KPMG has been singled out for an “unacceptable deterioration” in the quality of its audits by its regulator, and will face tougher oversight than its peers.
The Financial Reporting Council, which oversees audit firms, said half of KPMG’s company audits in 2017-18 had required “more than just limited improvements” after the regulator had inspected them. That was up from 35% the previous year.
