He admitted this in an interview with the Sunday Times during which he said most firms faced ‘legal action of various kinds from clients over supposed accounting or consulting errors’ and was the reason why most firms are lobbying for limited liability.
Rake also admitted that it was painful for KPMG to publish its results, but that it was important to ‘practice what you preach’.
The decision to publish full result was taken in the interests of ‘transparency, accountability and openness’, Rake said. ‘We have a major position of trust in the community and we ought to be accountable for our results’.
Rake also trumped up the fact that KPMG was the first of the Big Four to sell off its consulting arm and said these decisions plus the decisions to introduce a board, an audit committee and a remuneration committee had improved governance and was ‘of real benefit to the firm’.
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'
Stephen Mills joins the Manchester office from IBM, where he spent 12 years as an associate partner in the data, analytics and cognitive consulting group
Rupert Guppy will be responsible for capital allowances in the southern region, and joins the firm from specialist consultancy E3 Consulting