KPMG's Transaction and Restructuring practice has been named Accountancy Firm of the Year at the third annual Financial Times (FT) and Mergermarket European Mergers and Acquisitions (M&A;) Awards.

The firm won the award for the second year in succession, recognising its performance during 2009 as an advisor on corporate transactions.

Data on M&As; and an independent judging panel's view were used to decide upon the winner of the prestigious industry award.

The KPMG team was acknowledged for "consistently topping the advisor league tables" for both the volume and value of deals on which it advised.

Simon Collins, global head of transactions and restructuring at the Big Four firm, said everyone involved in the practice was honoured to retain the title.

He added: "The award specifically recognises our market-leading position and sector approach across Europe, and is therefore particularly pleasing, as it reflects our joint efforts across many practices.

"At a time when M&A; activity is so low, it is good to know that our reputation and profile remain so high."

Scott Halliday, managing partner at Big Four rival Ernst & Young, recently confirmed his firm's commitment to accountancy recruitment as the downturn ensues.