KPMG

KPMG appointed new leaders in the U.S. of its audit, tax and advisory businesses as the Big Four firm tries to regain trust after a bruising series of scandals.

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Wirecard auditors say ‘elaborate’ fraud led to missing billions

Wirecard AG’s former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry.

Wirecard suffered one of the worst stock slumps in the history of Germany’s benchmark index after revealing that about 1.9 billion euros ($2.1 billion) in cash has gone missing, spooking investors who have endured years of allegations of wrongdoing at the payments company.

The firm admitted shortcomings in three years of work for a client, which had to restate its distributable reserves twice.

EY was sued over its work for the payment company, just two days after Wirecard’s headquarters were raided as part of a market manipulation probe.

Firms, state CPA societies and national accounting organizations are addressing the wave of international outrage and demonstrations sparked by the killing last week of George Floyd, an unarmed African American, by four Minneapolis police officers.

The Big Four increased their percentage of SEC audit engagements at the expense of the rest of the top 10 auditors in 2019.

Defunct U.K. contractor Carillion Plc won’t be able to get key KPMG documents to prepare for a 250 million-pound ($314 million) negligence lawsuit against the accounting firm.

The Public Company Accounting Oversight Board issued inspection reports Monday for the six largest auditing firms in a new format with more graphs and charts.

The Financial Accounting Standards Board has appointed Hillary H. Salo, a partner at KPMG, as its new technical director and chair of the Emerging Issues Task Force.

The platform is built to unify processes, tech platform and application support in one SaaS service.

With the world going through a recession, stakeholders and investors of client companies will lean on accounting firms more than ever to maintain trust and confidence in their companies.

The Securities and Exchange Commission announced Tuesday settled charges against three former KPMG audit partners for sharing answers to internal training exams.

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The COVID-19 pandemic has forced workers across the U.S. to stay home. KPMG offers a robust plan for bringing staff back to the workplace when the time comes.

An independent audit into Wirecard AG concluded that it was unable to obtain the data needed to confirm past revenues, and criticized the payment processor for internal “shortcomings” and unwillingness by its third-party partners to contribute to the report.

The Big Four firm and its KPMG U.S. Foundation will support nonprofits across the country directly impacted by the ongoing pandemic.

COVID-19 has created the largest health and economic crisis in decades.