KPMG criticised by regulator for 'unacceptable' audit deterioration

The accountancy regulator has criticised KPMG for an "unacceptable deterioration" in the quality of audits that the firm carries out for large UK companies. The Financial Reporting Council said half of KPMG's audits of FTSE 350 companies required "more than limited improvements" in 2017-18 - a deterioration from 35% the year before. As a result the FRC, which is under pressure over its own effectiveness, will place KPMG under greater scrutiny. The FRC will inspect 25% more of KPMG's audits in ...

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