KPMG encourages whistleblowing to avoid media leaks after CEO’s exit August 26, 2021 KPMG are reportedly urging staff to use its whistleblowing system to report concerns instead of the media, after a leaked meeting recording led to its former head Bill Michael stepping down, first reported by Financial News. The ex KPMG boss, who left the firm in February, made comments around “unconscious bias” during an online town [...]
The art of the apology: What KPMG’s Bill Michael got wrong February 15, 2021 Last week saw the defenestration of KPMG UK’s chairman, Bill Michael. Days after making some controversial remarks at a ‘town hall’ meeting of employees, the abrasive Australian, having initially stepped aside pending investigation, caught the scent of the prevailing wind and resigned. In some City circles, there has almost been a sense of relief, having [...]
Watchdog slams KPMG for ‘unacceptable’ bank audits for third year running July 26, 2021 KPMG has been called out for failing to meet standards in its bank audits for the third year in a row, by the Financial Reporting Council (FRC) in a review published on Friday, that found that a third of large company audits by the biggest UK firms failed to meet standards. The industry watchdog called [...]
Senior KPMG partner responds to Sadiq Khan’s COP26 call for London to get more powers October 22, 2021 Anna Purchas, a senior Partner at KPMG in London, wrote to City A.M. today as she responded to our article ‘Sadiq Khan will use the upcoming COP26 to vouch for cities like London to have greater powers and funding.’ Dear City A.M., I read with interest that our London mayor Sadiq Khan will use the upcoming [...]
KPMG’s UK boss Bill Michael resigns after ‘moaning’ controversy February 12, 2021 KPMG UK chair Bill Michael has resigned after a video surfaced online of the boss telling staff to “stop moaning” and “playing the victim”. Michael was suspended as the Big Four firm launched an investigation into the comments, which were made during an online meeting with consultants. KPMG today confirmed he has resigned and will [...]
KPMG told to expect £250m claim for Carillion collapse June 23, 2021 Accounting giant KPMG is expected to be told to pay £250m for its role in the collapse of outsourcing firm Carillion, its former client, in 2018. On behalf of the Insolvency Service, lawyers have warned KPMG to expect a claim. The expected move is part of an effort to reclaim funds that will be used [...]
HIG joins private equity pack circling KPMG’s restructuring arm February 8, 2021 HIG Europe has joined a pack of private equity bidders vying to buy the UK restructuring arm of KPMG. HIG is one of four parties shortlisted to acquire the business, which was put up for sale last year, Sky News first reported. It is understood Intermediate Capital Group is another private equity business interested in [...]
KPMG’s ex-interim CEO Mary O’Connor in talks about leaving after being passed up for the top job April 23, 2021 Mary O’Connor, who was the first woman to head up KPMG, is in advanced talks to leave the firm after being passed over for the top job. O’Connor is close to agreeing the details of her exit, Sky News first reported, and a statement on her future at the company could be made in the [...]
1MDB and Malaysia sue 44 KPMG partners for $5.6bn July 9, 2021 Malaysia govt, its Ministry of Finance and 1MDB are suing 44 KPMG Malaysia partners in a $5.64bn suit for their part in auditing the state investment fund. The lawsuit, which was filed earlier this week, accused KPMG of committing breaches of contract and negligence in its audit and certification of 1MDB’s financial statements for the [...]
Partner pay of £760m puts BDO ahead of Big Four rivals EY and KPMG as challenger firm sees revenue surge December 2, 2021 Partners at BDO saw their profits increase to over three quarters of a million pounds, putting them ahead of their peers at rival firms EY and KPMG. Profit per equity partner before tax increased to £760,000 at BDO following a 14 per cent drop last year, while EY partners were paid an average of £749,000 [...]