KPMG's audits of banks needed improvements for the third year running and the accounting firm will be closely monitored, Britain's auditing watchdog said on Friday in its annual check of leading accountants.
Checks of 103 audits undertaken by KPMG, PwC, Deloitte, EY, Mazars and BDO for 2020/2021 showed that nearly one third of audits still require improvement, only marginally better than in the prior year, the Finiancial Reporting Council said.
"Inspection results at KPMG did not improve and it is unacceptable that, for the third year running, the FRC found improvements were required to KPMG’s audits of banks and similar entities," the FRC said in a statement. Cath Burnet, Head of Audit at KPMG UK, said the company was committed to delivering high quality audits and already working hard to make the necessary changes the FRC has highlighted.
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