KPMG Korea

KPMG Korea
Name	KPMG Korea
Type	Subsidiary
Industry	Professional services
Founded	1973
Headquarters	Seoul, South Korea
Area served	South Korea
Key people	Lee Suck-jin
Parent	KPMG International

KPMG Korea KPMG Korea is a South Korean professional services firm providing audit, tax, and advisory services. The firm operates in Seoul and other major cities, serving conglomerates, financial institutions, state-owned enterprises, and multinational corporations. KPMG Korea participates in domestic capital markets, cross-border mergers and acquisitions, regulatory compliance, and corporate restructuring.

History

KPMG Korea traces its origins to audit and accounting practices established in the 1970s alongside firms such as Deloitte Korea, PwC Korea, Ernst & Young Han Young, and accounting offices tied to the Samwoo Accounting Corporation tradition. During the 1980s and 1990s the firm expanded services similarly to international peers like Arthur Andersen and engaged with conglomerates including Samsung Group, Hyundai Motor Group, SK Group, LG Corporation, and POSCO. The 1997–1998 Asian financial crisis reshaped the South Korean professional services market, prompting consolidation and regulatory reforms influenced by institutions such as the Bank of Korea and the Financial Supervisory Service (South Korea). In the 2000s, KPMG Korea integrated global methodologies from KPMG International and worked on transactions involving Korea Exchange listings, foreign direct investment from firms such as Mitsubishi UFJ Financial Group, HSBC, Citigroup, and strategic partnerships with technology companies like Samsung Electronics and SK Hynix.

Corporate structure and ownership

KPMG Korea operates as a member firm of KPMG International with a partnership model resembling other member firms such as KPMG US and KPMG UK. Governance aligns with professional services norms used by firms like McKinsey & Company and Boston Consulting Group for advisory oversight, while audit functions maintain independence consistent with standards from International Federation of Accountants and national bodies like the Korean Institute of Certified Public Accountants. Leadership has included partners and managing directors drawn from firms like Deloitte Korea and Ernst & Young Global Limited. The firm coordinates with multinational clients and global networks including Goldman Sachs, Morgan Stanley, JP Morgan Chase, and BlackRock for capital markets and transaction advisory services.

Services and practice areas

KPMG Korea provides assurance and audit services comparable to those of PwC, Deloitte, and EY, tax services aligning with practices from KPMG UK Tax, and advisory offerings parallel to Accenture and Bain & Company. Practice areas include financial audit for listed companies on the Korea Exchange, corporate tax and transfer pricing related to conglomerates like CJ Group and Lotte Corporation, risk consulting for banks such as Shinhan Bank, Kookmin Bank, and Hana Financial Group, and transaction advisory for mergers involving firms like Kakao, Naver Corporation, and Coupang. The firm also counsels on compliance with standards like International Financial Reporting Standards and assists in restructuring, forensics, cybersecurity, and sustainability reporting aligned with frameworks from Global Reporting Initiative and Task Force on Climate-related Financial Disclosures.

Major clients and notable engagements

KPMG Korea has served large Korean corporates and multinationals across sectors: electronics (Samsung Electronics, LG Electronics), automotive (Hyundai Motor Company, Kia Motors), shipbuilding (Hyundai Heavy Industries), steel (POSCO), retail (Lotte Group), and e-commerce (Coupang). The firm has been involved in high-profile transactions with global investment banks such as Goldman Sachs and Morgan Stanley during IPOs and M&A, and provided audit and advisory services for cross-border deals involving Citigroup, HSBC, and Deutsche Bank. Engagements have included due diligence for inbound investment from SoftBank, restructuring mandates linked to Daewoo Shipbuilding & Marine Engineering, and advisory work on privatizations and public listings in coordination with regulators like the Ministry of Economy and Finance (South Korea) and the Financial Services Commission (South Korea).

Regulatory and legal issues

KPMG Korea operates under oversight from national regulators including the Financial Supervisory Service (South Korea) and professional bodies such as the Korean Institute of Certified Public Accountants. As with other Big Four member firms—PwC, Deloitte, EY—the firm has navigated regulatory scrutiny over audit quality, independence rules, and compliance with International Standards on Auditing. High-profile audit investigations in South Korea have involved restructuring of audit oversight and rules comparable to reforms after incidents involving Samsung Biologics and other listed companies. KPMG Korea has engaged in litigation matters and administrative proceedings before courts and agencies like the Seoul Central District Court and the Fair Trade Commission (South Korea) related to professional liability, competition issues, and disclosure obligations.

Corporate social responsibility and community involvement

KPMG Korea conducts CSR initiatives similar to programs run by KPMG Foundation affiliates worldwide, partnering with nonprofits such as Korea Habitat for Humanity and educational institutions including Seoul National University, Yonsei University, and Korea University for capacity building. The firm participates in pro bono advisory for small and medium enterprises represented by the Small and Medium Business Administration (South Korea) and supports sustainability projects tied to organizations like the United Nations Development Programme and local branches of World Wildlife Fund. Employee volunteerism aligns with activities run by counterparts at Deloitte Korea and PwC Korea focused on education, disaster relief, and financial literacy.

Awards and recognition

KPMG Korea has received industry awards and recognition in benchmarking by publications and organizations such as The Korea Herald, Chosun Ilbo, The Korea Economic Daily, Euromoney, and International Accounting Bulletin. The firm’s practice areas have been shortlisted for advisory, tax, and audit awards alongside peers like Deloitte, EY, and PwC for work on transactions and sustainability reporting, and partners have been acknowledged by business associations including the Korea Chamber of Commerce and Industry and professional bodies such as the Korean Institute of Certified Public Accountants.

Category:Accounting firms of South Korea Category:Professional services firms