SMART Acquires KPMG LLP’s
Compensation and Benefits Tax Practice

Philadelphia, February 2, 2006 – SMART and Associates, LLP, has acquired the compensation and benefits tax practice of KPMG LLP, the U.S. audit, tax and advisory company.

Terms of the transaction were not disclosed.  As a result of the sale, KPMG will no longer maintain a compensation and benefits tax practice, although KPMG will continue to provide audit and other technical support services for compensation and benefits plans.

“We are very excited about being able to provide a new level of service to our clients and KPMG’s former clients as a result of the talented professionals who are joining our company. Compensation and Benefits is a natural complement to our established accounting, tax and consulting services and today’s acquisition helps further position SMART as a national full-service accounting and consulting company,” commented Jim Smart, Managing Partner of SMART.

The Compensation and Benefits Practice will specialize in the following services: Executive Compensation Advisory Services, Retirement Plan Evaluation and Design Advisory Services, Health and Welfare Advisory Services, Risk Management and Compliance Advisory Services, Merger and Acquisition Advisory Services, Corporate Recovery Advisory Services, and Human Resources Advisory Services. The new practice will provide a full range of services, including designing new compensation and benefit plans; evaluating and enhancing existing plans; and reviewing programs for compliance with changing laws and regulations.

Judy Thorp, former Partner-in-Charge of KPMG’s Compensation and Benefits Tax Practice, will be the national practice leader for the new group. Practice team members will be based in Albany, Atlanta, Boston, Buffalo, Burlington, Chicago, Denver, Hartford, Los Angeles, Philadelphia, Portland, San Francisco, New York, and Tyson’s Corner.

“It is a pleasure to be joining a company with SMART’s reputation for professionalism and quality delivery. The SMART Compensation and Benefits Practice will offer a complete suite of compensation and benefit advisory and compliance services,” stated Judy Thorp, SMART Compensation and Benefits Practice leader.

About SMART

SMART (www.smartllp.com) is a premier, full-service accounting and consulting company serving clients throughout the US and globally. SMART offers innovative solutions to public and private companies in the areas of business consulting and advisory, technology, business process, assurance, accounting, compensation and benefits, tax and financial planning.
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