KPMG blasts PwC over transparency
KPMG senior partner Mike Rake has launched an attack on PricewaterhouseCoopersover its failure to publish full financial information.
Rake, speaking as he revealed KPMG’s own annual report showing a 12% increase infee income to £1.16bn, said PwC should come clean and publish its own auditedaccounts.
He commented: ‘We believe that other firms who are making recommendations aboutreporting should have a degree of transparency about their own results, and thatany firm that audited 40 to 50% of the FTSE-100 should be seriously consideringpublishing its accounts as well.’
He highlighted the fact that PwC’s Dutch firm published audited accounts.
Alan Reid, the firm’s finance partner, added: ‘What have they got to hide?’
Talking about the future of the firm’s consultancy division, Rake said theAmerican practice was ready to float off its own division ‘at a moments notice’,but volatile market conditions were delaying the process.
He said the European consultancy practice was expected to follow suit withintwelve months.
On its results, which cover the year 30 September 2000, the firm said thatstrong growth in tax and financial advisory services was behind the increase.
While admitting that the publication of his own pay packet of £1.65m was ‘highlyirritating’, Rake said that publishing full results was good for the professionand set an example for others.
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