October 30, 2020

KPMG UK

Uh-Oh, This Isn’t Looking Good for KPMG U.K.

From Reuters today: Britain’s accounting regulator said it has delivered its initial report into KPMG’s audit of builder Carillion, an indication that apparent rule breaches have been found. The construction company’s collapse in 2018 angered lawmakers who called on the Competition and Markets Authority to consider breaking up top accountants to increase competition and auditing […]

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KPMG Is #1 In Having the Poorest Audit Quality Among the Big 4 In the U.K.

Last but not least, we conclude our review of the Big 4 firms’ 2019-20 audit quality inspection reports from the U.K.’s Financial Reporting Council with the Shemp Howard of the group—KPMG. KPMG made headlines (not in a good way, natch) in June 2018 when the FRC said the firm’s five-year decline in audit quality was […]

Mazars Poaches Someone From KPMG and Issues a Press Release, Parts II and III

Those swashbucklers at Mazars are at it again, this time raiding KPMG U.K. for new partners in tax and transaction services in Manchester, England. According to media releases seen by Consultancy.uk, Steven Abbott recently joined Mazars after spending his entire 23-year career at the HofK in Manchester, where he progressed up the ranks from corporate […]

Layoff Watch ’20: KPMG U.K. Is Cutting About 100 People Loose In Consulting

Sky News reported some unfortunate news today, as the Queen’s KPMG has reportedly told about 200 employees, including nearly a hundred in consulting, that their services are no longer needed: Sky News has learnt that the big four accountancy firm has decided to axe just under 200 jobs across its UK workforce, the latest sign […]

EY Poaches Someone From KPMG and (Not Yet) Issues a Press Release, Part II

In the About section of his LinkedIn profile, Charlie Simpson simply put down, “Delighted to have joined EY Parthenon to help grow our Advanced Mobility and Manufacturing business across Europe and globally.” It’s Simpson’s move to EY-P, the strategic consultancy located in the boiler room of the EY Global Battleship, that is the focus of today’s […]

EY Poaches Someone From KPMG and Issues a Press Release, Part I

We’re going back to the U.K. for today’s edition of “Big 4-on-Big 4 Poaching From Around the World,” where private equity specialist Jo Taylor is moving up from No. 4 to No. 3 in the Big 4 rankings. From a press release seen by the website TheBusinessDesk.com: EY’s transaction tax team in Manchester continues to […]

KPMG Poaches Two More People From PwC and Issues a Press Release, Part VI

It’s pretty crazy that there have been so many new KPMG hires from around the globe lately who have come from PwC, because it wasn’t that long ago when KPMG was pretty much a playground for future PwCers. Big 4-on-Big 4 poaching is fun! Especially when it involves these two firms. So let’s head over to […]

KPMG Poaches Someone From PwC and Issues a Press Release, Part V

Everyone’s favorite golf company just hired away a turnaround specialist from one of its biggest rivals in the U.K. Let’s take a trip to London for our latest edition of “Big 4-on-Big 4 Poaching From Around the World,” where we learn a little more about PwCer-turned-KPMGer Massimiliano Messina: Professional services firm KPMG has announced the […]

PwC and KPMG Have the FRC Breathing Down Their Necks

The U.K.’s audit cops are curious as to why Eddie Stobart Logistics’ 2018 profits were overstated by £2 million, which resulted in shares of the company being suspended last August, a delay in publishing its 2019 interim results, and Eddie Stobart nearly going out of business. So the Financial Reporting Council is now breathing down […]

Big 4 Lawsuits: FDIC vs. EY, Investors vs. Mattel and PwC, Carillion vs. KPMG

Federal regulator sues auditor Ernst & Young for negligence over First NBC collapse [New Orleans Advocate] The FDIC is suing Ernst & Young in the $1 billion failure of First NBC Bank in 2017, alleging that EY missed clear red flags related to several soured loans and failed to raise the alarm to the bank’s […]

Even In This Bizarro World, KPMG U.K. Still Gets Fined For Bad Auditing

I don’t know about you guys but in this weird and depressing time we’re living in, I take a little bit of comfort in finding some shred of pre-coronavirus normalcy in my day-to-day life. And I found something this morning, thanks to Reuters: KPMG U.K. was fined by the Financial Reporting Council for piss-poor auditing. […]

KPMG U.K. Chairman Diagnosed with COVID-19

The Financial Times reported this afternoon that Bill Michael, chairman of the Queen’s KPMG, has tested positive for COVID-19 and has been hospitalized. Mr Michael, who took over the Big Four accounting and advisory firm in 2017, has been in hospital for one week after becoming unwell but was only diagnosed with the Covid-19 virus […]

KPMG U.K. Won’t Have to Deal with Deal Advisory Partner Anymore

The whole Sanjay Thakkar bullying saga at KPMG U.K. has mercifully come to an end. The Financial Times reported on Feb. 28: One of KPMG’s most senior partners who was at the centre of a bullying dispute has left the firm eight months after widespread scrutiny of his conduct that led to a crackdown on […]

Oh No, KPMG U.K. Senior Executives Might Not Be Able to Afford Christmas This Year

I’m sure all you KPMG U.K. grunts are heartbroken over this news: After all that’s gone wrong at KPMG over the past year, its UK leadership probably didn’t expect big bonuses. Still, after the hard graft of trying to engineer a turnround, a £6m pay cut is going to hurt nonetheless. The 25 senior managers […]

KPMG Is the Cockroach of the Big 4

“KPMG is obviously such a vast business that it could probably survive nuclear war.” — Daniel Sutherland, a partner at the U.K. business law firm Fox Williams, when asked if a large decline in profits and recent layoffs at KPMG U.K. will eventually lead to an existential crisis.

KPMG U.K. Shocks the World by Having Somewhat Decent Revenue In 2019

When reports from across the pond started surfacing in September about the cost-cutting frenzy (you know, Project Zebra) going on at KPMG, accounting blabbermouths (like us) were salivating at the thought of how bad the firm’s 2019 revenue would be when the numbers were released in December. Well, that day has finally come, and believe […]

Tweet of the Day: On KPMG U.K. Pulling Its Sponsorship of Prince Andrew’s Pitch@Palace Event

Actually, this tweet was sent yesterday, but it’s too good not to share today. It’s regarding KPMG and the news that broke across the pond on Monday that the firm decided not to renew its sponsorship of Prince Andrew’s networking initiative for young entrepreneurs called Pitch@Palace. The news that KPMG had backed out came following […]

Apparently Some KPMG U.K. Employees Were Pissing or Pooping (or Both) In a Work Bathroom Sink

So yesterday the BBC posted an article about the shitty bathroom etiquette of some employees at the Financial Conduct Authority, the regulator of the financial services industry in the U.K. And I’m not trying to be funny when I use the word “shitty.” People were “defecating on the floor in toilet cubicles,” according to FCA […]

Layoff Watch ’19: KPMG U.K. Reportedly Will Cut an Entire HR Division

“Project Zebra” strikes again. The London Evening Standard has the latest about the bloodletting going on at KPMG. Apparently some people in HR are being told to hit the bricks: The Evening Standard can reveal that KPMG is taking the knife to its internal training team – which it calls Learning Deployment Operations – who run […]

Layoff Watch ’19: KPMG U.K. Partners Fear the Zebra

KPMG U.K.’s better-late-than-never belt-tightening endeavor called “Project Zebra” is leaving carnage in its wake almost on a weekly basis. First, about a third of the firm’s 630 administrative assistants are losing their jobs. Then, employees had to give up their work-issued mobile phones. Next, average pay per partner is reportedly being cut by 10% over […]

KPMG U.K. Gives Its Cost-Cutting Plan a Stupid Codename

If Adrienne and I decide to do a second annual Going Concern Green Eyeshade Awards or Something Like That for 2019, I think we’ve found a winner of the “Dumbest Codename From a Big 4 Firm” award. From the Financial Times: KPMG has drawn up plans to save £100m in costs in a profit-boosting exercise […]

Did Bands Play When KPMG U.K. Asked Employees to Hand Over Their Work Phones?

After Tabby Kinder of the Financial Times broke the story on Sept. 30 about KPMG U.K. taking back all the mobile phones that it had issued to hundreds of employees to cut costs, she shared a text on Twitter she got from an accountant that I found humorous because the accountant found the topic of […]

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KPMG U.K. Is Getting Stingy

Today is New Year’s Eve in KPMG’s Universe, as fiscal year 2020 begins tomorrow. We won’t know KPMG’s global revenue for FY 2019 until mid-December, and the Queen’s KPMG doesn’t release its profit and revenue numbers until early December, but based on all this pound-pinching going on, we can speculate that KPMG U.K.’s 2019 results […]

KPMG U.K.’s WhatsApp Fiasco Claims Two More Partners

Let’s take a look and see how things are going in KPMG U.K.’s financial services consulting business now that two more partners are leaving the firm after their boss was fired last month over messages he apparently sent on WhatsApp: The KPMG financial services consulting practice is now “a bit of a disaster zone,” a […]

Ex-KPMG U.K. Partners Start Consulting Firm Devoid of Any Big 4 Bullsh*t

Remember Maggie Brereton and Ina Kjaer, the two KPMG U.K. partners who quit earlier this year because the firm protected a male partner who was accused of being a bully? Well, the two women have launched their own consulting firm that they say will be everything the Big 4 is not. The name of their […]

WhatsApp, KPMG? U.K. Partner Given the Heave-Ho Over Messages He Sent

More hijinks going on at KPMG U.K., as reported yesterday by the Financial Times: KPMG has forced out the head of one of its core businesses in Britain after an investigation into his conduct involving messages sent on WhatsApp. Tim Howarth, head of financial services consulting at KPMG, is the third senior partner to be […]

Here’s Your Scorecard For KPMG U.K. Fines So Far In 2019

While I was vacationing in South Carolina last week, word officially came down from across the pond about the highly anticipated fine KPMG U.K. would be receiving from a Financial Reporting Council disciplinary tribunal for bungling reports on Bank of New York Mellon Corp. The tribunal let KPMG off the hook, deciding on a fine […]

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KPMG U.K. Doesn’t Really Care If You Don’t Like How It Handled Complaints Against Partner Accused of Bullying

We were so busy trying to wrap our heads around the $50 million fine the SEC gave KPMG last week for its auditors’ involvement in two separate scandals and which of the two might be more damaging to the firm’s reputation that we missed a new article about the bullying allegations made against KPMG U.K. […]

Here’s More Proof That KPMG U.K. Totally F*cked Up the Way It Handled Bullying Allegations Against Partner

The Financial Times reported today that three—THREE—senior executives at KPMG U.K. were aware of and ignored concerns from staff as early as 2017 alleging senior partner Sanjay Thakkar was acting like a bully before they finally got around to launching an investigation about the complaints last October. KPMG employees approached the firm’s UK managing partner Philip […]

KPMG U.K. Partner Accused of Being a Bully Decides He Probably Shouldn’t Be a Partner Anymore

Remember that KPMG U.K. male senior partner we told you about last week, the one who was accused of being a bully and was found by the firm to have acted like a jerk but not a bully when he was probably acting like a bully, and then two well-respected female partners quit in protest? […]

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Two KPMG U.K. Female Partners Had Enough Of Working At a Firm That Protected An Alleged Bully

Last December we learned that the Big 4 firms across the pond sacked nearly 40 partners (probably all men, although we don’t know for sure) within the past four years for inappropriate conduct, such as sexual harassment and bullying, seven of whom had worked at KPMG. But KPMG evidently sided with a male partner who […]

KPMG Doesn’t Think It Should Have to Pay a $16 Million Fine For Screwing Up BNY Mellon Compliance Reports

Our favorite four-letter Big 4 firm is in danger of having to pay an eight-digit fine in the U.K. for dropping the ball on making sure Bank of New York Mellon complied with rules on keeping client assets safe. From Bloomberg: Accounting giant KPMG should be fined 12.5 million pounds ($15.9 million) or more for […]

Another Day, Another Fine for KPMG

Here we go again … A U.K. regulator on Wednesday fined KPMG LLP and a partner at the firm after they admitted to misconduct in relation to the audit of financial statements of Co-operative Bank PLC. The Financial Reporting Council, Britain’s watchdog for accounting and audit, handed KPMG a fine of £5 million ($6.51 million) […]

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KPMG Just Can’t Stay Out of Trouble

On this week’s episode of “KPMG Did Something Bad” … A U.K. regulator on Tuesday fined KPMG LLP and three executives after an investigation that found misconduct in relation to the audit of financial statements of a Lloyd’s of London insurance syndicate. The Financial Reporting Council, Britain’s watchdog for accounting and audit, fined KPMG £6 […]

U.K.’s Audit Regulator Wants to Find Out Exactly Why KPMG Is Such a Hot F*cking Mess

From the Wall Street Journal: The U.K. watchdog for accounting and audit on Tuesday launched an independent review into the governance, controls and culture at KPMG LLP’s U.K. audit unit. The Financial Reporting Council will examine KPMG’s risk management, its controls and the behavior of partners and other employees in the audit practice. This first-of-its-kind […]

Gender Pay Gap at KPMG U.K. Is Actually Getting Larger, You Guys

From the Financial Times: KPMG is the only Big Four accounting firm [in the U.K.] to have failed to close its gender pay gap over the past 12 months, with the median gap between what its male and female staff earn increasing to 28 per cent. The other three firms, EY, PwC and Deloitte, all […]

KPMG U.K. Employees Are Reportedly Pissed Off About Being Fined for Late Timesheets

A new timesheet policy being rolled out at KPMG U.K. is causing a little ruckus between employees and management. From The Guardian: KPMG has angered UK staff by threatening them with £100 fines if they submit their paperwork late. The accounting company said it would impose the penalties if staff were late to file their […]

KPMG, PwC, and EY Also Kicked U.K. Partners to the Curb for Sexual Harassment, Bullying

We learned on Dec. 9 that Deloitte U.K. had fired about 20 partners in the past four years for inappropriate behavior, including sexual harassment and bullying. The Financial Times, which broke the story, had asked the other Big 4 firms in the U.K. if they would disclose similar information. They declined. But KPMG, PwC, and […]

BNY Mellon Client Asset Reports Were Seriously Bungled by KPMG, U.K. Watchdog Says

Oh jeez, KPMG U.K. is in trouble again with the Financial Reporting Council. Per Reuters: KPMG and one of its partners have admitted to serious failings in compliance reports for Bank of New York Mellon, Britain’s accountancy watchdog said, potentially leading to heavy fines as the auditor comes under unprecedented scrutiny. The Financial Reporting Council […]

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KPMG U.K. Lawyers Up Because Not Breaking the Law is Hard, You Guys

The Financial Times did not hold back in its headline announcing the news on KPMG U.K.’s latest hire earlier this week: KPMG appoints risk management chief after accounting scandals. Ouch. Here, KPMG, you might need this. So just who is this brave individual willing to take on a brand-new role at a scandal-plagued accounting firm? […]