KPMG Defends Audit Work For Carillion In £1.3B Suit
By Silvia Martelli (August 5, 2022, 7:40 PM BST) -- Accountancy giant KPMG has denied that it was negligent when signing off Carillion's accounts before its collapse, saying that there were no red flags it could have identified given the way the government contractor's management hid the company's woes.
The Big Four firm told the High Court in a July 29 defense, which has now been made public, that some managers at Carillion PLC, a major government contractor, had hidden that they had misstated the outsourcing giant's accounts in the two years before it imploded in 2018.
The Financial Reporting Council, the accounting industry regulator, secured a £14.4 million ($17.7 million)...
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