All KPMG articles – Page 4
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ArticleU.K. audit breakup plan hits snag without Big Four support
The Big Four audit firms have refused to back a U.K. government plan to break their dominance of the market by forcing them to share work with smaller competitors to give them a foothold.
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ArticleCEO: T-Mobile ‘humbled’ by data breach, taking steps to prevent future attacks
T-Mobile CEO Mike Sievert lamented the recent breach of company servers that led to a hacker stealing the personal information of nearly 55 million customers, but said the company is “fully committed to take our security efforts to the next level.”
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ArticleKPMG fined $18M for ‘integrity and objectivity’ breaches in Silentnight sale
The Financial Reporting Council ordered KPMG to pay a £13 million (U.S. $18 million) fine for “breaches of the principles of integrity and objectivity” in its advisory role regarding the 2011 sale of mattress company Silentnight to U.S. private equity firm HIG Capital.
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ArticleEx-KPMG partners barred by SEC over cheating scandal roles
David Britt and Thomas Whittle have been indefinitely barred from practicing as accountants before the Securities and Exchange Commission for their roles in the KPMG cheating scandal.
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ArticleFRC 2020/21 audit inspections: KPMG rebuked over continued struggles
The U.K. Financial Reporting Council released the results of its 2020/21 audit quality inspections, in which it singled out KPMG for “unacceptable” deficiencies regarding the firm’s audits of banks and similar entities.
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ArticleStudy: Big Four audit hold still strong despite 2021 dip
The Big Four’s dominance on the public company audit market remains despite a slight dip in numbers in the last year, according to the latest research from Audit Analytics.
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ArticleWhat might an overhauled PCAOB look to accomplish?
With no requirements for the PCAOB to feature a certain number of members from each political party, the SEC has the chance to staff the organization with a decidedly Democratic majority. What might such a Board set out to change?
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ArticleU.K. government proposals spell out Big Four breakup, new audit responsibilities
The U.K. government has unveiled proposals designed to end the Big Four accounting firms’ dominance of the region’s audit market while also making companies and executives more directly accountable—and liable—for failures in corporate reporting.
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ArticleAudit client turnover 2020: EY ends Deloitte’s streak; PwC, KPMG lag behind
Ernst & Young and Deloitte each had net increases in new public company audit engagements in 2020, while Big Four peers PwC and KPMG saw net decreases, according to the latest annual study.
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ArticleFormer KPMG auditors suspended for improper conduct during college audit
Former KPMG Partner Christopher Stanley and Senior Manager Jennifer Stewart were suspended by the SEC for improper professional conduct during an audit of the now-defunct College of New Rochelle.
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ArticleKPMG UK chair resigns over controversial pandemic remarks
KPMG UK Chairman Bill Michael has resigned after controversial remarks he made about the coronavirus pandemic during a virtual town hall meeting offended several employees and were subsequently made public.
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ArticlePCAOB 2019 inspection reports: Deloitte still tops; PwC deficiency rate rises again
Three of the Big Four audit firms—Deloitte, EY, and KPMG—improved their year-over-year deficiency percentage in the PCAOB’s 2019 inspection reports, while PwC’s deficiency rate increased for the third straight year.
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ArticleBiden’s SEC set to require disclosure of ESG, climate change risk
The SEC under President-elect Joe Biden will push ESG and climate change-related risk alerts, guidance, and rulemaking that will likely require companies to disclose how these risks affect their bottom line.
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Ex-KPMG exec avoids prison in final cheating scandal sentencing
Former KPMG inspections leader Thomas Whittle was sentenced to two years of supervised release for his role in the Big Four firm’s cheating scandal that saw three of his colleagues and co-conspirators receive time behind bars.
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ArticleReport shows Big Four stranglehold in U.K. near unavoidable
A review by the U.K. Financial Reporting Council found large companies will instinctively hire a Big Four firm as auditor, despite efforts by the regulator to break their dominance and open up the country’s audit market to smaller competitors.
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ArticleKPMG report: World’s largest companies slow to address climate change risks
The world’s 250 largest companies are not doing very well in recognizing and measuring financial risks related to climate change, so we’ve got some advice to those who are behind the curve.
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ArticleCalifornia accounting board fines KPMG $1.3M for cheating scandal
California and its Board of Accountancy has fined audit firm KPMG $1.3 million after elements of its inspection and internal exam cheating scandals were run through the state.
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ArticleFRC: Major audit quality at Grant Thornton UK, Mazars ‘unacceptable’
The U.K. Financial Reporting Council has singled out audit firms Grant Thornton and Mazars as needing to significantly improve audit quality in the wake of recent inspection findings.
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ArticleEx-KPMG partner avoids prison in cheating scandal sentencing
Former KPMG partner David Britt has been sentenced to six months of home confinement for his role in a cheating scandal that has haunted the Big Four audit firm for two years and is now finally nearing its end.
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ArticleAn auditor’s perspective on big client turnover
An audit growth leader at KPMG shares his perspective on the process of public company auditor changes in the wake of GE’s decision to transition to working with Deloitte.