KPMG’s banking audits not up to scratch, says UK watchdog By Reuters



© Reuters. FILE PHOTO: The logo of KPMG, a professional service company, is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018. REUTERS/Charles Platiau

LONDON (Reuters) – KPMG’s audits of banks needed improvements for the third year running and the accounting firm will be closely monitored, Britain’s auditing watchdog said on Friday in its annual check of leading accountants.

“Inspection results at KPMG did not improve and it is unacceptable that, for the third year running, the FRC found improvements were required to KPMG’s audits of banks and similar entities,” the Financial Reporting Council said in a statement.

“KPMG has agreed additional improvement activities to be delivered this year over and above its existing audit quality improvement plan.”

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