The Big Four firm’s Irish partnership faces costs of ? ¬430,000 (£270,000) after an investigation into its 1997 audit of agricultural machinery manufacturer Matbro.
An Institute of Chartered Accountants in Ireland inquiry heard that KPMG and audit partner Saunders Graham had failed to follow rules requiring confirmation of crucial financial information. The three-year inquiry found ‘inadequate application of professional scepticism’ during the course of its audit of Matbro, a subsidiary of engineering firm Powerscreen International.
In a statement, KPMG acknowledged criticisms made by the committee of inquiry over aspects of its audit. The partnership agreed ‘that the work, in this particular case, fell below the firm’s rigorous standards’.
A spokesman added: ‘The firm has since adopted additional procedures to improve the detection of irregularities that occurred within Matbro.’
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
Hundreds of jobs are secure after Spectrum Contracting has been sold out of administration to Minstrell Recruitment by FRP Advisory
Cowgill Holloway and Warings Business Advisors have merged, with a range of growth plans in the North West put in place
The Practitioner discusses their timesheet militancy, and reaction to someone playing it fast and loose with the details...