Law360, London (July 23, 2021, 3:23 PM BST) — Britain’s accounting regulator said Friday that auditing giant KPMG has fallen short of standards expected of the sector for the third year running, a result that the regulator described as “unacceptable.”
The Financial Reporting Council said the results of its annual audit quality inspection showed that the industry must improve its performance. But the regulator singled out KPMG, saying its audits of banks and similar financial services companies was not up to scratch for the third consecutive year.
“Given the systemic importance of banks to the U.K. economy, the FRC will be closely monitoring KPMG’s actions to ensure findings are addressed…
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