KPMG is set to countersue US mortgage giant Fannie Mae after being hit with a
$2bn (£1bn) lawsuit for negligence and breach of contract as its auditors.
had sued auditors KPMG for its role in the mortgage firm’s
multibillion-dollar accounting irregularities, however, a spokesman for KPMG
said it was pursuing its own claims, according to Reuters. It is
currently unclear as to the nature of the audit firm’s claims.
Fannie Mae had sued
negligence over its part in the mortgage giant’s financial restatements.
‘It is difficult to imagine a clearer case of accounting malpractice,’ Fannie
Mae said in its complaint.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...