PracticeAuditNorwegian KPMG cleared as partner sentenced

Norwegian KPMG cleared as partner sentenced

Norwegian partner gets 30-day jail sentence but firm as a whole is not held responsible

An
Oslo
court
has ruled that KPMG’s Norwegian group could not be held responsible
for the negligence of an auditor in its employ, just as one of its partners was
sentenced in the case.

John Haukland, 57, a partner in the firm, was sentenced to 30 days in jail
yesterday for negligent accounting in one of the country’s worst bankruptcies,
while the Norwegian branch of the firm was acquitted.

Haukland was auditor of the books of the Finance Credit collection agency in
the years ahead of it going bankrupt in 2003, with about $242 million (£125m) in
debt to eight banks.

The Oslo District Court said Haukland and his team approved inaccurate annual
accounts from Finance Credit, and as early as 2000 should have seen that figures
were exaggerated in its books. The firm is part of the KPMG International
network of independent firms.

Further reading

KPMG tax shelter case postponed
‘indefinitely’

KPMG and ex-partners square off in US

Improper’ pressure heaped on ex-KPMG
partners

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

2d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

7d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter