PracticeAccounting FirmsKPMG takes on PwC over Independent work

KPMG takes on PwC over Independent work

PwC takes on Big Four rival, KPMG, over insurer's accounts.

KPMG is to contest a £300 million claim by liquidators PwC that it failed to notice discrepancies in the accounts of Independent, the £1 billion insurer that collapsed in 2001.

Link: Inaccurate accounting blights US insurance giant

The Times reports that KPMG is to contest the claim, with a spokesman for the firm saying: ‘We believe there is clear evidence that the true state of Independent’s financial position was withheld from KPMG as its auditors.’

The claim is believed to revolve around allegations that KMPG missed signs that Independent was not reserving enough to meet claims.

Sources quoted in The Times said the case would be unlikely to reach court before 2007.

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