KPMG's audit discovers Portugese bank irregularities
Espirito Santo International, which holds a stake in Banco Espirito, in a "serious financial condition"
Espirito Santo International, which holds a stake in Banco Espirito, in a "serious financial condition"
AN AUDIT by KPMG of Portugese financial giant Espirito Santo International (ESI) has found it is in a “serious financial condition”.
In a US regulatory filing by its affiliate Banco Espirito Santo, details are revealed about the parlous financial condition of its parent. A review of ESI’s financial statements for 30 September 2013 and 31 December 2013 by KPMG found irregularities in its accounts.
The audit committee of Espirito Santo Financial Group (which owns a share of Banco Espirito and is itself part-owned by ESI) also identified irregularities in ESI’s accounts.
While Banco Espirito stated that it was not responsible for ESI’s problems, it accepted that it might face reputational damage as a result.
Debt from ESI had previously been sold to ESFG and subsequently onto Banco Espirito clients, a move that, while not illegal, had prompted the audit.
Banco Espirito CEO Ricardo Salgado had sat on ESI’s board until March.
More about:
The numbers you crunch tell a story. Your expertis...
10yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleKPMG was initially fined £30 million, but the penalty was subsequently decreased by 30% due to its cooperation throughout the five-year investigation ...
View articleAfter cooperating with the inquiry, the firms and partners received a reduction in fines Read More...
View articleThe FRC has said the admitted failings were "rudimentary and should not have occurred" Read More...
View articleKPMG's settlement of the £1.3bn legal claim highlights longstanding weaknesses in the audit sector, experts say Read More...
View articleThe big four auditor is being penalised for “conspiracy to corrupt and a failure to prevent bribery” Read More...
View articleThe sanctions relate to the firm’s audit of Conviviality PLC between 2017 and 2018 Read More...
View articleAudits for Eddie Stobart’s 2017 and 2018 accounts found errors dating back several years Read More...
View articleThe FRC has fined KPMG UK £700,000 and reprimanded KPMG UK’s former senior partner for Manchester, Nicola Quayle for a “failure to apply sufficient pr...
View article