Watchdog Begins Probe Into KPMG Audit Standards, Culture

Law360, London (April 2, 2019, 3:45 PM BST) -- Britain's accounting watchdog has opened an investigation into the governance and culture at KPMG, following the company's role in auditing the books of collapsed construction outsourcer Carillion PLC, the regulator said Tuesday.

The Financial Reporting Council said that it will probe whether KPMG is making improvements to the way it audits the books of public companies. The regulator slammed KPMG in June 2018 over the "unacceptable deterioration" in the quality of its checks after half of its 2017 audits required significant improvements.

The watchdog said it will work with law firm Allen & Overy LLP's consulting business to assess whether KPMG...

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