The second-largest lender in Australia, Westpac, says that millions of breaches of anti-money laundering (AML) laws resulted from technology shortcomings and human error, but were not intentional, according to an internal audit. Westpac has recently faced accusations of 23 million instances of AML compliance violations, including failures to detect money Read More
The UK Financial Reporting Council (FRC) reprimanded Big Four KPMG after the accounting firm admitted to shortcomings in audit work. The accounting watchdog said the firm had issues in reserve audits of Foresight 4 VCT plc that led to the company having to restate its distributable reserves twice. The FRC Read More
When it comes to accounting firms, the big are getting bigger. The top ten largest audit firms boosted their share of the external auditing market in 2019, according to a new report by research firm Audit Analytics. The report finds that the market share held by the 10 biggest firms Read More
