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January 30, 2023

KPMG Global Chairman Doesn’t Consider a Partner at His Firm Passing Material Non-public Information About Audit Clients to a Golf Buddy to Be All That Newsworthy

I mean, really.

The chairman of KPMG has dismissed as a “one-day wonder” the insider trading scandal involving the former head of the firm’s Los Angeles audit practice. Michael Andrew downplayed the global prominence of the controversy involving Scott London, a senior audit partner who has admitted leaking client secrets to a golfing partner who traded on the information. He told the Financial Times that the story grabbed headlines “because it was a slow news week”.
Michael Andrew does, however, think Scott London was enough of a stand-up guy to admit that he did something wrong.
The KPMG chairman commended Mr London for taking public blame for what happened. “To his credit, he did go on TV and take full responsibility for it,” he said. Mr Andrew added: “It is very difficult to deal with one rogue guy”.

 

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