KPMG News

‘Big Four’ Audit Firms Targeted for Reforms in UK After Spate of Corporate Failures

Britain set out sweeping reforms of big company audits on Tuesday after high-profile collapses at builder Carillion and retailer BHS in recent years hit thousands of jobs and raised questions about accounting quality. The business ministry detailed changes to auditing …

KPMG Faces $18 Million Fine for Misleading British Regulator

KPMG faces a 14.4 million pound ($17.6 million) fine after admitting it misled regulators during spot checks on audits of construction group Carillion and software firm Regenersis. The Financial Reporting Council (FRC), the British auditing regulator, told a London tribunal …

KPMG Sued for £1.3B in UK Over Allegations Carillion Audits Were Negligent

KPMG LLP was sued for 1.3 billion pounds ($1.8 billion) by the administrators of defunct UK contractor Carillion Plc. over allegations its audits were negligent and misleading. The UK’s Official Receiver, acting on behalf of Carillion’s creditors, accused KPMG of …

People Moves: Aon’s Heinicke to Lead Casualty for WTW in Bermuda; KPMG UK Promotes Jones as Head of Insurance Practice; Howden’s King to Miller in Singapore

This edition of International People Moves details appointments at Willis Towers Watson, KPMG and Miller. A summary of these new hires follows here. Insurance broker Willis Towers Watson announced the appointment of Chris Heinicke as head of Casualty in Bermuda, …

KPMG Sued for $600M Over Role in Insolvency of Dubai Private Equity Firm Abraaj

KPMG LLP was sued for at least $600 million over its role in the insolvency of Dubai private-equity firm Abraaj Group, the latest in a string of complaints of sloppy auditing made against the Big Four firm. The claimants, two …

Major Reinsurers Look to Exclude Coal from Treaty Policies, as Climate Pressure Grows

Major reinsurers have already pulled back from providing bespoke cover for coal projects as part of efforts to meet global climate change commitments, but now comes the hard part – finding ways to exclude coal from bulk-buy contracts, known as …

Britain Targets Big 4 Auditors, Company Directors With Reform Proposals

Britain proposed weakening the market grip of “Big Four” auditors on Thursday and making company directors responsible for spotting fraud after the collapses of retailer BHS and builder Carillion. Directors would have to repay their bonuses if the company went …

UK Company Directors Could Become Personally Liable for Financial Statements

LONDON – Company directors would become personally liable for the accuracy of their financial statements under landmark proposals from Britain’s finance ministry next week to improve corporate behavior, sources familiar with the plans said on Friday. Directors would have to …

UK Watchdog Urges Big 4 Accounting Firms to Challenge Clients as Audit Quality Slides

The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level of audit quality, the industry’s UK watchdog said. The so-called Big Four — KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers …

UK Accounting Watchdog Asks Big Four to Ring-Fence Audit Practices

The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting watchdog reacts to shortcomings that led to the collapse of several companies. The Financial Reporting Council is asking the so-called …