July 17, 2018

KPMG

KPMG U.K. Chairman Taking Heat for Defending Carillion Audit

An article published today by The Times in which KPMG U.K. Chairman Bill Michael defended the firm’s audit of Carillion is getting some reaction on Twitter—good for the newspaper, bad for Michael and KPMG. The article states: The chairman of KPMG has hit back at MPs in charge of the inquiry into the collapse of […]

Does the ‘P’ in KPMG Stand For ‘Probes?’

Because we have two new probes into KPMG to tell you about. First, two weeks after the quality of its audit work was called “unacceptable” by the Financial Reporting Council, KPMG is being probed by the United Kingdom’s accounting watchdog over its audit of British beverage wholesaler Conviviality’s financial statements, according to the Financial Times. […]

KPMG Used Confidential Inspection Info to Snatch BBVA Away From Rivals, Report Says

If you missed this late last week, Francine McKenna of MarketWatch detailed how KPMG used access to confidential Public Company Accounting Oversight Board inspection information to poach a client from its Big 4 rivals. The client, Spanish bank BBVA, was one of nearly a dozen KPMG clients caught up in the audit inspection scandal. Others […]

Report: Court Documents Name KPMG Audit Clients Caught Up in PCAOB Leak Fiasco

MarketWatch reporter and friend of Going Concern’s, Francine McKenna, wrote an outstanding article today after digging through court documents obtained by MarketWatch that name the audit clients caught up in the KPMG audit inspection conspiracy. And there are some pretty big names. The Justice Department in January brought criminal charges against five former KPMG executives […]

U.K. Accounting Regulator Chides KPMG For ‘Unacceptable’ Decline in Audit Quality

And here I thought Phil Mickelson’s meltdown on the 13th green at the U.S. Open on June 16 would be the worst thing to happen to KPMG this week. From Bloomberg: KPMG’s audit work in the U.K. is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling the […]

kpmg general electric wells fargo

Recently Axed KPMG South Africa Employee Slams Firm for Mismanagement, Lying

You may have seen earlier this week that KPMG South Africa is planning to lay off 400 workers and close some regional offices, as the embattled firm tries to save face following the Gupta and VBS Mutual Bank scandals. If you haven’t been paying attention, here’s a nice synopsis of what’s going on, via Reuters: […]

kpmg pcaob conspiracy

Clearly Not Everyone at KPMG Got the Memo About the ‘Raise-Your-Hand Culture’ at the Firm

Photo: A higher proportion of hand raising than at KPMG.

Lynne Doughtie KPMG

A Massive Scandal, the Likes of Which the Accounting Profession Had Never Seen, Got KPMG to Consider Outside Directors

In an effusive, buzzy word salad published in Accounting Today, KPMG Chairman and CEO Lynne Doughtie announced that the firm would be adding independent directors to its board. Why, might you ask? I’ll let Lynne tell you unabated: In today’s complex and fast-moving global business environment, successful organizations regularly reassess their mission and responsibilities to […]

KPMG South Africa VBS Mutual Bank

KPMG South Africa Calls in Reinforcements, Is Dumpster Fire

Uh oh: KPMG LLP’s South African unit is flying in trouble shooters from around the globe and hurriedly meeting clients to stem any further loss of business after becoming embroiled in three evolving scandals. Let me jump in here to say that I think I’d make a fine accounting firm troubleshooter. A Big 4 Mr. […]