
of ethical conduct they require from people in KPMG member firms worldwide. Some of them
can be seen below:
We lead by example, meaning that at all levels they act in a way that exemplifies what they expect
of each other and our firms clients.
We work together. They bring out the best in each other and create strong and successful working
relationships.
We respect the individual. They respect people for who they are and for their knowledge, skills
and experience as individuals and team members.
We seek the facts and provide insight. By challenging assumptions and pursuing facts, they
strengthen their reputation as trusted and objective business advisers.
We are open and honest in our communication. They share information, insight and advice
frequently and constructively, managing tough situations with courage and hard working.
We are committed to our communities. They act as responsible corporate citizens by broadening
their skills, experience and perspectives through work in their communities.
Above all, we act with integrity. They are constantly striving to uphold the highest professional
standards, provide sound advice and rigorously maintain their independence. (KPMG Romania)


9

Culture
KPMG in Romania is helping businesses respond to changes in the global economy. They
are also committed to providing an environment where people can flourish and contribute to a
sustainable world.
The KPMG culture is rooted in their values. Their integrity and policy of open and honest
communication builds trust and cooperation, while their flexibility and diversity creates a culture
in which people share knowledge freely, bringing out the very best in each other. When asked
why they choose to work with KPMG, numerous clients refer specifically to their high level of
professional ethics, their loyalty and their approachability.
Their culture extends beyond good business practice. They are also recognized for the
efforts they make to alleviate poverty, support education and protect the environment. KPMG in
Romania works diligently with other companies, governments and non-governmental
organizations to address these problems and make a positive difference in peoples health,
welfare and prosperity.
Their employees benefit from this forward-thinking approach. A critical element of
KPMGs vision is that their firm is recognized as an "employer of choice" - to recruit, retain and
develop the very best people. This allows their people to flourish both as professionals and as
individuals - to enjoy a challenging career and get the most from their personal lives. They do so
knowing that they are part of a responsible and positive culture that extends beyond them into the
greater business, social and natural environment. (KPMG Romania)



2.3. Performance

KPMG in Romania continued its growth in 2010-2011, its turnover rising from 34 million
euros for the year ended 30 September 2010 to 35 million euros as at 30 September 2011. They
had announced a turnover of 35.2 million euros for the year ended September 30, 2012, up
slightly from the previous year. These figures are based on financial statements prepared in
accordance with International Financial Reporting Standards and include operations of the
KPMG entities in Romania and the Republic of Moldova.
As Serban Toader, Senior Partner of KPMG in Romania states To achieve growth in
such a difficult economic climate is a real achievement. It is a tribute to the dedication of our
staff, who have been proactive in adapting to the new environment by developing new services to
meet clients current needs. Our emphasis in 2009-2010 has been to innovate, and to focus not
10

only on our core functions- Audit, Tax and Advisory- but also on Lines of Business, to serve the
requirements of key industries. Our Lines of Business deliver coordinated services, often
combining the work of professionals from more than one function. This means that we have been
able to provide a broad package of services, often dealing with several issues the client needed
help with at the same time.
Around 20% of our current turnover was obtained by new services which were not there two
years ago. As Toader continues: This result shows that we made the right decision two years
ago to invest in new lines of business. We correctly anticipated market trends, and this is why we
have still managed to increase our turnover. Our good results are particularly encouraging at a
time when overall the consultancy market has shrunk. This means that not only have we
improved our turnover, but also we have increased our share of the market.
However, as Toader adds: We can certainly celebrate the 2009-2010 results, but we will
not become complacent. The economic climate remains very uncertain, and it is still too early to
talk about recovery as far as Romania is concerned. So we must continue to concentrate closely
not only on clients current needs, but also on their likely future requirements, and continue to
work well together as a team. And we will!" (KPMG Romania)
3. Industry analysis

The industry analysis is a market tool used to provide an assessment of the profitability of
a particular industry, and it is meant to encompass all the aspects of the external environment of
an organization. The industry analysis should comprise information about the competitive
conditions in the industry and about a companys own competitive advantage, resources and
market position. We will now look closer at the competitive environment in the financial services
industry and will provide further details about KPMGs strategic capabilities in the following
chapter.
Michael Porters five forces model is one of the most frequently used tools for industry
analysis, due to its intuitive structure and wide range of analysis. The intensity of an industry
competition depends on the following five factors:
Bargaining power of suppliers;
Bargaining power of buyers;
Threat of substitutes;
Threat of new entrants;
Intensity of rivalry in the industry.
11




Bargaining power of suppliers
KPMGs policy is to purchase goods and services that offer the best value for money. This
is why KPMG has a separate Procurement Department that is involved in all the acquisition
processes in order to insure that the purchased goods and services are the best possible purchase
in terms for total costs for the company, are delivered in a professional manner, and are compliant
with Romanian and European legislation.
Moreover, in the procurement process the company takes into account the impact on the
environment and constantly assesses alternative supplier proposals. KPMGs Corporate Social
Responsibility policy ensures that the firm recycles and minimizes as much as possible its
consumption of exhaustible resources (including water, paper, electric energy, and others) and
purchases only from sustainable sources.(KPMG UK, 2012)
Bargaining power of buyers
The continuous increase in fee transparency gives customers credible negotiating
positions and more bargaining power.(KPMG LLP, 2012)
Moreover, the trend towards moving the ad-valorem rates to fixed and hourly rates leads
to a greater client bargaining power and determines clients to be more skeptical about the fees
charged. This increase client power may result in a greater willingness among important client to
manage the portfolios themselves. (Citywire, 2012).
12

Threat of substitutes
The threat of substitutes is very small in this industry. Substitutes for audit services are
practically inexistent, especially for the companies that are obliged by law to have a yearly audit
(such as banks, listed companies and other non-banking financial firms). For smaller companies,
a valid alternative would be to practice an internal audit.
As for the tax and advisory services, companies can always opt to manage their own
issues, although the expertise of a specialized company could be invaluable or extremely costly to
obtain on an individual basis.
Threat of new entrants
The financial services industry has very low barriers to entry, especially due to the fact
that it requires minimum capital investment. However, except small regional companies, the trend
for the last few years was of a decrease in the number of consultancy and audit companies (the
Big 8 have become the Big 4 after Arthur Andersen crashed din 2002 following the Enron
scandal, Ernst & Whinney merged with Arthur Young to form Ernst & Young in 1989, Deloitte,
Haskins & Sells merged with Touche Ross to form Deloitte & Touche in the same year (New
York Times, 2012), Price Waterhouse merged with Coopers & Lybrand to form
PricewaterhouseCoopers and PMI (Peat Marwick International) and KMG (Klynveld Main
Goerdeler) formed KPMG in 1987 (KPMG UK, 2012)).
Intensity of rivalry in the industry
The intensity of the competition in the financial services industry is mainly due to the
rivalry existing among competing companies. In 2009, the big four companies had a combined
market share of 84% (Bizlawyer, 2010), while other small companies amounted together to only
16% of the financial services industry market shares (companies such as BDO International,
Mazars, Horvarth, Grand Thornton and other local companies). (Ziarul Financiar, 2012)
During 2011, KPMG has had the fastest worldwide growth rate 10.1%, as compared to
the other Big Four companies: PwC - 10%, Deloitte 8.4% and Ernst & Young 7.6%. In 2011
PwC outgrew Deloitte in terms of revenues, and obtained the leadership position as the largest
accounting firm on the planet. (Big4, 2012).
In Romania, KPMG is currently the leader on the market of consultancy, audit and
accounting services, reporting in 2012 a turnover of 35.2 million (a slight increase over the
precedent year). (KPMG RO, 2012)
13





4. Analysis of the strategic capability within the company

KPMG's aim is to be a globally consistent organization with excellent people who have
deep industry knowledge, providing multidisciplinary capabilities. This approach is designed to:
meet clients' expectations. Their focus is on ensuring client satisfaction and client
success. They strive to understand their clients needs, to exceed those needs and
to consistently add value whereas doing so.
motivating, empowering and retaining employees. Their objective is to create a
High Performance Culture a virtuous circle in which the opportunity to help the
clients overcome their most complex challenges and motivates and develops their
talented people.
create opportunities for KPMG's people and enable the company to fulfill its
responsibilities to the capital markets and communities. In 2011 KPMG invested
heavily in recruitment and on-boarding senior external talent, developing career
paths to give a clearer structure to their peoples careers, and a new KPMG
Business School.
deliver reliable and high quality services, using efficiently teamwork and
cooperation between different departments of the company.











14




4.1. SWOT Analysis
Strengths

The brand is well-known and it is
associated with a good reputation
The quality of the products and of the
services
Strong and diversified client base
Global Market Presence
Wide range of services sustaining
revenue moment


Weaknesses


Legal proceedings






Opportunities

Strategic Acquisitions
Strong partnership with Government
agencies
Early adoption of IFRS standards could
stimulate demand for accounting and
auditing services
Increasing spending on infrastructure
could stimulate demand for advisory
services




Threats

Stringent regulatory environment
Technological changes
Global economic slowdown could
affect consulting business


5. Organizational structure and management system analysis

KPMG International is a Swiss entity coordinating a network of independent firms. The
client services are provided by KPMG member firms or other independent firms with a license to
use KPMGs name and brand. Each KPMG member firm is a separate legal entity. In Romania,
there are four KPMG member firms: KPMG Romania S.R.L., KPMG Audit S.R.L., KPMG Tax
S.R.L. and KPMG Advisory S.R.L.
The four firms are managed by the 20 partners, headed by the senior partner, Serban Toader.
15


1

This structure is not an official representation of KPMG Romanias organization structure.
16

The company follows the social model of organization, as it has a flexible structure, based on
teams and teamwork. Also, the management hierarchy is flat, and most value is put on
knowledge, transparency of information and knowledge diffusion. KPMG has high corporate
ethics, social responsibility, and well defined public relations.
The management system represents a framework of processes that should ensure the companys
ability to reach targeted goals. Although in practice the management system can include more
tools and schedules, for purposes of simplification, we can state that inside KPMG it is based on
the Plan, Do, Check, Act model.
On the planning phase, the objectives are established and plans and predictions are made. Next,
in order to implement the processes, they segregate duties between departments and employees,
make teams, provide relevant training and make any necessary strategy changes. In the check
phase, the actual results are measured against the targeted goals, followed by the act phase, when
any deviations from the plan are analyzed and corrected.
6. Nature and source of competitive advantage of the company

The competitive advantage of the company is defined as the strategic advantage one
business entity has over its rival entities within its competitive industry.
The high quality of the services provided is one of the most important competitive
advantages of KPMG. The company is renowned for its qualitative customer-focused services
and for its efforts to foresee and understand current and future client needs and to meet client
requirements. It is also notorious for its continuous improvement processes based on the Plan,
Do, Check, Act model, as described in the previous chapter.
Another competitive advantage is the trust inspired by KPMGs brand name and its
trained specialists. In order to retain its highly skilled employees, KPMG recognizes the need of a
balanced personal and professional life. It is in a permanent search of new ways to improve work
experience and to provide development opportunities and flexible working arrangements.
Moreover, KPMG gains a competitive edge through its use and sharing of knowledge.
Information is one of the most important business assets, along with the computer systems,
processes, networks and people. To maintain this competitive advantage the company places
great emphasis on the protection of information for its clients, but also on the protection of
internal information. The technology used to create a secure and reliable communication
environment includes software such as KClient and Exchange 2000 Server.
17

KPMG also delivers sustainability through its ability to create and deliver for all its
stakeholders. A great emphasis is put on public relations and building effective stakeholder
communication networks. (KPMG Australia. 2012). Relevant for maintain its competitive
advantage and its leadership position on the Romanian market are also Corporate Social
responsibility events, which will be described in further details in the following chapter.
7. Description and implementation of the strategy of the company

The strategy of a company is a long term plan used to achieve the companys goals and
objectives. KPMGs strategy for the next three years is very ambitious, based on global and
regional resources and on the more than 600 specialists in Romania. Despite the harsh business
climate, KPMG is constantly looking for new ways to help its clients evolve, to minimize the
inherent risks and to offer them the necessary comfort to successfully manage stressful periods
and to have a better control over the performance of their companies. (KPMG RO, 2012).
KPMGs strategy focuses on three main areas:
The organization KPMG strives towards being the best firm to work with and supplier of
choice for its customers. Progress is being done in this respect for a clear decision making and
consistent delivery of services. KPMG continually invests in its front and back office processes in
order to easily share information across borders. This should lead to greater economic success
and profitability on the long-run. KPMG also focuses on growth and stability in order to increase
and sustain its market share.
Partners and people KPMG is constantly focused on the retention of key talents and on the
engagement of a global workforce operating in a fluid environment. (KPMG Global, 2012).
KPMG seeks people with broad-based experience, talent, motivation and client focus. Moreover,
it makes sure that employees profile matches the vale drivers of the business. Due to the
technologic changes and current workforce challenges, the company is looking to develop greater
confidence, leadership and credibility, to increasingly use technology in order to shift from
administrative matters to more high-value activities and to align its strategy with the needs of the
entire company. (KPMG Global, 2012).
The Community KPMG has a very well defined Corporate Social Responsibility strategy, by
mobilizing its business skills in innovative ways in order to provide a mutual benefit for its
communities, clients and people. Among the projects of CSR in which KPMG Romania has been
involved so far, we can specify: a charity football tournament, raising money for Hospice Casa
Sperantei, Capitala Creste Verde cycling marathon, Save the Children projects, and the support
offered to school 134 from Rahova. Moreover, through its Green Policy, KPMG managed to
reduce its CO
2
emissions by 25% in three years time, to reduce the quantity of paper used, to
18

recycle more paper and plastic materials and to reduce the consumption of electric energy.
(Diaconu, G. 2012).
Government and EU regulations are increasingly becoming a driver of firms strategy. The top 5
strategic elements that have been the most influenced by the changes in the regulatory
environment are:
1

Innovation and investment in new services;
Changes in tax planning and firms organization structures;
The opportunities for new mergers and acquisitions;
The emergence of new markets;
The enhancement of IT and risk management technology.
Because the regulatory landscape has such a high impact on the companys strategy, KPMG
permanently monitors the legislative activity of the Romanian authorities, as well as any
important changes in the worldwide legislation.
Conclusion

KPMG is one of the biggest audit, accounting and advisory companies in the world, and the
leader of the local financial services market. KPMGs long term goals are to create sustainable
economic growth, not only for the company and its customers, but also for the society at large.
Moreover, KPMG strives to maintain and enhance the quality of its global workforce.
The company is also looking to increase its client portfolio, provide customers with unlimited
access to expertise, develop and consolidate a fully integrated organization and give back to the
community through its Corporate Social Responsibility programs.
Despite the harsh conditions of the business environment, KPMG knew the greatest turnover
increase in 2011 on a global scale (in the industry), while in Romania it became the leader on the
market of consultancy, audit and accounting services.
The company has a flat, flexible organization structure, which allows a better
development of its capabilities and competitive advantage. Its high quality services, skilled
employees and knowledge sharing have given KPMG a competitive edge through the years and
allowed it to help its clients evolve and improve the performance of their own companies.



19




References

Big4.com (2012) The 2011 Big Four Firms Performance Analysis, accessed at 01
st
of December,
available at: http://www.big4.com/pdf/2011-Big-Four-Performance-Analysis.pdf;
KPMG and the Princess Margarita of Romania Foundation join forces to promote Corporate
Responsibility (2010) Romanian Business News Actmedia, accessed at 01
st
of December,
available at: http://actmedia.eu/daily/kpmg-and-the-princess-margarita-of-romania-
foundationjoin-forces-to-promote-corporate-responsibility/27612;
KPMG in Romania appoints new partner in management consulting (2011) Doingbusiness.ro,
accessed at 01
st
of December, available at:
http://www.doingbusiness.ro/en/companynews/2138/kpmg-in-romania-appoints-new-partner-in-
management-consulting;
KPMG, About us, accessed at 01
st
of December, available at:
http://www.kpmg.com/ro/en/about/about/pages/default.aspx;
KPMG, Culture and Values, accessed at 01
st
of December, available at:
http://www.kpmg.com/RO/en/about/ValuesAndCulture/Pages/Default.aspx;
World Economic Forum, KPMG International, accessed at 01
st
of December, available at:
http://www.weforum.org/events/world-economic-forum-annual-
meeting2012?nid=47485&partner=57322&event=3733;
KPMG Annual Report 2011 (2011) accessed at 01
st
of December, available at:
http://annualreport.kpmg.eu/documents/PDFs/kpmg_ar2011_full.pdf;
Strategic business planning an investment in your future (2012) accessed at 01
st
of December,
available at:
http://www.chdc.com.au/documents/Conference/Presentations/20120317_1150_Noye_Bill.pdf;
Maria Stancu, KPMG in Romania: Afaceri stabile pentru vremuri incerte, accessed at 01
st
of
December, available at: http://www.kpmg.com/RO/ro/articole-
publicatii/publicatiirecente/presa/Pagini/KPMG_Romania_Afaceri_stabile_vremuri_incerte.aspx;
Bratianu, C. 2006. Business Management. Bucharest: ASE Publishing House.
20

KPMG UK . 2012. KPMG Suppliers | KPMG | UK . [ONLINE] Available at:
http://www.kpmg.com/uk/en/about/contactus/kpmgsuppliers/pages/default.aspx. [Accessed 03
December 2012].
Citywire . 2012. KPMG: Client power means hourly fees for wealth managers - Citywire .
[ONLINE] Available at: http://citywire.co.uk/wealth-manager/kpmg-client-power-means-
hourlyfees-for-wealth-managers/a605143. [Accessed 01 December 2012].
New York Times. 2012. Deloitte, Touche Merger Done - New York Times. [ONLINE] Available
at: http://www.nytimes.com/1989/12/05/business/deloitte-touche-merger-done.html. [Accessed
01 December 2012].
KPMG | UK . 2012. History | KPMG | UK . [ONLINE] Available at:
http://www.kpmg.com/uk/en/about/aboutkpmg/pages/history.aspx. [Accessed 04 December
2012].
Bizlawyer. 2010. KPMG, lider detasat pe piata locala de consultanta [ONLINE] Available at:
http://www.bizlawyer.ro/stiri/salveazapdf/7819. [Accessed 26 November 2012].
Ziarul Financiar. 2012. Topul firmelor de audit si contabilitate in opinia directorilor financiari.
[ONLINE] Available at: http://www.zf.ro/zf-24/topul-firmelor-de-audit-si-contabilitate-inopinia-
directorilor-financiari-bigfour-incepand-de-la-locul-cinci-5626214/. [Accessed 26 November
2012].
Big4. 2012. THE 2011 BIG FOUR FIRMS PERFORMANCE ANALYSIS [ONLINE] Available
at: http://www.big4.com/pdf/2011-Big-Four-Performance-Analysis.pdf. [Accessed 24 November
2012].
KPMG RO . 2012. KPMG in Romania: Afaceri stabile pentru vremuri incerte | KPMG | RO .
[ONLINE] Available at: http://www.kpmg.com/RO/ro/articole-
publicatii/publicatiirecente/presa/Pagini/KPMG_Romania_Afaceri_stabile_vremuri_incerte.aspx.
[Accessed 04 December 2012].
KPMG Australia. 2012. Disability Services Commission Proposed quality management
framework [ONLINE] Available at:
http://www.disability.wa.gov.au/dscwr/_assets/main/report/documents/pdf/report__review_of_qa
_and_sm_processes_%28id_3568_ver_1.0.0%29.pdf. [Accessed 04 December 2012].
KPMG GLOBAL . 2012. HRs value to the business | KPMG | GLOBAL . [ONLINE] Available
at: http://www.kpmg.com/global/en/issuesandinsights/articlespublications/hr-
transformationssurvey/pages/default.aspx. [Accessed 04 December 2012].
KPMG GLOBAL . 2012. Rethinking human resources - Key insights | KPMG | GLOBAL .
21

[ONLINE] Available at:
http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/hr-
transformationssurvey/Pages/key-insights-from-research.aspx. [Accessed 02 December 2012].
Diaconu, G. 2012. Dezvoltarea durabila Sursa de inovatie si progress in afaceri . [ONLINE]
Available at:
http://www.finmedia.ro/conferences/conferintele//economia_verde//ed1//prezentari//Geta%20Dia
conu.pdf. [Accessed 04 December 2012].
KPMG LLP. 2012. Adapting strategy to the regulatory outlook. [ONLINE] Available at:
http://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Documents/adaptingbusines
s-strategy-regulatory-outlook.pdf. [Accessed 04 December 2012].