The investigation found the disasterous attempt to bring Cambridge’s accounts into the modern world wasted over £10m of public money and almost brought the university to its knees.
Oracle, the software manufacturer, was also severely criticised for supplying ‘a product that was of poor quality’.
Two London academics, Anthony Finkelstein of University College London and Michael Shattock from the London Institute of Education, carried out the probe after the system, known as CAPSA, was introduced last year.
They were also highly critical of the ‘amateur’ way in which the university sought to implement the new system.
In a statement the university said: ‘The university is determined to address its shortcomings.’
It added number of steps had already been taken to improve its financial management, including the recent appointment of Andrew Reid as finance director.
KPMG said it was ‘extremely surprised’ by the comments of the investigators, adding it was consulting with its legal advisers.
The firm said: ‘We believe that [the] reports contain a number of serious inaccuracies with regard to KPMG Consulting’s role and performance.’
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