KPMG

Layoff Watch ’20: KPMG Canada Seems to Be Going On a Pink Slip Frenzy

[Updated with additional information.] We’ve heard from a couple people on Tuesday morning who confirmed what we saw on Reddit last night about layoffs that have occurred at several different KPMG locations in Canada. Unconfirmed reports put the number of layoffs at around 200 throughout the country. Here’s one message we got on the tipline […]

KPMG U.K. Chairman Diagnosed with COVID-19

The Financial Times reported this afternoon that Bill Michael, chairman of the Queen’s KPMG, has tested positive for COVID-19 and has been hospitalized. Mr Michael, who took over the Big Four accounting and advisory firm in 2017, has been in hospital for one week after becoming unwell but was only diagnosed with the Covid-19 virus […]

KPMG CEO Lynne Doughtie Assures Employees No Layoffs Are Coming

We got a tip this morning which we were able to confirm with two other sources that in an internal firm video we think was sent to employees last night, KPMG CEO Lynne Doughtie said protecting KPMGers during the crisis caused by the COVID-19 outbreak was her first priority and that layoffs would be an […]

EisnerAmper Poaches Someone From KPMG and Issues a Press Release, Part I

News of new hires in public accounting has pretty much dried up since the COVID-19 outbreak in the U.S. led to many firms turning off the lights and going into work-from-home mode for the foreseeable future. Earlier this week we posted about KPMG recently hiring 10 senior tax professionals, including three from EY and two […]

KPMG Poaches Someone From PwC and Issues a Press Release, Parts II and III

Back about seven or eight years ago, there was no bigger rivalry among the Big 4 than PwC vs. KPMG. The House of Klynveld was constantly trying to steal P. Dubs’ audit clients and KPMG pretty much became PwC’s personal farm system for partners and directors. Between 2011 and 2013, there were at least nine […]

KPMG Poaches Someone From EY and Issues a Press Release, Parts I, II, and III

With nearly all of the top public accounting firms in the U.S. closing their offices and sending their staffs home to work for the time being because of the COVID-19 pandemic, hiring has pretty much come to a standstill. But over the course of a few months before all of this happened, KPMG hired a […]

Whaddaya Know, KPMG Is Going Full-On Work From Home Too

Honestly, I didn’t think we’d get an announcement until later this morning from KPMG about going mandatory work from home due to the COVID-19 outbreak in the U.S. But at around 10:45 p.m. CT Monday night, this message came in through the tipline: Kpmg has announced mandatory work from home starting 3/18 They r shutting […]

Rumor of the Day: Some KPMG Auditors Are Getting a Break From Clients Because of Coronavirus Panic

So, some audit clients have allegedly told KPMG auditors not to come to their offices because of coronavirus concerns, according to a post on Fishbowl. We don’t know if these KPMG audit clients legitimately have COVID-19 concerns or, as one Fishbowl poster says, they just want the auditors off their backs for a bit. Anyway, […]

KPMG Selects Paul Knopp to Succeed Lynne Doughtie as U.S. Chairman and CEO

KPMG announced this afternoon that Paul Knopp will become the new U.S. chairman and CEO and Laura Newinski the new deputy chair of the firm on July 1. Both will serve five-year terms. KPMG partners gave their blessing to the promotions in a vote completed yesterday. Knopp and Newinski seem pretty happy with the outcome […]

KPMG U.K. Won’t Have to Deal with Deal Advisory Partner Anymore

The whole Sanjay Thakkar bullying saga at KPMG U.K. has mercifully come to an end. The Financial Times reported on Feb. 28: One of KPMG’s most senior partners who was at the centre of a bullying dispute has left the firm eight months after widespread scrutiny of his conduct that led to a crackdown on […]

The Fortune 100 Best Companies to Work For: KPMG #32 (2020)

First off, congrats to KPMG for actually beating Deloitte and PwC at something. And congrats, Klynveldians, for your favorite firm moving up four spots from last year’s Fortune 100 Best Companies to Work For list. KPMG celebrated KPMG by putting out this over-the-top KPMG video on social media: Our ongoing commitment to our #culture, strong […]

Arthur Andersen & Co.

Andersen Poaches Someone From KPMG and Issues a Press Release, Part I

Oh look, Andersen hired someone from a Big 4 firm who didn’t work for Arthur Andersen earlier in their career, unlike this guy. Andersen welcomes Edward Schulte as a Managing Director in the San Francisco office as part of the Alternative Investment Funds (AIF) practice. Edward has 18 years of experience in public accounting and specializes in […]

Plante Moran Poaches Someone From KPMG and Issues a Press Release, Part I

Who knew KPMG would become a factory for cranking out future accounting firm chief marketing officers? Earlier this week we told you guys about Dixon Hughes Goodman recently hiring ex-KPMGer Danielle Cimato as its new CMO. And then yesterday, Plante Moran announced that former Klynveldian Marten van Pelt was hired to succeed partner Jeff Antaya […]

Life at KPMG Will Consume Your Mind, Body, Soul, and Stomach

Is this what y’all at KPMG are being fed during these long busy season days/nights? If so, I’m sorry. View this post on Instagram We hope this isn’t too cheesy but we hope you have a slice on National Pizza Day! 💙🍕 A post shared by KPMG U.S. Careers (@kpmg_us_careers) on Feb 9, 2020 at […]

DHG Poaches Someone From KPMG and Issues a Press Release, Part II

You gotta hand it to Dixon Hughes Goodman. I don’t know what they’re offering—decent compensation packages, a big enough commitment to work-life balance that it moves people to tears, a perk better than Omaha Steaks—but they sure have been landing a lot of ex-Big 4 lately, including former KPMGers. While it’s not a glitzy hire […]

Aprio Poaches Someone From KPMG and Issues a Press Release, Part I

When your accounting firm is hovering around the 50th largest in the U.S. and you lure someone away from a Big 4 firm like KPMG, not only will you get a write-up in Going Concern but that news might be big enough to be featured in a local business publication. That’s what happened recently when […]

KPMG Poaches Someone From Deloitte and Issues a Press Release, Part II

Let’s start this week with a little Big 4-on-Big 4 poaching action, shall we? Yes, we shall. And once again, KPMG is raiding its Green Dot rivals. Joseph Fisher is the latest Big 4 partner to switch his colors from green to blue, leaving Deloitte & Touche’s Investment Management Audit & Assurance practice, which he […]

SEC Takes Away Privileges From Another Felon In KPMG/PCAOB Scandal

David Middendorf’s trial buddy, Jeffrey Wada, the now-former PCAOB inspections leader who fed confidential information about upcoming audit inspections to some folks at KPMG, including Middendorf, in the hopes of landing a job at the Big 4 firm, is now prohibited from appearing or practicing before the Securities and Exchange Commission as an accountant. Wada’s […]

Kamp KPMG’s Head Counselor Is Running the Winter Interns Ragged

Lynne Doughtie is building up the KPMG recruits’ stamina for those marathon, 16-hour days during busy season. View this post on Instagram When you’re an intern who just started and the Chairman and CEO joins you for a morning run!! Proof we really live and believe in our core value, #Together. #kpmgfamily #leadership #KPMGLakehouse #kpmgnit […]

Convicted Ex-KPMG Partner David Middendorf Suspended By the SEC

Another “KPMG 5” executive who will be serving prison time for his role in a scheme to steal confidential audit inspection lists from the PCAOB was suspended today from appearing or practicing before the Securities and Exchange Commission as an accountant. The SEC released the following two-page order of suspension against David Middendorf, former national […]

What Do You Guys Think of the KPMG Lakehouse Logo?

I don’t know about you but I’m pretty sure I’ve seen Kamp KPMG’s logo on a park district aquatic center or on some flood safety brochure. View this post on Instagram Introducing KPMG's BRAND NEW learning, development and innovation center, Lakehouse! Join us for National Intern Training as we explore our new digs! #KPMGLakehouse #KPMGNIT […]

Kamp KPMG Puts Out a Welcome Mat

Konstruction on KPMG Lakehouse is finally komplete, and the first group of kampers will descend upon the Orlando community of Lake Nona, FL, next week. New York-based Big Four auditing firm KPMG LLP will bring its first round of “learners” to the $450 million, 780,000-square-foot KPMG Lakehouse in Lake Nona starting on Jan. 6, company […]

Whitley Penn Poaches Someone From KPMG and Issues a Press Release, Part I

As 2019 winds down, we’d be remiss not to tell you guys that another KPMGer has recently left the House of Klynveld for the greener pastures of an accounting firm outside of the top 25. Earlier this month it was David Roberts leaving KPMG for Mauldin & Jenkins. Now we have Michael Pham who left […]

See If You Can Stomach Watching All Six Minutes of This Horrible KPMG Denmark Video

Honestly Adrienne bailed out after watching only a minute and I tapped out after watching about three minutes of this KPMG Denmark video. So if you made it through the entire six minutes, congrats! You have more mental fortitude than we do.

Oh No, KPMG U.K. Senior Executives Might Not Be Able to Afford Christmas This Year

I’m sure all you KPMG U.K. grunts are heartbroken over this news: After all that’s gone wrong at KPMG over the past year, its UK leadership probably didn’t expect big bonuses. Still, after the hard graft of trying to engineer a turnround, a £6m pay cut is going to hurt nonetheless. The 25 senior managers […]

KPMG Is the Cockroach of the Big 4

“KPMG is obviously such a vast business that it could probably survive nuclear war.” — Daniel Sutherland, a partner at the U.K. business law firm Fox Williams, when asked if a large decline in profits and recent layoffs at KPMG U.K. will eventually lead to an existential crisis.

Let’s Kongratulate KPMG For Getting *This* Close to $30 Billion of Global Revenue In 2019

Coming off the heels of a better-than-expected 2019 financial year at its U.K. firm (revenues, anyway), puffy-chested KPMG announced today that its global revenue increased 6.2% in local currency terms (or 2.7% using actual mathematics) for the year ended Sept. 30. The three other Big 4 firms posted global revenue of at least $30 billion […]

Mauldin & Jenkins Poaches Someone From KPMG and Issues a Press Release, Part I

Last night me and my wife watched an episode of the Netflix series The Toys That Made Us about professional wrestling figures and how popular those toys were in the 1980s and ’90s. In that episode, it talked about Vince McMahon committing the ultimate sin when he took over the World Wrestling Federation from his […]

KPMG U.K. Shocks the World by Having Somewhat Decent Revenue In 2019

When reports from across the pond started surfacing in September about the cost-cutting frenzy (you know, Project Zebra) going on at KPMG, accounting blabbermouths (like us) were salivating at the thought of how bad the firm’s 2019 revenue would be when the numbers were released in December. Well, that day has finally come, and believe […]

KPMG Poaches Someone From Deloitte and Issues a Press Release, Part I

Competitive poaching of PPMDs among midtier accounting firms has been rampant lately, whether they are taking people away from the Big 4 or from other midtier firms. Even the FASB isn’t immune from being poached. While watching the hiring games these firms are playing is fun and all, we’ve been patiently waiting for some Big […]

Jailed Ex-KPMG Executive Director Barred By the SEC Because Why Not?

Cynthia Holder, one of the “KPMG 5” who was sentenced to eight months in federal prison in August for her role in a scheme to steal confidential audit inspection information from the PCAOB, was “denied the privilege” of appearing or practicing before the SEC as an accountant, the commission announced on Nov. 29. The SEC […]

Auditor Swap: It’s Curtains For KPMG as AMC Theatres’ Outside Audit Firm

AMC Entertainment Holdings put out a casting call for a new external auditor, and EY got the role. Kansas City Business Journal reported: AMC Entertainment Holdings Inc. will switch its accounting firm at the end of the year. The Leawood-based theater chain picked Ernst & Young, replacing KPMG LLP. AMC paid KPMG more than $12.7 million in audit, audit-related […]

KPMG Rocks signs held by a woman in a KPMG shirt

KPMG Takes Victory Lap In Merrimack College Financial Aid Fraud Case

Merrimack College suffered two defeats on/in court yesterday. Its men’s basketball team got blown out by the Providence Friars 93-56. And it lost a case in a courtroom in Massachusetts to KPMG, although the jury found that KPMG wasn’t completely blameless in the student loan fraud case. Law360 reported: A Boston jury said negligence by […]

Tweet of the Day: On KPMG U.K. Pulling Its Sponsorship of Prince Andrew’s Pitch@Palace Event

Actually, this tweet was sent yesterday, but it’s too good not to share today. It’s regarding KPMG and the news that broke across the pond on Monday that the firm decided not to renew its sponsorship of Prince Andrew’s networking initiative for young entrepreneurs called Pitch@Palace. The news that KPMG had backed out came following […]

RSM Poaches Someone From KPMG and Issues a Press Release, Part I

Scott Wilson has more than 15 years of professional experience “helping businesses innovate, transform, and grow.” RSM US was in need of a new audit innovation leader. So it was a match made in heaven, or the cloud, or whatever. RSM US LLP (“RSM”) – the nation’s leading provider of audit, tax and consulting services […]

Apparently Some KPMG U.K. Employees Were Pissing or Pooping (or Both) In a Work Bathroom Sink

So yesterday the BBC posted an article about the shitty bathroom etiquette of some employees at the Financial Conduct Authority, the regulator of the financial services industry in the U.K. And I’m not trying to be funny when I use the word “shitty.” People were “defecating on the floor in toilet cubicles,” according to FCA […]

Promotion Watch ’19: KPMG Admits 138 New U.S. Partners

We’re about T-minus 30 days until KPMG releases its global revenue for fiscal year 2019. In the meantime, we got word on who the newest rainmakers in the Americas region will be for FY 2020. KPMG gave 266 lucky boys and girls in the Americas keys to the partnership. Of those 266, 138 are from […]

Layoff Watch ’19: KPMG U.K. Reportedly Will Cut an Entire HR Division

“Project Zebra” strikes again. The London Evening Standard has the latest about the bloodletting going on at KPMG. Apparently some people in HR are being told to hit the bricks: The Evening Standard can reveal that KPMG is taking the knife to its internal training team – which it calls Learning Deployment Operations – who run […]

Layoff Watch ’19: KPMG U.K. Partners Fear the Zebra

KPMG U.K.’s better-late-than-never belt-tightening endeavor called “Project Zebra” is leaving carnage in its wake almost on a weekly basis. First, about a third of the firm’s 630 administrative assistants are losing their jobs. Then, employees had to give up their work-issued mobile phones. Next, average pay per partner is reportedly being cut by 10% over […]

Even the Hearing Impaired Will Know How Cheesy KPMG’s Latest Lakehouse Video Is

Here are some screenshots from the latest over-the-top KPMG Lakehouse video to illustrate what we mean:   Here’s the actual video. If you’re not hearing impaired, you might wish that you were while watching it, not only because of the cheesy music but for the “how we can stress right across our organization what it […]

KPMG Heads to Court Next Week to Defend Itself for Being KPMG

Merrimack College in North Andover, MA, is trying to get some of that Klynveld money, alleging in a lawsuit that KPMG committed professional malpractice, breach of contract, negligence, and negligent misrepresentation. From Courtroom View Network: Accounting giant KPMG heads to trial next week in Massachusetts state court in a malpractice lawsuit filed by Merrimack College […]

KPMG U.K. Gives Its Cost-Cutting Plan a Stupid Codename

If Adrienne and I decide to do a second annual Going Concern Green Eyeshade Awards or Something Like That for 2019, I think we’ve found a winner of the “Dumbest Codename From a Big 4 Firm” award. From the Financial Times: KPMG has drawn up plans to save £100m in costs in a profit-boosting exercise […]

Ex-PCAOBer Jeffrey Wada Gets Prison Time For Being a Blabbermouth In KPMG Scheme

Being passed up for a promotion can cause a person to do really dumb things in a fit of anger. For now-former PCAOB inspections leader Jeffrey Wada, the really dumb thing he did was illegally tip off executives at KPMG—not once but twice—about which KPMG audits the PCAOB would be reviewing so the firm could […]

Did Bands Play When KPMG U.K. Asked Employees to Hand Over Their Work Phones?

After Tabby Kinder of the Financial Times broke the story on Sept. 30 about KPMG U.K. taking back all the mobile phones that it had issued to hundreds of employees to cut costs, she shared a text on Twitter she got from an accountant that I found humorous because the accountant found the topic of […]

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Another One of the ‘KPMG 5’ Has Pleaded Guilty In PCAOB Scheme

David Britt is the latest former KPMG partner who has admitted guilt for participating in a scheme to steal confidential audit inspection information from the PCAOB. Britt, 56, who was a co-leader of KPMG’s Banking and Capital Markets Group, pleaded guilty to one count of conspiracy to commit wire fraud on Oct. 3. His trial […]

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KPMG U.K. Is Getting Stingy

Today is New Year’s Eve in KPMG’s Universe, as fiscal year 2020 begins tomorrow. We won’t know KPMG’s global revenue for FY 2019 until mid-December, and the Queen’s KPMG doesn’t release its profit and revenue numbers until early December, but based on all this pound-pinching going on, we can speculate that KPMG U.K.’s 2019 results […]

Layoff Watch ’19: A Bunch of KPMG U.K. Administrative Assistants Will Soon Have a Lot of Time on Their Hands

So sayeth the Financial Times: KPMG UK plans to make redundant about a third of its 630 administrative assistants in a wave of cost-cutting. Between 200 and 250 administrative support staff are expected to leave in the savings drive at the Big Four accounting firm. Those who are lucky enough to remain at the House […]

Mazars USA Poaches Someone From KPMG and Issues a Press Release, Part I

When Mazars USA isn’t getting subpoenaed for Donald Trump’s tax returns, it’s snagging people away from the Big 4, in particular, KPMG. Olga Blyweiss is one of the newest members of Club M, recently joining the firm as a tax partner in its Fort Washington, PA, office. In a previous life, Blyweiss was the managing […]

Ex-KPMG Partner David Middendorf Was Spared a Lengthy Prison Sentence

A second member of the “KPMG 5” will serve jail time for his involvement in an information-stealing scheme to cheat the PCAOB inspection process. David Middendorf, former national managing partner for audit quality and professional practice at KPMG, was sentenced this morning in Manhattan federal court to one year and one day in federal prison, […]

Ex-KPMG Partner’s Request to Have His Wire Fraud Conviction Thrown Out Gets Shot Down, Crashes, Burns

Welp, so much for that. David Middendorf, former national managing partner for audit quality and professional practice at KPMG, is scheduled to be sentenced in Manhattan federal court tomorrow, according to Law360, for his role in an information-stealing scheme in which PCAOB insiders fed KPMG executives secret plans on which of the Big 4 firm’s […]

KPMG U.K.’s WhatsApp Fiasco Claims Two More Partners

Let’s take a look and see how things are going in KPMG U.K.’s financial services consulting business now that two more partners are leaving the firm after their boss was fired last month over messages he apparently sent on WhatsApp: The KPMG financial services consulting practice is now “a bit of a disaster zone,” a […]

Ex-KPMG U.K. Partners Start Consulting Firm Devoid of Any Big 4 Bullsh*t

Remember Maggie Brereton and Ina Kjaer, the two KPMG U.K. partners who quit earlier this year because the firm protected a male partner who was accused of being a bully? Well, the two women have launched their own consulting firm that they say will be everything the Big 4 is not. The name of their […]

Meanwhile, In Canada: Rich Guys Are Still Fighting the Tax Man Over Their KPMG Offshore Tax Shelter

KPMG is in the news again this week, and again it’s for something they probably wish would go away. Now, I combed our extensive archive going back 10 years (read: spent five minutes Googling) and wasn’t able to find any coverage of this case save for an ANR link here and there, which means either […]

Let’s Speculate About Why Lynne Doughtie Is Leaving KPMG

When we got a tip Friday mid-morning that Lynne Doughtie had told KPMG U.S. staff in a video message that she wouldn’t seek another term as chairman and CEO, I wasn’t all that surprised. I figured she’d be one and done. Doughtie seems like a nice, hardworking, intelligent woman. I don’t think KPMG would have […]

Exclusive: Lynne Doughtie Is Not Seeking a Second Term as KPMG Chairman and CEO

Another Big 4 firm will soon have a new person residing in the corner office. First, Cathy Engelbert was not renominated late last year for a second four-year term as Deloitte CEO. She was succeeded by Joe Ucuzoglu and took over as the new commish of the WNBA. Then Mark Weinberger announced last December that […]

Ex-KPMG Partner’s Broker Probably Won’t Be Doing Any Insider Trading For a While

The last man standing in the KPMG insider trading case (the one not involving Scott London) has finally fallen. From the SEC: Today [Aug. 14], jurors in Atlanta federal court returned a verdict finding New Jersey securities broker Raymond J. Pirrello, Jr. liable for insider trading in advance of three merger and acquisition transactions. Pirrello […]

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It Looks Like KPMG Is Being Sued By Shareholders of CannTrust Holdings

A press release sent today by Toronto-based law firms Thornton Grout Finnigan and Rochon Genova caught our attention: Thornton Grout Finnigan LLP and Rochon Genova LLP have together commenced a class action in Ontario on behalf of shareholders of CannTrust Holdings Inc. who acquired their CannTrust common shares between October 1, 2018 up to and including July 8, 2019. The […]

WhatsApp, KPMG? U.K. Partner Given the Heave-Ho Over Messages He Sent

More hijinks going on at KPMG U.K., as reported yesterday by the Financial Times: KPMG has forced out the head of one of its core businesses in Britain after an investigation into his conduct involving messages sent on WhatsApp. Tim Howarth, head of financial services consulting at KPMG, is the third senior partner to be […]

Ex-KPMG Executive Director Who Was Major Player In PCAOB Cheating Scandal Sentenced to Eight Months In Jail

The first prison sentence was handed out today in Manhattan federal court to one of the five former KPMG executives indicted in a scheme to steal confidential audit inspection information from the PCAOB. Cynthia Holder, a former PCAOB inspections leader who later worked as an executive director at KPMG, was sentenced to eight months in […]

DHG Poaches Someone From KPMG and Issues a Press Release, Part I

It’s been quite the summer for Dixon Hughes Goodman. The firm promoted seven individuals who oozed out the most DHGness to the partnership in early June, joined some lame alliance with Mazars in July, and was recently named the 17th top accounting firm in the U.S. by both Accounting Today and INSIDE Public Accounting. The […]

Ex-KPMG Partner Will Be Giving the SEC a Bag Full of Money

We have an update on one of the members of Caleb’s fantasy KPMG insider trading golf team. From Law360: With a trial looming, a Georgia federal judge has granted approval of the U.S. Securities and Exchange Commission’s settlement with a former KPMG LLP partner accused of tipping off a stockbroker about the upcoming acquisitions of […]

Here’s Your Scorecard For KPMG U.K. Fines So Far In 2019

While I was vacationing in South Carolina last week, word officially came down from across the pond about the highly anticipated fine KPMG U.K. would be receiving from a Financial Reporting Council disciplinary tribunal for bungling reports on Bank of New York Mellon Corp. The tribunal let KPMG off the hook, deciding on a fine […]

KPMG: Where Former College Athletes Go to Die

And a two-time Winter Olympic gold medalist too. From the Wall Street Journal: Accounting firm KPMG hires 3,500 college students each year in the U.S., and although the firm doesn’t target or track specific sports in its hiring, James Powell, national partner in charge of campus recruiting, says that he’s noticed that baseball, softball, swimming and diving […]

What Price Wrong-Doing? Sanctions Against KPMG Are Complicated

“Sell in May and go away” was an investors’ adage invoked as vacation strategy in a more genteel era. Returns in the summer were said to lag the rest of the year—and in any event, that’s how brokers justified their holiday cottages on the eastern seaboard. This year the maxim has twice failed my attempt […]

Ex-KPMG Australia Senior Partner Avoids Prison For Being Too Stabby with a Campaign Volunteer

Even though he was convicted of two counts of common assault in court on July 4, former KPMG Australia partner Stavros “Steven” Economides was given a get-out-of-jail-free card. Economides, 62, who spent more than 30 years as a partner at KPMG, was sentenced to a 12-month good behavior bond after admitting to thrusting a corkscrew […]

Survey Finds That Nearly a Third of KPMG Employees Aren’t Surprised by Latest Cheating Scandal

In the competitive world of Big 4 recruiting, sometimes reputation is everything. Oh who are we kidding, the firms are all mostly the same — from work-life balance, pay, and even prestige — regardless of what PwC recruiters may tell you. At the end of the day, Big 4 firms are in a constant race […]

Auditor Swap: KPMG No Longer a Smash Hit with Movie Theater Chain Cineworld

Sometimes relationships outlive their usefulness, especially when one partner takes the beer goggles off and realizes that the other partner has been acting kinda shady lately, become too expensive to be with, and the old adage, “You can’t put lipstick on a pig,” seems more fitting each day. That expensive pig with lipstick on is […]

Which KPMG Scandal Is Worse: PCAOB ‘Steal the Exam’ or CPE Training Exam Cheating?

Since Monday when the SEC announced it had fined KPMG $50 million for not one but two scandals involving auditor misconduct at the firm, I’ve been thinking about which scandal is worse. Is it KPMG audit partners stealing confidential information from rogue PCAOB employees in order to better the firm’s audit inspection scores OR is […]

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KPMG U.K. Doesn’t Really Care If You Don’t Like How It Handled Complaints Against Partner Accused of Bullying

We were so busy trying to wrap our heads around the $50 million fine the SEC gave KPMG last week for its auditors’ involvement in two separate scandals and which of the two might be more damaging to the firm’s reputation that we missed a new article about the bullying allegations made against KPMG U.K. […]

Auditor Swap: Papa John’s Dumps KPMG For Its Ex, Ernst & Young

Sometimes the grass isn’t always greener on the other side. Pizza chain Papa John’s must have realized this as it’s dropping KPMG as its independent auditor in favor of EY, which audited the company’s financial statements from 1990 to 2017. EY will take over Papa John’s external auditing duties for the fiscal year ending Dec. […]

SEC Says $50 Million Fine For KPMG Is ‘Significant’ and ‘Appropriate’ For All That Cheating Going On

The SEC made official today the news that Dave Michaels of the Wall Street Journal broke late last week, announcing that KPMG will pay $50 million to settle allegations that former partners “stole the test” by using confidential information that was being fed to them by a PCAOB insider to improve the firm’s performance on […]

$50 Million Fine SEC Is Reportedly Giving KPMG Over PCAOB Scandal Isn’t Big Enough

Dave Michaels of the Wall Street Journal broke some huge news late last night about a huge fine the SEC could levy against KPMG later this month because of several former partners’ involvement in one of the biggest U.S. accounting scandals in recent years—stealing secret audit inspection information from the PCAOB. KPMG LLP is preparing […]

KPMG Australia Partner Pleaded Guilty to Stabbing a Dude with a Corkscrew Outside of a School

What’s with accountants stabbing people lately? First, we had the BDO Los Angeles guy who stabbed a hiker with a knife in California late last month. Now we have a KPMG Australia senior partner who used a corkscrew to stab a man putting up election campaign banners near a school. A man who stabbed a Tony […]

Mother Nature Vandalized a Bunch of Windows at KPMG Building In Dallas

A powerful storm with high winds hit the Dallas area during the afternoon on June 9, blowing out the windows of some downtown skyscrapers, including the building where KPMG is located. The NBC affiliate in Dallas-Fort Worth reported: At the KPMG building downtown, nearly a dozen windows were broken when construction debris from another building […]

Here’s More Proof That KPMG U.K. Totally F*cked Up the Way It Handled Bullying Allegations Against Partner

The Financial Times reported today that three—THREE—senior executives at KPMG U.K. were aware of and ignored concerns from staff as early as 2017 alleging senior partner Sanjay Thakkar was acting like a bully before they finally got around to launching an investigation about the complaints last October. KPMG employees approached the firm’s UK managing partner Philip […]

KPMG U.K. Partner Accused of Being a Bully Decides He Probably Shouldn’t Be a Partner Anymore

Remember that KPMG U.K. male senior partner we told you about last week, the one who was accused of being a bully and was found by the firm to have acted like a jerk but not a bully when he was probably acting like a bully, and then two well-respected female partners quit in protest? […]

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Two KPMG U.K. Female Partners Had Enough Of Working At a Firm That Protected An Alleged Bully

Last December we learned that the Big 4 firms across the pond sacked nearly 40 partners (probably all men, although we don’t know for sure) within the past four years for inappropriate conduct, such as sexual harassment and bullying, seven of whom had worked at KPMG. But KPMG evidently sided with a male partner who […]

KPMG Can Now Say It Has a Canada’s Sports Hall of Famer Among Its Ranks

Two-time Olympic gold medal-winning freestyle skier-turned-KPMGer Alex Bilodeau is one of eight people who will be inducted into Canada’s Sports Hall of Fame this year. He’s with some pretty impressive company, as the 2019 class also includes three-time Stanley Cup champion goalie Martin “Uncle Daddy” Brodeur and four-time Olympic gold medal-winning Canadian women’s hockey player […]

Ex-KPMG Partner David Middendorf Believes He’s Been Done Wrong, Wants a Crack At a New Trial

Don’t get out those orange prison jumpsuits just yet for former KPMG partner David Middendorf and former PCAOB inspections leader Jeffrey Wada. The two men are asking a Manhattan federal court to throw out their wire fraud convictions or grant them a new trial, saying the government didn’t provide enough evidence to support the guilty […]

KPMG Doesn’t Think It Should Have to Pay a $16 Million Fine For Screwing Up BNY Mellon Compliance Reports

Our favorite four-letter Big 4 firm is in danger of having to pay an eight-digit fine in the U.K. for dropping the ball on making sure Bank of New York Mellon complied with rules on keeping client assets safe. From Bloomberg: Accounting giant KPMG should be fined 12.5 million pounds ($15.9 million) or more for […]

KPMG Gets Another Award For Being the Big 4 Firm That Is the Least Old, Male, and Pale

Did you guys see DiversityInc’s 2019 ranking of the top 50 companies for diversity? In past years, there’s been most, if not all, of the Big 4 represented. But not recently. Only one Big 4 firm made the list in 2018 and 2019, and that firm is KPMG. Maybe KPMG nearly sweeping Vault’s 2020 accounting […]

Grant Thornton Poaches Someone From KPMG and Issues a Press Release, Part II

In the comment section of an article we posted on May 10 about a managing director and a partner recently fleeing KPMG to join Grant Thornton’s Corporate Value Consulting practice, we got a tip that the Purple Rose of Chicago recently poached KPMG again—Candice Turner left the HoK to join GT as a principal in […]

Grant Thornton Poaches Two People From KPMG and Issues a Press Release, Part I

A couple of months ago, we reported that a partner and a principal bolted Grant Thornton earlier this year for the blue-and-white confines of KPMG, one of whom actually left and came back to the House of Klynveld. Well, it looks like the Purple Rose of Chicago has turned the tables on KPMG. Grant Thornton […]

Another Day, Another Fine for KPMG

Here we go again … A U.K. regulator on Wednesday fined KPMG LLP and a partner at the firm after they admitted to misconduct in relation to the audit of financial statements of Co-operative Bank PLC. The Financial Reporting Council, Britain’s watchdog for accounting and audit, handed KPMG a fine of £5 million ($6.51 million) […]

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KPMG Just Can’t Stay Out of Trouble

On this week’s episode of “KPMG Did Something Bad” … A U.K. regulator on Tuesday fined KPMG LLP and three executives after an investigation that found misconduct in relation to the audit of financial statements of a Lloyd’s of London insurance syndicate. The Financial Reporting Council, Britain’s watchdog for accounting and audit, fined KPMG £6 […]

IRS Poaches a KPMG Managing Director and Issues a Press Release, Part I

The IRS has itself a new associate chief counsel, international, in the Office of the Chief Counsel, and the agency plucked him away from our favorite four-letter Big 4 firm. Peter Blessing is his name, and international tax law is his game. “We are very fortunate to attract an individual of his caliber and expertise,” […]

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KPMG Mexico Could Be Facing Fine of Up to $1.6 Million For Huge Data Leak Blunder

Mexican authorities said KPMG Mexico could be fined as much as 30 million pesos (about $1.57 million) for exposing the confidential payroll data of employees at 41 of its clients, which was housed in an unsecured database that wound up on the Internet. According to El Economista, the National Institute of Transparency, Access to Information […]

This Slo-Mo KPMG Ignition Center Ribbon-Cutting Video Is Oddly Amusing

KPMG and the city of Chicago broke out the giant scissors on April 9, officially opening KPMG’s seventh and largest Ignition Center, located on the 68th floor of the Aon Center. I honestly could care less about the new Ignition Center. If for some reason you do, you can read more about it here. But […]

Apparently KPMG Mexico Exposed Some People’s Personal and Tax Information For All the World to See

Just when you thought things couldn’t get any worse for KPMG, we have this news coming out of Mexico. And it seems really bad. José Soto Galindo of El Economista reported (translated from Spanish): A group of software developers of KPMG Mexico downloaded without authorization from their holders digital tax receipts from the Tax Administration […]

Ex-KPMG Executive Director’s Sentencing Put Off Until June

We won’t know until June at the earliest how much prison time former KPMG executive director Cynthia Holder will get for her involvement in a scheme to steal confidential audit inspection information from the Public Company Accounting Oversight Board. Holder was supposed to be sentenced in Manhattan federal court on April 5, but her sentencing […]

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KPMG Bermuda’s Head of Ethics Fined By the PCAOB For Being Unethical

Here’s a fun story of what not to do if you’re an ethics director at a Big 4 firm. Damion Henderson, a managing director at KPMG Bermuda, was fined $10,000 by the PCAOB on April 9 for signing off on documents that had been re-created and backdated in advance of a PCAOB inspection and not […]

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Ex-KPMG Recruiter Who Got Caught Screwing a Gymnast In Parking Lot Gets Off

Forgive us for being late with this update, my “perverted former Big 4 employees behaving badly” Google alert has been acting funky lately. Back in October we introduced you to Scott Vetere, a randy young fella who boasted an impressive athletic past, a stint recruiting for KPMG, and the skills necessary to bag a young […]

U.K.’s Audit Regulator Wants to Find Out Exactly Why KPMG Is Such a Hot F*cking Mess

From the Wall Street Journal: The U.K. watchdog for accounting and audit on Tuesday launched an independent review into the governance, controls and culture at KPMG LLP’s U.K. audit unit. The Financial Reporting Council will examine KPMG’s risk management, its controls and the behavior of partners and other employees in the audit practice. This first-of-its-kind […]

Gender Pay Gap at KPMG U.K. Is Actually Getting Larger, You Guys

From the Financial Times: KPMG is the only Big Four accounting firm [in the U.K.] to have failed to close its gender pay gap over the past 12 months, with the median gap between what its male and female staff earn increasing to 28 per cent. The other three firms, EY, PwC and Deloitte, all […]

Big 4 Calling On All Blockchain Nerds to Come Nerd Out At Their Firms

From CoinDesk: “Big Four” professional consulting firms Deloitte, KPMG and EY are all in the top five when it comes to posting blockchain job ads, according to new data from Indeed.com. The employment site released its latest figures for job postings relating to blockchain, cryptocurrency and bitcoin in the U.S. on Thursday, with the data covering […]

Kamp KPMG Will Officially Be Called KPMG Lakehouse, According to Over-the-Top Teaser Video

KPMG released a one-minute video yesterday teasing KPMG Lakehouse, its new $450 million training and development center that is scheduled to open next January in the Orlando community of Lake Nona. And woo-boy, is it cheesy—replete with uplifting music, black turtlenecks, people using tablets, selfies, and the sun glistening off the water. Located on a […]

Ex-KPMG Partner’s Fraud Trial: David Middendorf and Jeffrey Wada GUILTY!

A Manhattan jury on Monday convicted former KPMG partner David Middendorf and former Public Company Accounting Oversight Board staffer Jeffrey Wada for their roles in one of the biggest accounting scandals in recent years. Law360 court reporter Jack Newsham broke the news on Twitter earlier this afternoon: BREAK – Middendorf, Wada convicted on all but […]

KPMG Appeals One-Year Auditing Suspension In Oman, Loses

KPMG couldn’t talk its way out of trouble, as an independent appellate court in Oman recently upheld a securities regulator’s ruling last November that prohibits the firm from taking on any new auditing clients for one year. In a statement on March 3, the Capital Market Authority of the Sultanate of Oman said: “Capital Market […]

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KPMG Poaches Someone From Grant Thornton and Issues a Press Release, Parts I and II

We here at GC HQ love a good poaching, especially when it involves two of the top six firms in the U.S. So we were happy to see this press release from KPMG come across our virtual desk this morning: Mark Rems has joined KPMG LLP, the audit, tax and advisory firm, as a principal […]

Ex-KPMG Partner’s Fraud Trial: David Middendorf Takes the Stand

Law360 court reporter Jack Newsham wrote on Feb. 28 that it could happen this week, and he was right: Former KPMG partner David Middendorf took the stand this afternoon to testify in his own defense. MIDDENDORF TAKES THE STAND — Jack Newsham (@TheNewsHam) March 4, 2019 Authorities have said that Middendorf and four of his […]