KPMG's banking audits not up to scratch, says UK watchdog


LONDON (Reuters) - KPMG's bank audits needed improvements for an "unacceptable" third year running and the accounting firm will be closely monitored, Britain's auditing watchdog said on Friday in an unusually blunt assessment of leading accountants.

The Financial Reporting Council (FRC) said checks of 103 audits by KPMG, PwC, Deloitte, EY, Mazars, Grant Thornton and BDO from 2019 and 2020 showed nearly a third required improvement, only a marginally better outcome than in its previous annual survey.

Get 30% off with our ads free Premium Plan!

Monthly Plan

RM13.90/month
RM9.73 only

Billed as RM9.73 for the 1st month then RM13.90 thereafters.

Annual Plan

RM12.33/month
RM8.63/month

Billed as RM103.60 for the 1st year then RM148 thereafters.

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

KPMG , auditors

   

Next In Business News

Creating more changes for foreign investors
No impact on TNB from ICPT implementation
Tuju Setia’s order book hits RM2bil with RM389mil Milla Residence contract
FBM KLCI edges higher at midday, banking stocks lead
Airbus, Rolls-Royce step in to resolve Malaysia Airlines' grounded A330neo
Jeff Bezos says most people should take more risks. Here’s the science that proves he’s right
Brace! Risks stack up for the global economy in 2025
Malaysia continues to lead regional data centre index
IFC, consortium commit over US$900mil in financing to data centre in Malaysia
Foreign investors offload RM1.07bil on Bursa Malaysia for ninth week running

Others Also Read