LONDON - KPMG's bank audits needed improvements for an"unacceptable" third year running and the accounting firm will be closely monitored, Britain's auditing watchdog said on Friday in an unusually blunt assessment of leading accountants.
"KPMG has agreed additional improvement activities to be delivered this year over and above its existing audit quality improvement plan," said the watchdog, which did not disclose which specific company audits it had checked. The FRC said improvement measures were also expected at so-called challenger accountants BDO, which is headquartered in Belgium, and Mazars, which is based in France.
"It has become an exercise in compliance checking and the public admonishment of auditors, and it does little to improve audit quality, foster innovation or encourage new entrants into the audit market," the ICAEW said in a statement.
When an audit firm doesn't audit properly
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