KPMG faces severe criticism from the British regulator. Their third year failure is unacceptable

KPMG, the company that provides auditing services, faces new criticism over the quality of its banks’ audits, following the British regulator’s statement that it was “unacceptable” for the third year in a row that the company’s no work. Purpose.

In Portugal, KPMG Competition, regulation and oversight were condemned by the court, which, meanwhile, lost the case against CMVM for censoring BES. The same case that he successfully filed against Banco de Portugal is now in the Supreme Court.

“The results of the KPMG test show no improvement. For the third year in a row, it is unacceptable that FRC has found new flaws in the audits of banks and companies such as KPMG,” he said. Not contacted.

According to the Financial Reporting Council’s annual report, nearly 30% of the UK’s seven largest auditing firms – including Ernst & Young and Deloitte – accounted for the end of March. This target is less than 10% as defined by the British regulator. Accounting firms have faced severe scrutiny by regulators and lawyers for any role they have played in the wake of corporate scandals and corruption. Earlier this year, the FRC opened an audit of Capital, a fintech in Greens, and a bank owned by its largest borrower.

“Given the legitimate importance of banks to the UK economy, it will closely monitor KPMG’s efforts to ensure that decisions are handled in a timely manner,” the UK regulator said. The company has agreed to the required upgrades, which will be carried out this year, he said.

Around here, noIn the CMVM case against KPMG, which was fined 1 million euros, the auditor finds that the Santaram court reduced the permit amount to less than half – 450 thousand euros. Of the 63 administrative violations he reached in court, appealing against the CMVM decision, a total of 11 fines were proved by the judge, resulting in a legal fine of 450 thousand euros.