KPMG ditches golfer Mickelson over Saudi breakaway tour row February 23, 2022 KPMG has terminated its long-standing sponsorship of Phil Mickelson in the wake of the US golfer’s comments supporting a proposed Saudi-backed tour. Mickelson apologised on Tuesday for remarks in which he pushed the case for a new circuit despite acknowledging Saudi Arabia’s “horrible record on human rights”. KPMG on Mickelson’s cap has been one of [...]
UK government to set out plans for audit watchdog overhaul imminently after years of delays February 14, 2022 UK government ministers will set out their plans to reform regulation of the UK’s auditing industry within the coming weeks, after calls for an overhaul first emerged in 2018 in response to the collapse of UK construction contractor Carillion. The proposals are currently being circulated and are set to be signed off imminently, according to [...]
EY, Deloitte, KPMG, and PwC are the biggest employers of business grads, new figures show February 14, 2022 Business school grads are more likely to go into consulting, than any other industry, according to a survey of 300,000 business grads from OnlineU. More than a fifth (21.1 per cent) of business grads surveyed worked in consultancies, the figures show. Notably, the Big Four auditors alone employed more than 12 per cent of those [...]
Former KPMG auditors claim watchdog failed to give them a fair hearing over Carillion allegations February 10, 2022 The former KPMG employees being investigated by the UK’s accountancy watchdog over their work auditing collapsed construction giant Carillion have claimed the regulator has failed to give them a fair hearing. The former KPMG employees said the Financial Reporting Council (FRC) did not give them an opportunity to answer all of the allegations against them, [...]
UK consultancies are hiring fewer Oxbridge and Russell Group uni grads than a decade ago February 6, 2022 The UK’s management consultancies are hiring fewer Oxbridge graduates and fewer Russell Group university graduates than they were a decade ago, figures from the Management Consultancies Association (MCA) show. The proportion of young management consultants from the UK’s top-ranking Russell Group universities has dropped from heights of 73 per cent in 2011, to rates of [...]
Accountancy body accused of ‘injustice’ after pocketing £13m in KPMG fines February 5, 2022 The UK’s professional body for accountants has been accused of “rank injustice” for pocketing the £13m in fines against KPMG over the Silentnight pension scandal. The Institute of Chartered Accountants in England and Wales (ICAEW) will keep all the money, despite accusations it is benefiting from the misbehaviour of those within its profession, The [...]
KPMG sued for £1.3bn over audit of Carillion February 3, 2022 The court appointed officer in charge of liquidating collapsed construction giant Carillion is suing KPMG for £1.3bn, for its role in auditing the building contractor. The £1.3bn claim – filed by the High Court appointed Official Receiver (OR) – alleges that KPMG failed its duties as an auditor to spot misstatements in Carillion’s accounts. The [...]
Carillion’s liquidator seeks more than £1bn from KPMG over collapsed construction giant’s audit February 2, 2022 KPMG may be forced to pay more than £1bn in damages for its role in auditing collapsed construction giant Carillion. The Big Four firm has received a legal claim from the Official Receiver (OR) – a UK government officer responsible for managing Carillion’s liquidation – requesting the firm pays damages in excess of £1bn, Sky [...]
KPMG dishes out record pay to partners and £100m bonuses to staff February 1, 2022 Partners at KPMG have voted to invest £300m into a “once-in-a-generation” transformation of KPMG’s business, after handing out £100m in bonuses on the back of a “resilient” performance last year. The professional services firm said it would be handing out £100m in bonuses to its 14,700 staff, as it said KPMG partners were handed their [...]
Bain, McKinsey and BCG outgun Big Four with huge salaries and big bonuses January 28, 2022 The Big Three consulting firms – Bain, McKinsey, and Boston Consulting Group (BCG) – are now offering considerably higher salaries than the Big Four accounting firms – EY, PwC, KPMG, and Deloitte – new figures from Management Consulted show. A tight global labour market in 2021 and stiff competition among white collar firms has caused [...]