KPMG Achieves Strong Growth with 5.1% Revenue Increase in 2025
KPMG's tax business is experiencing faster growth compared to its Big Four rivals, highlighting its competitive edge in the industry.
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KPMG invests $450M to revamp corporate retreats
KPMG's $450 million Lakehouse in Florida is a state-of-the-art training and cultural hub designed to enhance employee development, foster collaboration, and improve retention, featuring amenities like classrooms, gyms, entertainment, and high-quality food, with positive employee feedback but concerns about cost and accessibility.
Macy's Unravels $154 Million Expense Cover-Up by Rogue Employee
Macy's has delayed its quarterly earnings release after discovering an employee intentionally made accounting errors totaling $132 million to $154 million over three years. Experts suggest this indicates a failure of internal controls, as such errors should have been detected earlier. The company has fired the responsible employee and launched an investigation. The incident raises questions about Macy's internal accounting practices and the effectiveness of its auditor, KPMG, in identifying such issues. The situation highlights the importance of robust internal controls and transparency in financial reporting.
KPMG's Dutch Arm Hit with $25 Million Fine for Exam Cheating Scandal
KPMG has been fined $25 million over an exam cheating scandal at its Dutch arm, where employees were found to have improperly obtained and used confidential information during internal training exams. The Dutch Authority for the Financial Markets (AFM) imposed the fine, citing a serious regulatory breach and lack of adequate internal controls at the firm.
KPMG to Merge UK and Swiss Businesses in Bold Move
KPMG is planning to merge its UK and Swiss businesses, aiming to streamline operations and enhance efficiency. The merger is expected to bring together the expertise and resources of both entities, creating a stronger presence in the market and enabling better service delivery to clients.
KPMG to cut 5% of US staff amid service demand drop.
KPMG, one of the largest accounting firms in the world, is set to cut 5% of its US workforce due to a slowdown in demand for its services. The job cuts will affect around 1,400 employees and come as the company looks to restructure its business in response to changing market conditions.
US watchdog exposes flaws in KPMG and PwC audits of Chinese companies.
The US Public Company Accounting Oversight Board (PCAOB) has found that audits of Chinese companies by KPMG and PwC were full of holes, with the firms failing to obtain sufficient evidence to support their opinions on the companies' financial statements. The findings come as China raids the offices of a global consulting firm on allegations of national security risk.
US watchdog uncovers flaws in KPMG and PwC audits of Chinese companies.
KPMG and PwC have been criticized by the US audit watchdog for their handling of audits of Chinese companies. The Public Company Accounting Oversight Board (PCAOB) said the two accounting firms had failed to properly scrutinize the work of their Chinese affiliates, which had led to audit failures. The PCAOB has been unable to inspect audit work in China since 2014, when Beijing stopped it from doing so.
U.S. watchdog uncovers issues with Chinese company audits.
The US Public Company Accounting Oversight Board (PCAOB) found unacceptable deficiencies in audits of dozens of US-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong. The deficiencies were so great that auditors failed to obtain enough evidence to substantiate companies' financial statements. The PCAOB will give the two firms a year to remediate deficiencies around quality controls, and the agency will make referrals to the agency's enforcement team where appropriate.
US watchdog uncovers major deficiencies in audits of Chinese companies
The US Public Company Accounting Oversight Board (PCAOB) found unacceptable deficiencies in audits of US-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong. The deficiencies were so great that auditors failed to obtain enough evidence to substantiate companies' financial statements. The PCAOB will give the two firms a year to remediate deficiencies around quality controls, and the agency will make referrals to the agency's enforcement team where appropriate.
Auditors Neglected to Identify Risks Leading to Bank Failures
KPMG LLP failed to flag the risks building up in Silicon Valley Bank just 14 days before the bank collapsed. While the audit firm flagged potential losses on loans, it remained silent on the bank's unrealized bond losses and its ability to hold them given a reliance on potentially flighty deposits. Experts are questioning how KPMG missed the interest-rate risk.
KPMG defends audits of Silicon Valley Bank and Signature Bank amidst pressure.
KPMG, one of the Big Four accounting firms, has defended its audits of Silicon Valley Bank and Signature Bank after a report by the US Senate Permanent Subcommittee on Investigations criticised the banks for failing to prevent money laundering. KPMG said it stood by its work and that the report did not identify any deficiencies in its audits.