KPMG’s bank audits still not up to scratch, UK overseer says

Checks of 103 audits done by KPMG, PwC, EY, Deloitte, Mazars and BDO for 2020/2021 showed that nearly one third still needed improvement

London — KPMG’s audits of banks needed improvements for the third year running and the accounting firm would be closely monitored, Britain’s auditing watchdog said on Friday in its annual check of leading accountants.

The results pile more pressure on the government to propose legislation to implement changes to corporate governance and the audit market, as recommended in three government-backed reviews following the collapse of retailer BHS and builder Carillion. “KPMG has agreed additional improvement activities to be delivered this year over and above its existing audit quality improvement plan.”

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