19 June 2018 | By GCR Staff
KPMG, the former external auditor of collapsed contracting and services giant Carillion, has been singled out for censure by the UK’s accounting watchdog for an “unacceptable deterioration” in its auditing work.
Half of its FTSE 350 audits were found to be substandard by the Financial Reporting Council (FRC) in its annual report published yesterday, and the FRC said it will monitor the firm more closely, and hold its leadership to account.
The report, which is separate to the FRC’s ongoing investigation into KPMG’s and other auditors’ roles in the collapse of Carillion, criticised the other three firms in the so-called “Big 4” club of accountants for their…
