Audit firm boss admits 'I simply cannot defend the work we did - it was very bad' as damning report results in record fine
Audit firm boss admits ‘I simply cannot defend the work we did – it was very bad’ as damning report results in record fine“The collapse of Carillion had a significant and painful impact on employees, pensioners, investors, critical infrastructure projects, local communities and taxpayers,” said Richard Moriarty, chief executive of the Financial Reporting Council .
KPMG had failed to gather enough appropriate evidence to enable it to conclude that Carillion’s financial statements “were true and fair”.found that the “number, range, and seriousness of the deficiencies in the audits was exceptional” and undermined public trust in audit work. KPMG’s audit team did not carry out reliable audits for three years prior to its collapse. The 2016 audit was “seriously deficient” and was signed off six weeks before the audit work had even finished, the FRC said.The auditors failed to show “an adequate degree of professional scepticism” and did not properly scrutinise what Carillion bosses told them.
“Junior colleagues were badly let down by those who should have set them a clear example, and I am upset and angry this happened at our firm…
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