Wednesday, January 31, 2018

Paladin Energy set to emerge from administration

Street Talk understands Paladin's deed of company arrangement - a deal which sees the company's bondholders swap their debt for a 98 per cent equity stake in the company - will close on Thursday after months of negotiations between Paladin's administrator KPMG, its bondholders and other ...
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Coming soon: Ntsebeza Inquiry into KPMG, completed “hopefully, within our lifetime”

There is nothing more powerful than the truth. But it can take time to emerge. It is common cause that a contaminated report provided by Big Four auditing firm KPMG gave the Zuptas the leverage to eject an entire top structure at SA Revenue Services. This report is sure to be examined in detail during ...
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Critics accuse Sheriff Stan Sniff of sabotaging cost-cutting program — and compromising security ...

Sheriff's Lt. Chad Bianco accused Sniff of endangering deputies by trying to sabotage consultant KPMG's staffing experiment at the sheriff's Hemet station, where Bianco is based, while former Hemet police chief Dave Brown said Sniff's failure to embrace modern-day police practices “compromises our ...
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Administrators says Brierty may have traded while insolvent

Brierty may have been insolvent nearly four months before it went under in early September, according to a disputed assessment by administrators. In their report to creditors, the administrators from KPMG said the civil contractor “may have become insolvent on 16 May ... but more likely by July 1”.
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Law firm Bell Nunnally Leases Penthouse at HALL Arts

After 25 plus years, Bell Nunnally will say goodbye to its Uptown office and move to 2323 Ross Ave. in the Art District. Bell Nunnally & Martin LLP, a full-service law firm, signed a long-term lease at KPMG Plaza at HALL Arts, citing tremendous growth. It will occupy 42,000 square feet on the 18th and 19th ...
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St. Catharines tells Region to back off Pelham

Pelham commissioned a KPMG forensic report which concluded there was no material change in the town's financial position and none of the transactions it investigated contravened the municipal act or town bylaws. Port Dalhousie Coun. Carlos Garcia, who made the endorsement motion Monday, said ...
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Your morning Briefing

Electric vehicles will sound the death knell for half of all car dealerships as they lose vital revenue from servicing internal combustion engines, an industry survey by KPMG says. With EVs capable of going 100,000km without maintenance, it said dealerships that survived would have to evolve into ...
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NZ out of step with trading partners in signing up for Double Tax Agreements

But KPMG partner John Cantin told the committee that other countries "have taken a more partisan approach to what is in their national interest" and New Zealand's national interest assessment (NIA) should, at a minimum, "assess the economic cost and benefits of adopting particular articles of the MLI.".
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These 20 Byron restaurants across the UK face closure as the burger chain's rescue plan gets the ...

None of the 20 sites at risk of closure will be shut immediately, KPMG said. The agreement is likely to become effective on Thursday following a shareholder meeting. Simon Cope, chief executive of Byron, said he was pleased with the 'strong support' from the company's creditors. He said: 'Our landlords ...
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KPMG to hold workshops on VAT implementation

KPMG in Saudi Arabia is organizing a series of workshops in Alkhobar, Riyadh and Jeddah presenting the latest updates on the Jan. 1 implementation of the Value-Added Tax (VAT). Titled “A Clearer VAT Perspective,” the workshops will review the implementation of the VAT, its effect on the financial ...
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Capita don't just provide some services, they run entire councils

The only thing that has kept the house of cards that is UK PLC from collapsing the past decade are the zombie, absentee auditors - KPMG, EY, PwC and Deloitte. With UK PLC now firmly under the microscope and serious questions being asked of the UK's lax audit regime everywhere from the Guardian ...
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Making sure DCC finances stay on track

''It just seemed like an exciting time to be in Dunedin,'' Mr Tombs said. His professional career began in London, before he transferred to accounting firm KPMG's Sydney office in 1989. He worked there until 1992, then went backpacking in Queensland, before taking a new job for KPMG in Townsville, ...
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Capita's profit alert raises questions over outsourcing sector crisis

It is also notable that Capita is audited by KPMG, the same accountancy firm which audited Carillion. However, the action announced by Capita's new boss Jonathan Lewis signals the group is facing its troubles head-on, rather than fudging the books. It is calling on investors to stump up as much as ...
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Calls for more scrutiny of top firms

He was responding to Work and Pensions Select Committee chair Frank Field, who asked whether KPMG, Deloitte Touche Tohmatsu LTD, EY and PricewaterhouseCoopers should be broken up. It is conducting a joint enquiry with the Business Committee into Carillion's collapse. Field said that two of ...
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Business focus: The 'considerate constructor' that clad Grenfell is still winning garlands for PFI

The Grenfell Inquiry recently dropped KPMG as its adviser following Evening Standard revelations that the Big Four accountant was also auditor and consultant to Rydon, the Royal Borough of Kensington & Chelsea and Saint-Gobain, maker of the insulation in the tower's cladding. Today, it emerges that ...
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Byron rescue deal backed by creditors

However, KPMG said no restaurants will close immediately. The accountacy firm, which is handling the restructuring of Byron, further said that employees, suppliers and business rates would continue to be paid on time and in full. Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, ...
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Burger chain Byron to close up to 20 sites under rescue plan

Will Wright, restructuring partner at KPMG and joint supervisor of the Byron CVA, said: “Today's creditor vote in favour of the CVA proposal will allow Byron to conclude its previously negotiated financial restructuring and is a key step in the directors' turnaround plan. “As with all CVAs, more than 75% of ...
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Zenit Arena, Sochi and Spartak stadia all cost more than double Atl├ętico's magic Wanda

January 31- A review of the 30 'most prominent' football stadia built in Europe over the past five years shows Turkey topping the list of countries developing their football infrastructure with nine venue. Russia, hosts of this year's World Cup, is second with five stadia. The research by the KPMG Football ...
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Developer of stalled scheme falls into administration

The developer of a stalled 252-apartment student accommodation scheme in Liverpool has fallen into administration. Pinnacle Student Developments (Liverpool) entered administration on Monday, 29 January 2018, with Paul Flint and Paul Dumbell from KPMG's restructuring team appointed joint ...
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Capita shares plunge after warning on profits

Capita is audited by KPMG, the same accountancy firm which audited Carillion. Frank Field, chair of the Work and Pensions Committee, said Capita was "on the growing list of firms we are investigating to see if their conduct has endangered current and future pensioners' rights." "Another day, another ...
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Former KPMG partners charged in US fraud case

Six accountants including three former KPMG partners are facing charges of fraud in the US over allegations of involvement in a scheme warning of upcoming inspections from the Public Company Accounting Oversight Board (PCAOB). This case raises difficult questions about the regulatory ...
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Fast-casual burger chain Byron could close 20 restaurants after creditors approve restructuring plan

But Byron has struggled with "gathering economic headwinds" recently, according to KPMG partner Will Wright. Sales growth slowed from 24.4% in 2015 to 16.7% in 2016, the Telegraph reported, with profit also dipping. Byron's trendy burger offering has suffered in recent years amid a consumer ...
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Electric cars the end of the road for dealerships

In local analysis of the survey being released today, KPMG motor industry services chief Wayne Pearson said EVs would turn the business of car retailing on its head. ... KPMG motor services director Steve Bragg said scale would be essential for future dealer groups and the industry was consolidating.
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KPMG chairman defends "proper" Carillion audit

The collapse of Carillion has again raised questions about the value of audit, given it was given a pretty clean bill of health by KPMG in March 2017. The Financial ... He said he understands those who criticise KPMG's claim that Carillion was strong enough to keep going for at least another three years.
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Byron burger crisis plan slashes Scottish jobs

Will Wright, KPMG restructuring partner and joint CVA supervisor, said: "Today's creditor vote in favour of the CVA proposal will allow Byron to conclude its previously negotiated financial restructuring and is a key step in the directors' turnaround plan. "As with all CVAs, more than 75% of creditors had to ...
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Byron Hamburgers to hold crunch talks on 20 sites after almost all creditors approve CVA

Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: “Today's creditor vote in favour of the CVA proposal will allow Byron to conclude its previously negotiated financial restructuring and is a key step in the directors' turnaround plan." The CVA will become effective tomorrow ...
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Byron rescue deal backed by lenders and landlords

The rescue deal, which takes effect on Thursday, means as many as 20 outlets could close. Accountancy firm KPMG, which is handling the restructuring, has said no restaurants will close immediately. Employees, suppliers and business rates would continue to be paid on time and in full, KPMG has said.
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Saica inquiry on KPMG members ready to roll

KPMG had on its own volition withdrawn their Sars report, further fanning allegations that the report was flawed. The Inquiry intends to determine whether there is evidence that the Saica members, involved in the investigation that led to the KPMG report, had breached the body's code professional of ...
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Corporate Canada needs to help break the silence on mental health

At KPMG in Canada, we've had a formal mental health strategy in place since 2014, the focus of which is raising awareness, providing training and building supports – though we're careful not to take a blanket approach to the issue. Key in all of this is open dialogue – to break down the stigma and ...
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BT Podcast: Shah Rukh Khan gets a notice from the Income Tax department

A survey of KPMG India, where 300 senior finance professionals were polled, has shown that most respondents think tax environment has improved over last fiscal. According to the survey, the recent US tax reforms may get mirrored in the Indian budget through reduction in corporate tax. Majority of ...
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Kenya Ranked 112 Globally on Key Economic Metrics

Mauritius, Botswana and Rwanda are the top-most in Africa in terms of future growth promise on account of the measured indicators, according to a newly released report by audit and financial advisory firm KPMG titled Growth Promise 2018. By macroeconomic issues the report refers to government ...
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Focus on agri sector, corporate tax reduction needed: Arun Kumar, KPMG India

Talking to ET Now, Arun Kumar , Chairman & CEO, KPMG India , says why tinker with long-term capital gains tax especially at a time when foreign portfolio investors have many other places to look at including the United States where the stock markets are doing well and where a tax reform is underway.
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Student flats firm goes into administration leaving investors fearing for their cash

The company has now run out of money to build the block and administrators from KPMG were called in. Those overseas investors now face an anxious wait to find out what will happen to their money. The Quadrant is one of several unfinished building projects in Liverpool that have attracted overseas ...
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Report sheds light on Multiyork collapse

As a result, the Wade Group sought a buyer for the business, with KPMG hired to assist with marketing. In October 2017, Duff & Phelps was instructed to undertake a contingency planning exercise. Management's cashflow forecast indicated Multiyork and Feather & Black would need an injection of more ...
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Growth of corporate deals in Northern Ireland hit by political uncertainty: survey

The merger and acquisition (M&A) outlook from business advisers KPMG found executives in the Republic were more optimistic, with 57% expecting growth in deals. It comes as the latest M&A study from Experian reported 221 big deals in the province last year, with a total value of £1.7bn. Transactions ...
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SEC Charges Six CPAs with 'Stealing the Exam'

The SEC and the U.S. Attorney's Office for the Southern District of New York report consequential charges against six certified public accountants — including former staff members at the Public Company Accounting Oversight Board (PCAOB) and former partners at KPMG LLP. Those charges are based ...
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Tuesday, January 30, 2018

If Dulalchan has top score appoint him*

I have read several articles (and news items) in our newspapers and they seem to bring into question the suitability of DCP Dulalchan as a potential Commissioner of Police. There are two crucial pieces of information which I have not seen thus far. These are the recommendation of KPMG and the score ...
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Political stalemate expected to impact on north's mergers and acquisitions market

THE ongoing political stalemate at Stormont is expected to stifle activity in the north's mergers and acquisition (M&A) market this year, according to a new survey. KPMG's M&A Outlook for 2018 predicts subdued economic growth in the year ahead, with just 27 per cent of the executives and advisors ...
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Consultant's help at Hemet Sheriff's Station has ended

For several years, Riverside County's budget problems have continued, if not worsened. In the fall of 2016, the County contracted with KPMG, an international consulting firm, to help find ways to save money, work more efficiently and instill new management processes. The Sheriff's Department was an ...
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Financial Reporting Council kept secret eye on Carillion before failure

Yesterday Mr Haddrill admitted that an upcoming FRC investigation into KPMG, Carillion's auditor, and the accountant directors at Carillion would examine how the directors were able to continue to assert that the business was a going concern at July's profit warning, and why that was not challenged by ...
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KPMG To Move Baltimore Headquarters, Remain On Pratt Street

Cushman & Wakefield, which represented landlord Whiting-Turner in the transaction, had previously listed the available space on the top floor of the 18-story building at 21K SF, but the specific terms of the lease were not disclosed. KPMG's footprint at 1 East Pratt was reportedly close to 37K SF.
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Time to end the auditing merry-go-round

How did BT react when “improper practices” and “financial irregularities” were discovered in its Italian division last year? It did what you'd expect: it dumped its auditor, PwC, and hired a new outfit. But that new firm was KPMG, which was remarkable in its own way. KPMG was already under investigation ...
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Amazon, Berkshire, JPMorgan Link Up to Form New Health-Care Company

“I'm in favor of anything that helps move the markets a bit, incentivizes competition and puts pressure on the big insurance carriers,” said Ashraf Shehata, a partner in KPMG LLP's health care and life sciences advisory practice in the U.S. “An employer coalition can do a lot of things. You can encourage ...
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With not enough cash for a wind-up how did Carillion limp on for so long?

The “Big Four” were branded “the dog that did not bark” in the aftermath of the financial crisis, once it became clear their audits of the banks failed to warn of the looming disaster. On Tuesday a feisty committee of MPs lodged that same claim with Carillion's auditors KPMG, and the financial regulator for ...
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PIC scheme's expiry sparks calls for more targeted steps

Some feel its demise will leave a big gap in the business ecosystem. "The expiry... threatens to make Singapore's R&D tax incentive one of the least attractive globally, even as other countries enhance their R&D schemes," said Mr Chiu Wu Hong, head of tax at KPMG. A KPMG analysis found that smaller ...
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PM update: Dow tumbles 200 points, Buffett moves on US healthcare, Carillion-auditor relationship ...

Some of the focus is turning on the role of the UK's biggest accountancy operators, Deloitte, EY, PwC and KPMG. Should the four be broken up? KPMG had close links to Carillion as its auditor for almost two unbroken decades. Carillion finance directors also had close KPMG employment links ...
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Carillion collapse: MPs accuse Big Four accountancy firms accused of operating 'oligopoly'

Frank Field, chair of the work and pensions committee, accused KPMG, Deloitte, PwC and EY of operating an “oligopoly”. KPMG had audited Carillion's accounts since 1999 and signed off its latest annual figures in March last year, just four months before the construction firm issued a profit warning and ...
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NASDAQ:TAX Shareholder Notice: Lawsuit Alleges Securities Laws Violations by Liberty Tax Inc

On November 7, 2017, Liberty Tax Inc ax announced the resignation of Kathleen Donovan, its Vice President and Chief Financial Officer. On December 11, 2017, Liberty Tax filed a Form with the SEC, reporting that KPMG LLP resigned as its independent registered public accounting firm and that Liberty ...
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Calls for more scrutiny of top accounting firms after Carillion collapse

The FRC has opened an investigation into KPMG's auditing of Carillion's accounts in recent years. The watchdog started closely monitoring the infrastructure company after it issued a surprise profit warning in July, Haddrill told MPs, but was unable to disclose this publicly because of confidentiality ...
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Big Four break-up? FRC calls for more competition in audit market after Carillion collapse

“Two of the last three finance directors at Carillion came from KPMG. KPMG for the last 19 years has conducted the audit [of Carillion]. Did that not sound a warning to you?” he asked. “Given the oligarchy that now exists among the accountancy firms, shouldn't we be considering a recommendation to the ...
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Carillion catastrophe means it's time for the book-keeping watchdog to bare its teeth to the Big Four ...

Now we hear that the UK's accounting regulator the Financial Reporting Council has felt the need to open an investigation into Carillion's auditor, KPMG - one of the UK's 'Big Four accountants along with PwC, Deloitte and EY. The FRC is responsible for the oversight of corporate governance standards ...
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US tax reforms may get mirrored in Budget 2018: KPMG India survey

The Economic Survey says India's indirect tax base has increased by over 50% with the rollout of GST. Photo: Mint. Mumbai: The union budget is around the corner and, as always, companies and individuals are expecting changes in taxation structure. The Economic Survey tabled in the Parliament on ...
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KPMG, Carillion Staff Could Face Prosecution, Regulator Warns

Stephen Haddrill, chief executive of the Financial Reporting Council, told a parliamentary inquiry that the regulator had all the resources it needed to pursue a swift investigation into members of staff at both companies. The FRC announced an investigation into KPMG on Monday after Carillion, ...
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Why didn't anyone working with Carillion say it was going to fail?

Based on a quick inspection of the books, there doesn't seem to be a great deal of accountability demanded from the British auditing profession. In March 2017 the giant audit firm, KPMG, signed off on the annual accounts of the construction-giant-cum-outsourced-services-provider Carillion, saying they ...
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Accounting News Roundup: When Accountants Break Bad and AICPA Anxious for Tax Law ...

Richard Chambers, the president and CEO of the Institute of Internal Auditors, reacts to the allegations in the KPMG-PCAOB scandal, writing that “the extent of the ethical lapses exhibited by the accused is appalling.” He does not believe “for one minute” that these lapses should affect the reputations of ...
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View Author

Robert A. Conway is a retired KPMG audit partner. He worked for 26 years at KPMG, including 17 years as an audit partner. After retiring from the KPMG, he spent nine years at the PCAOB where he led domestic and international inspections of Big Four audit firms. During his last six years at the PCAOB, ...
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Industry 4.0 and more – help shape the future of manufacturing in the Midlands

KPMG has responded to manufacturing sector confusion surrounding the impact Industry 4.0 will have on organisations, business models and competitive ... The Government released its Industrial Strategy white paper last November, which makes it the right time for TheBusinessDesk.com and KPMG to ...
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MPs accuse FRC of being “useless” over Carillion

Haddrill confirmed that the regulator has been monitoring KPMG since July 2017, however the investigation was only announced on Monday. Sarah Albon, chief executive officer at the Insolvency Service, said during the hearing that its investigations usually take 21 months to be completed, but that ...
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Carillion misconduct inquiry expands to 169 directors

He said that a key part of its investigations into Carillion's auditor KPMG and accountant directors at Carillion would include the question of why, at that July profit warning, the directors continued to assert that the business was a going concern and why that was not challenged by KPMG. It emerged at the ...
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Biggest asset on Carillion's books was 'goodwill', MPs hear

He added that two of the previous three finance directors at Carillion came from KPMG. “Did that not send a warning to you? They are all mates. Four companies dominate the scene.” Mr Field said he did not know what “goodwill” meant, noting the item disappears once a company is in trouble.
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This cybersecurity startup is helping businesses stay secure with real-time threat intelligence

A whopping 79 percent organisations in India rank cybersecurity among the top five business risks, according to the recent KPMG cybercrime survey report ... The KPMG report also highlights that 69 per cent of organisations are of the opinion that ransomware is a significant business risk while about 43 ...
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Renewable energy sector ripe for M&A activity

There has been a significant shift towards renewable energy investment in recent years and the appetite for buying and selling businesses within this space is growing all the time. A new report from KPMG entitled 'Great Expectations' looks at the healthy mergers and acquisitions market within the ...
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KPMG follows VAT implementation with new workshop

RIYADH — Confirming its role as one of the best resourced professional service networks in the region, KPMG in Saudi Arabia is organizing a series of three workshops in Al-Khobar, Riyadh and Jeddah presenting the latest updates on the Jan. 1 implementation of the Value-Added Tax (VAT). Entitled ...
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Accountancy giant KPMG facing investigation over its auditing of collapsed Carillion

ACCOUNTANCY giant KPMG will be investigated by the watchdog over its auditing of collapsed construction and services group Carillion. The Financial Reporting Council's probe will cover KPMG's auditing of the company's financial statements over three years to December 2016, as well as additional ...
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Carillion collapse could spark competition probe into accounting Big Four

In many cases, just four firms, KPMG, PwC, EY and Deloitte, were bidding for work, he said. “We feel there should be more competition in the major accounting and audit area,” he said. “I think the CMA at some point will need to review the effectiveness of what they recommended.” MPs questioned Mr ...
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Only 17 Firms In Scotland Complying With Late Payment Rules, KPMG Finds

U.K. regulations designed to protect small suppliers from late payments by their large corporate customers are in effect, but new analysis from KPMG finds companies aren't yet on board with the rules. Reports in The Times on Monday (Jan. 29) said only 17 businesses in Scotland have complied with ...
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MPs chastise accountancy watchdog over Carillion collapse

The FRC announced this week that it is investigating KPMG, the accountancy firm, over its auditing of the collapse. KPMG, which has audited Carillion since 1999, signed off on its accounts last March, four months before it wrote down £845m in its first profit warning. Carillion was liquidated this month ...
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UK watchdog urges more audit competition after Carillion failure

The FRC announced earlier this week that it is investigating KPMG, the Big Four accounting firm, over its auditing of accounts at the collapsed company. KPMG had handled Carillion's accounts since 1999 and signed off on its numbers last March, four months before it wrote down £845m and issued its ...
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India's Paytm gets Hong Kong partner for mobile gaming platform

Global consultancy KPMG reckons that the surging number of India's mobile internet users is likely to bring about a fivefold rise in data consumption and be complemented by a 160% increase in disposable income. Furthermore, the country's young population, many of whom are already online, by 2021 ...
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Carillion collapse sparks break up call for 'Big four'

The UK's biggest accountancy firms are facing renewed scrutiny in the wake of the collapse of Carillion. Frank Field, the chair of the Work and Pensions Committee, asked whether KPMG, PwC, Deloitte and EY should be broken up in the wake of the firm's collapse. Accountancy watchdog head Stephen ...
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Chinese investment in Australian healthcare hits 4.4 bln USD: report

CANBERRA, Jan. 30 (Xinhua) -- Chinese investment in Australia's healthcare system has soared past 5.5 billion Australian dollars (4.4 billion U.S. dollars), a report has found. The report, released by global professional service company KPMG on Tuesday, revealed that China's total investment in the ...
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Here's how Riverside County's sheriff ended up in a public fight with government leaders

Q. Who is KPMG and what are they up to? A. KPMG is an international consulting firm that's received more than $40 million from the county to find savings and efficiencies in all departments and to foster a government culture that relies on data in decision-making. A good deal of its work focuses on the ...
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Alibaba aims at India's mobile gaming, payments, e-commerce

... 300 million and growing registered customer base by combining Paytm's local resources and our expertise in gaming and other user engagement activities”, John Sun, chairman of AGTech said this week. India's gaming industry is small but growing steadily. In May 2017, a Google-KPMG report said it ...
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KPMG appoints global infra finance head

KPMG appoints global infra finance head. 30 January 2018 Advisory firm KPMG has appointed a partner based in the Gulf region as its new global head of infrastructure finance. To continue reading this story, please log-in at the top right hand side of this page. If you are a subscriber please enter your ...
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Budget 2018: Singapore R&D tax perks could be among world's weakest when PIC expires, says ...

According to an analysis by KPMG, SMEs in Hong Kong would have up to 49.5 per cent of tax savings as a percentage of R&D expenditure, while Ireland and China would have up to 37.5 per cent. Singapore is lagging behind at 25.5 per cent. Tan Bin Eng, partner, business incentives advisory leader, ...
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The Pensions Regulator: a deficit of credibility

Well, yes, the role of KPMG in the Carillion calamity is plainly significant, and the Financial Reporting Council's investigation will be the most important it has undertaken in years (especially for KPMG, since the book is still open on its role at Co-op Bank and Rolls-Royce). But TPR cannot be a prisoner to ...
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FRC probes KPMG's audits of Carillion

BRUSSELS • The UK Financial Reporting Council (FRC) opened a probe into KPMG LLP's audits of Carillion plc, after the builder collapsed under a mountain of debt earlier this month. The FRC will examine KPMG's work from 2014 and whether the auditor breached any “ethical and technical ...
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Update: Quirk, Augustyn still at loggerheads

KPMG has also found that there had been no material change in the town's financial position. “A reasonable person would look at this and conclude we have answered all the concerns,” Augustyn said. “But don't take my word for it. Don't take Tony Quirk's word for it. Take a professional's word for it.
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Carillion collapse: Auditor KPMG facing investigation

Several areas of KPMG's work will be examined including estimates and recognition of revenue on significant contracts, and accounting for pensions. "Remarkably, this was endorsed by the trustees and TPR". It added that the regulator is liaising closely with the Official Receiver, the Financial Conduct ...
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KPMG investigation will make or break the FRC

... it is heartening to see that the regulator views an assessment of such spectacular wrongness worthy of inquiry. Unfortunately if form is any guide, the investigation will take some years and conclude that nothing must be done. The FRC's decade-long probe of KPMG's audits of HBOS in the run up to its ...
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Regulator cannot afford whitewash

People deserve a second chance — even Stephen Haddrill, the Financial Reporting Council boss. Once again, he is poking around a famous KPMG audit. He can't afford another whitewash. Last time it was KPMG's prowess at HBOS in 2007. The FRC verdict? Exemplary stuff. True, months after being ...
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Monday, January 29, 2018

KPMG facing Carillion audit probe by watchdog

Two years ago a review of KPMG's audit of the INBS, undertaken for its liquidators found there was no "stateable case" of negligence against the accounting firm. That report had to be done by an outside law firm, because Kieran Wallace and Eamonn Richardson, the special liquidators appointed to ...
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Griffith: Release KPMG short-list

Griffith says the PSC needs to tell the country whether the person selected came out of the assessment conducted by “KPMG based on the points acquired via the merit list as is required under the Constitution.” He said in order to ensure that any clouds are removed, President Anthony Carmona needed ...
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Carillion and KPMG face Financial Reporting Council's biggest-ever inquiry

One of Britain's most senior accountants, four of his boardroom colleagues at Carillion and the audit firm KPMG will be the subject of the Financial Reporting Council's largest ever investigation. The watchdog is sending a team of forensic accountants and lawyers into the wreckage of Carillion to discover ...
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Auditor KPMG to be investigated after signing off Carillion's books just nine months before collapse

KPMG will be investigated over Carillion's books which it signed off before the constructor went bust. Carillion went into liquidation on January 12 with debts of up to £5billion including a pension deficit of up to £2.6billion. The auditing group had signed off the business' annual report and accounts only ...
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Report: Ambac Was One of the KPMG Clients That Got a Second Peek Thanks to Stolen PCAOB Info

Francine McKenna did some expert sleuthing and reports at MarketWatch that Ambac Financial Group was one of the unnamed issuers in the indictment of former KPMG employees and one former PCAOB inspector. There were enough clues to piece together that “Issuer-2” was Ambac, one of the ...
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Accounting Watchdog Launches KPMG Carillion Audit Probe

Law360, London (January 29, 2018, 12:31 PM GMT) -- The U.K.'s accounting regulator said Monday it will investigate KPMG's audit of the financial statements of construction giant Carillion PLC, which collapsed this month with an £800 million ($1.1 billion) pension deficit. The inquiry, which will be ...
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Super Bowl bets put Phila. law, CPA firms against Boston co-workers

“If our Eagles beat the Patriots, the KPMG Boston office will send us some famous Boston Cream pies from the Parker House Hotel where they were created in the 1800s,” Mattei said. “In the unlikely event the Patriots win, we will ship a Tastykake Goodie Box to the Boston office.” In addition, the office ...
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Why Ambac was one of the KPMG clients that got a second look after inspection tip off

The KPMG logo sits on their offices in the Canary Wharf business and shopping district. The criminal indictment of five former KPMG executives and one former regulator included several references to clients whose audits were potentially corrupted in the alleged scheme to take advantage of early notice ...
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KPMG's US CEO Lynne Doughtie says you need to do these 3 things before making brutal ...

Business Insider UK spoke with Lynne Doughtie, Chairman and CEO of KPMG US at Davos about dealing with making tough decisions as a leader. In 2017 Doughtie fired six executives who had found some insider information at KPMG. She says finding the facts, being decisive and moving quickly was ...
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UK Accounting Watchdog Launches KPMG Carillion Audit Probe

Law360, London (January 29, 2018, 12:31 PM GMT) -- The U.K.'s accounting regulator said Monday it will investigate KPMG's audit of the financial statements of construction giant Carillion PLC, which collapsed this month with an £800 million ($1,126 million) pension deficit. The inquiry, which will be ...
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Carillion collapse: accountancy giant KPMG to be investigated over audits carried out in years prior ...

The accountancy watchdog is to open an investigation into accountancy giant KPMG over its audits of collapsed construction giant Carillion. The Financial Reporting Council (FRC) said today (January 29) that, following inquiries made since Carillion's profit warning in July, it will open an investigation ...
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Jim Armitage: Deloitte has most questions to answer in this sorry saga

Yet only now does the accountancy watchdog, the Financial Reporting Council, consider it's time to take a look at how Carillion's auditor, KPMG, can have got things so spectacularly wrong. In fairness, by FRC standards, this is lightning speed. Previous probes — KPMG's work on HBOS, for example ...
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The Carillion pension bungle raises this question: where was the oversight?

What on earth was the Financial Reporting Council doing? The council will now investigate KPMG to see whether any rules were broken during the audit. KPMG has said it will cooperate with the investigation, but has defended its role. The trouble with Carillion remains size. It grew too big to be called to ...
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Former Employees of Major Accounting Firm Subject to Criminal Charges and SEC Enforcement ...

Five persons were criminally charged in a federal court in New York City with engaging in a scheme to illicitly obtain confidential information from the PCAOB to benefit KPMG, a major accounting firm. The individuals were charged with orchestrating a scheme to help KPMG obtain nonpublic information ...
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Major investigation into City firm that signed off Carillion's accounts

Britain's top accountancy regulator today launched a major investigation into the firm of City auditors that signed off the accounts of failed construction giant Carillion. The Financial Reporting Council (FRC) said its probe will cover the audits conducted by accountancy firm KPMG for the 2014, 2015 and ...
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Accounting News Roundup: KPMG's Audit of Carillion; New Tax Law, One Month On; Happy Tax ...

Accounting News Roundup: KPMG's Audit of Carillion; New Tax Law, One Month On; Happy Tax Season | 01.29.18 ... The U.K.'s Financial Reporting Council probe “will cover 2014 to 2016 and additional audit work carried out during 2017,” including “whether KPMG breached any rules, in particular the ...
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Bill Michael, Chairman, KPMG UK

Bill Michael became UK Chairman at KPMG in 2017, succeeding Simon Collins. Michael has spent nearly 30 years at the firm with his background in audit. Michael became head of financial services audit in 2005 and spent four years in the role before moving to head of financial services UK in 2009.
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Carillion collapse: FRC to investigate KPMG over audit work

The investigation, which was sparked by enquiries made since Carillion's profit warning in July 2017, will cover the years ended 31 December 2014, 2015 and 2016, and additional audit work carried out during 2017. KPMG signed off on Carillion's financial statements in March despite the company ...
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UK watchdog to investigate KPMG audits of collapsed building firm

ONE OF THE UK's largest accounting firms, KPMG, is being investigated over the collapse of the Carillion construction group. The Financial Reporting Council has launched the probe after making enquiries about Carillion's July 2017 profit warning, it said in a statement. Carillion went bust earlier this ...
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Carillion collapse: accounting watchdog investigating KPMG

In an emailed statement to Bloomberg, KPMG said: “Transparency and accountability are vital in building public trust in audit. We believe it is important that regulators acting in the public interest review the audit work related to high profile cases such as Carillion.” The Work and Pensions Committee is ...
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UK launches probe into Carillion accountants KPMG

[LONDON] Britain will probe accountancy firm KPMG over its audit work for collapsed construction group Carillion, regulators said Monday. The Financial Reporting Council has launched the probe after making enquiries about Carillion's July 2017 profit warning, the FRC said in a statement. Carillion ...
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Carillion's auditor KPMG to be investigated

The UK's Financial Reporting Council (FRC) said today it will open an investigation into KPMG, one of the “big four” accounting firms, in relation to its auditing of collapsed construction and services giant Carillion plc. Covering the years ended 31 December 2014, 2015 and 2016, and additional audit ...
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Financing scarce for big petchems projects in Iran - KPMG

LONDON (ICIS)--The pool of western capital available for companies considering investing in Iran is too shallow at present to support the kind of multi-billion dollar petrochemicals complexes that had been considered by some European players in the country, according to KPMG's global head of ...
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MPs blast Carillion pension policy as KPMG faces probe

MPs have accused Carillion of trying to “wriggle out” of pension contributions for the “last 10 years”. Work and pensions select committee chairman Frank Field attacked the failed contractor, claiming that it used “purported cashflow problems” to negotiate deferring pension deficit contributions in order “to ...
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Accountancy watchdog launches probe into KPMG audit of Carillion

The Financial Reporting Council (FRC) has today opened an investigation under the Audit Enforcement Procedure in relation to KPMG's audit of the financial statements of collapsed construction and services firm Carillion. The accountancy watchdog said it took the step following enquiries made since a ...
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Scottish companies are breaking new rules on suppliers

MANY Scottish businesses are contravening new supplier payment regulations introduced by the UK Government, according to a business services group. KPMG in Scotland has found that fewer than half of corporates required to file under the Payment Practices and Performance Reporting (PPPR) ...
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Carillion collapse: Watchdog to probe KPMG audit

The FRC's enforcement division will examine whether KPMG broke technical and ethical standards for auditors. It will also investigate its pensions accounting, revenue estimates for big contracts and assessment of Carillion's finances as a going concern, meaning the firm was unlikely to enter liquidation.
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KPMG calls on Orrick as FRC launches probe into Carillion audits

Orrick Herrington & Sutcliffe partner Matthew Lawson is advising KPMG as the Financial Reporting Council (FRC) investigates the audits of Carillion's financial statements, The Lawyer can reveal. Premium content. This article is only available to Premium subscribers of The Lawyer. A Premium ...
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More troubles for KPMG

JOHANNESBURG - UK authorities on Monday announced an investigation into KPMG's audits of the collapsed British construction company, Carillion. The country's Financial Reporting Council wants to probe whether ethical and technical standards for auditors were breached. Carillion went under ...
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UK watchdog probes KPMG over Carillion collapse

Brussels — The UK's Financial Reporting Council is probing KPMG's audits of failed builder Carillion, and will check whether ethical and technical standards for auditors were breached. "Several areas of KPMG's work will be examined including the audit of the company's use and disclosure of the ...
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UK accounting watchdog to probe KPMG's Carillion audits

The Financial Reporting Council said Monday that the probe will examine whether KPMG breached "ethical and technical standards." The investigation will cover 2014, 2015 and 2016, together with additional audit work carried out during 2017. The probe comes as a parliamentary committee accuses ...
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TOP NEWS: UK Regulator To Probe KPMG's Audits Of Insolvent Carillion

LONDON (Alliance News) - The UK accountancy watchdog is to open an investigation into accountancy firm KPMG over its audits of collapsed construction ... KPMG's audit of the company's use and disclosure of the going concern basis of accounting, estimates and recognition of revenue on significant ...
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Carillion collapse: Financial watchdog launches auditing investigation into KPMG

It will examine several areas of KPMG's work, including the audit of the company's use and disclosure of the ongoing concern basis of accounting, estimates and recognition of revenue on significant contracts, and accounting for pensions. In addition, the FRC said it is carrying out urgent enquiries into ...
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Carillion Collapse: KPMG To Be Investigated Over Audit

The accountancy watchdog is to open an investigation into accountancy giant KPMG over its audits of collapsed construction giant Carillion. The Financial Reporting Council (FRC) said on Monday that, following inquiries made since Carilion's profit warning in July, it will open an investigation under the ...
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Carillion collapse: Auditor KPMG facing investigation

UK's accountancy watchdog has said that it will launch an investigation into accountancy firm KPMG over its audits of collapsed construction giant Carillion. This development comes after Frank Field, the chair of the Commons work and pensions committee, accused Carillion of trying to “wriggle out of its ...
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FRC probing Carillion auditor KPMG over possible accounting breaches

"Several areas of KPMG's work will be examined including the audit of the company's use and disclosure of the going concern basis of accounting, estimates and recognition of revenue on significant contracts, and accounting for pensions," the agency said, adding that it was also progressing with urgent ...
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Carillion gave fatcat shareholders millions while pension black hole was '£400m bigger than ...

A KPMG spokesman said: "We believe that we conducted our role as Carillion's auditor appropriately and responsibly... We will co-operate fully with the FRC's investigation." The Commons Work and Pensions Committee, whose statement was released overnight, said Carillion has been “falling short” of ...
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KPMG investigated over Carillion audit

The FRC said its enforcement division will examine whether KPMG has breached any ethical and technical standards for auditors, looking at the firm's work in areas such as the audit of the company's use and disclosure of the going concern basis of accounting, estimates and recognition of revenue on ...
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Accounting watchdog to probe KPMG over Carillion audits

KPMG, the big four accounting firm, is being investigated by its industry watchdog over its auditing of accounts at the collapsed government outsourcer Carillion. The Financial Reporting Council said the investigation would “consider whether the auditor has breached any relevant requirements, ...
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Justin Jamieson has taken over as KPMG's chairman of partners in SA

While tax and audit services remain the bedrock of large accounting firms, Mr Jamieson plans to further diversify KPMG's local offering to support the state's transition towards new and growing industries. He says revenue generated by the firm's advisory practice has grown by between 10 and 15 per ...
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UK accounting watchdog to probe KPMG's Carillion audits

LONDON (AP) — Britain's accounting watchdog is opening an investigation into KPMG's audit of construction and services giant Carillion, which collapsed this month, less than a year after auditors certified the company's financial health. The Financial Reporting Council said Monday that the probe will ...
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UK accounting watchdog to probe KPMG's Carillion audits

LONDON — Britain's accounting watchdog is opening an investigation into KPMG's audit of construction and services giant Carillion, which collapsed this month, less than a year after auditors certified the company's financial health. The Financial Reporting Council said Monday that the probe will ...
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Audit watchdog to probe KPMG over Carillion work

The UK's audit watchdog has confirmed it will investigate KPMG for work carried out on behalf of Carillion, the listed construction giant that collapsed this month. The Financial Reporting Council said in a statement today that its probe would cover audits carried out by KPMG in 2014, 2015 and 2016 and ...
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FRC probes KPMG over Carillion collapse

“The Financial Reporting Council (FRC) has decided, following enquiries made since a profit warning in July 2017, to open an investigation under the Audit Enforcement Procedure in relation to KPMG's audit of the financial statements of Carillion plc. The investigation will cover the years ended 31 ...
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