The accounting watchdog has released a damning report in the British big four, KPMG highlighting, in particular, for the “unacceptable deterioration” in the quality of the audit.
The Council on financial reporting told 50pcs KPMG audits to FTSE 350-listed companies requires more than just the limited improvement in the recent financial year, compared & 35pc a year earlier.
Eight leading accounting firms, 72pc of all audits required no more than a modest success compared with 78pc in the previous year, and those for the FTSE 350 companies, 73pc require no more than modest success against 81pc in the previous year. The FRC told accountancy firms “must act quickly”…
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