kpmg partner suspended after carillion audit

KPMG Partner Suspended After Carillion Audit

Posted 29th January 2019 in News For Businesses

Accountancy firm KPMG has suspended a partner who signed off its audit on Carillion, along with three members of the partner’s team.

 

Public sector contractor and outsourcing group Carillion collapsed last year, putting thousands of jobs at risk.

 

KPMG was paid £29 million to audit Carillion for 19 years.

 

KPMG has been criticised for approving upbeat accounts less than 12 months before Carillion’s demise.

 

Meanwhile, unions have criticised lack of action taken against Carillion’s former directors, with general secretary Gail Cartmail commenting, “It is staggering that a year after the biggest corporate failure in modern UK history the government has carried on as though it is business as normal.

 

“The fact that no one involved in Carillion has yet had any form of action taken against them, demonstrates either that the regulators are failing to do their jobs or that existing laws are too weak. If it is the latter then we need better, stronger laws.”

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