• Big 4

    Reminder: KPMG Fired a Bunch of People for Mishandling PCAOB Inspections Details They Weren’t Supposed to Have

    By | December 14, 2017

    KPMG released its global revenue results today and its the standard self-congratulatory Big 4 flimflam that we love to hate around here.

    The Wall Street Journal and Financial Times both covered the results in earnest; the Journal noted that KPMG’s growth lagged its BIG peers, while the FT mentioned a couple of the firm’s “huge reputational challenges,” namely its role in South Africa’s massive graft scandal and some of the U.K. audit regulator’s criticism.

    But somehow the FT overlooked KPMG’s ginormousest reputational challenge of all — six employees, including two of its audit leaders and five partners in total, fired for mishandling confidential PCAOB inspection details.

    Man, remember that? No offense to the FT, necessarily; it’s easy to forget a transgression by a Big 4 firm here and there over the course of the year. There’s always a lot to remember!

    Anyway, wanted to make sure that we didn’t omit that one. It was a doozy. As you were.

    [WSJ, FT, @retheauditors]

    • KPMG is having a terrible year!!! I like how their report had the word trust all over it. You could tell that they were trying to make up for the South Africa and the PCAOB issue.