UK Regulators, Lawmakers Get Tough on ‘Poor Performance’ of Big 4 Auditing Firms

Article 0 Comments The U.K. accounting watchdog is ramping up misconduct fines after being called useless and toothless by lawmakers irate at the failure of the accounting industry to prevent several high-profile corporate collapses. Over two days last week, the Financial Review Council levied penalties totaling 14.5 million pounds ($19 […]

KPMG’s Audit Work Is of `Unacceptable Standard:’ UK Regulator

Article 0 Comments KPMG’s audit work in the U.K. is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling the “Big Four” players. In an unprecedented assessment, the Financial Reporting Council said auditors at KPMG don’t challenge management enough, aren’t sufficiently skeptical and […]