KPMG and ex-partner accused of misconduct in FRC’s investigation into Carillion audit September 1, 2021 KPMG, ex-partner Peter Meehan and current and former staff at the Big Four accountant are alleged to provided false and misleading information to a City watchdog investigating its audit of collapsed construction giant Carillion. The allegations are part of a Formal Complaint issued this morning by the Financial Reporting Council (FRC) in connection with the [...]
KPMG encourages whistleblowing to avoid media leaks after CEO’s exit August 26, 2021 KPMG are reportedly urging staff to use its whistleblowing system to report concerns instead of the media, after a leaked meeting recording led to its former head Bill Michael stepping down, first reported by Financial News. The ex KPMG boss, who left the firm in February, made comments around “unconscious bias” during an online town [...]
KPMG fined £13m over Silentnight sale misconduct August 5, 2021 The accounting firm has been fined and ordered to pay over £2.75m in costs, for serious misconduct in its role in the 2011 sale of bed retailer Silentnight to a private equity group. An independent tribunal found that KPMG and one of its partners did not comply with the UK professional accounting principles of objectivity [...]
Wave of dealmaking sees private equity investment in UK soar to highest level in five years August 3, 2021 Private equity deal value and volumes in the first half of the year rose to levels not seen since 2017, as investors gained confidence in post-pandemic recovery. There was a marked interest in mid-market private equity dealmaking, as funds competed for quality assets and completed 377 deals in the first six months of the year, [...]
Global pharma and data firms have had access to NHS patient data for years, analysis finds July 23, 2021 More than 40 pharmaceutical, consultancy and data companies worldwide have access to UK hospital data and medical records, according to new analysis. The detailed medical records – many from the NHS – date back years, the Financial Times first reported. Some companies with access to the records are co-founded by the Sackler family, who have [...]
KPMG settles lawsuit with $84m payout after failing to spot fraud at Chinese group July 19, 2021 KPMG has agreed to pay around $84m to settle legal claims after failing to identify fraud at a Chinese timber company. China Forestry’s IPO led to backlash against poor listing standards in Hong Kong. Its liquidators claimed the accounting giant was negligent in failing to detect serious false accounting by some of the company’s top [...]
1MDB and Malaysia sue 44 KPMG partners for $5.6bn July 9, 2021 Malaysia govt, its Ministry of Finance and 1MDB are suing 44 KPMG Malaysia partners in a $5.64bn suit for their part in auditing the state investment fund. The lawsuit, which was filed earlier this week, accused KPMG of committing breaches of contract and negligence in its audit and certification of 1MDB’s financial statements for the [...]
Audit reforms: IoD call for caution in plans to break Big Four dominance July 8, 2021 The government should approach its plans for an audit and corporate governance reform with greater caution, said the Institute of Directors (IoD). A government white paper aimed at breaking up the concentration of the Big Four auditing firms – Deloitte, PwC, KPMG and EY has stirred criticism from the business group, who said that the [...]
KPMG told to expect £250m claim for Carillion collapse June 23, 2021 Accounting giant KPMG is expected to be told to pay £250m for its role in the collapse of outsourcing firm Carillion, its former client, in 2018. On behalf of the Insolvency Service, lawyers have warned KPMG to expect a claim. The expected move is part of an effort to reclaim funds that will be used [...]
Accounting watchdog pushes for KPMG to be fined £15m over Silentnight sale June 21, 2021 Accounting watchdog pushes for KPMG to be fined £15m over Silentnight sale