The Financial Reporting Council, Britain’s audit regulator, admonished KPMG once again for conducting poor audits. The FRC says the Big Four firm’s banking audits are not up to acceptable standards for the third year in a row. And KPMG isn’t alone as a target of the regulator’s criticism: Out of Read More
KPMG unveiled a new program, KPMG Impact, to provide its clients with assistance in improving performance and reporting in environmental, social, and governance areas. The new unit will help clients improve their ESG performance while also carrying out KPMG’s own ESG commitments. The program builds off efforts from last year, Read More
Big Four firm KPMG has launched a Board Diversity Disclosure Benchmarking Tool. Powered by data analytics firm Esgauge, the free tool lets corporate leaders, investors, staff, and other professionals compare corporate board diversity practices by sector, stock index, and company size to analyze trends and compare companies. “Diverse boards are more effective, Read More
Plug Power said it found accounting errors in results for 2018, 2019, and the first three quarters of 2020 and that it will restate earnings for those periods. The company, a maker of hydrogen fuel cells, had been flying high, with its stock up nearly 1,400 percent is just the Read More
Top executives at companies hit by accounting scandals could lose their bonuses under U.K. proposals for beefed-up regulation after a wave of corporate collapses including Carillion Plc and travel firm Thomas Cook Group Plc. The government proposed creating a new regulator with the power to wield a range of sanctions, Read More
The Financial Reporting Council in the U.K. has ordered the Big Four audit firms to separate audit units from other functions by 2024 as shortcomings led to the collapses of several big firms recently. The industry watchdog mandated that the firms separate their units so not to have different areas Read More
The accounting woes of German digital payments company, Wirecard AG, appear to be deepening. The company said in a statement on Monday that there is a “prevailing likelihood” that the 1.9 billion euros ($2.15 billion) missing from its accounts had never existed in the first place. Wirecard first announced the Read More
General Electric announced today that Deloitte was selected to replace KPMG as its auditor in a press release. KPMG will complete its audit services for GE ending Dec. 31, 2020 and will file GE’s 2020 Annual Report on Form 10-K. KPMG and its predecessor firms have worked with GE since 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
