KPMG
Multinational professional services and accounting company firm
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| March 2025 | US accounting regulator PCAOB announced disciplinary orders against nine KPMG global network firms from Switzerland, Korea, Australia, Canada, Brazil, Italy, Israel, Mexico, and UK for violations of PCAOB rules and standards. Each firm was censured and imposed a civil money penalty totaling US$3.375 million. |
| February 2025 | KPMG US removed diversity reports from its website as part of an effort to abandon DEI targets. |
| January 2025 | UK accounting regulator Financial Reporting Council opened an investigation into KPMG's 2022 audit of gambling company Entain. |
| November 2024 | KPMG announced a $100 million investment over four years to boost enterprise AI services through a partnership with Google Cloud. |
| August 2024 | India's National Financial Reporting Authority fined KPMG's Indian affiliate 10 Crore Rupees and barred two partners from audit work for lapses in auditing Coffee Day Enterprises' 2018-19 financial statements. |
| May 2024 | KPMG partners approved the merger of its UK and Switzerland firms, generating $4.4 billion annually. |
| April 2024 | PCAOB fined KPMG's Netherlands affiliate $25 million for widespread improper answer sharing and misrepresentations about misconduct in its internal training and quality control systems. |
| March 2024 | US accounting regulator Public Company Accounting Oversight Board sanctioned three partners of KPMG China affiliate and fined it $150,000 for audit standard violations. |
| March 2024 | KPMG's UK affiliate was fined £1.46 million by the Financial Reporting Council for audit failings in M&C Saatchi plc's 2018 financial statements. |
| February 2024 | KPMG's South African affiliate entered into a confidential out-of-court settlement of 500 million Rand with liquidators of VBS Mutual Bank in response to a lawsuit filed in February 2021. |
| January 2024 | An organization representing 9,000 individual investors sued KPMG's French affiliate for losses of almost €700 million related to investments in illiquid assets managed by H2O. |
| 2023 | KPMG was criticized for its audits of three regional banks that collapsed in 2023: Signature Bank, First Republic Bank, and Silicon Valley Bank (SVB). |
| November 2023 | US accounting regulator PCAOB fined KPMG affiliates: US$80,000 for Brazil and Argentina for inadequate audit committee communication, and US$500,000 for Japanese affiliate's quality control violations. |
| October 2023 | The Financial Reporting Council fined KPMG UK £21 million for failing to follow basic audit concepts during Carillion's audits, with additional legal costs of £5.3 million. |
| August 2023 | Abu Dhabi Global Market's registration authority penalized KPMG Lower Gulf AED110,000 for ineffective systems and non-compliance with audit requirements. |
| August 2023 | KPMG Australia was accused by whistleblowers of submitting inflated invoices and billing the Australian Department of Defence for unworked hours, totaling A$1.8 billion over a decade. |
| July 2023 | KPMG Nederland revealed over 100 employees had cheated on exams annually for five years, leading to the resignation of director Marc Hogeboom. |
| June 2023 | UK's Financial Reporting Council imposed a £877,000 fine on KPMG UK for not meeting requirements in its 2017 audit of Eddie Stobart Group's financial statements. |
| May 2023 | US accounting regulator PCAOB found significant deficiencies in KPMG China's (KPMG Huazhen LLP) audit practices, failing to obtain sufficient audit evidence. |
| April 2023 | UK's Financial Reporting Council fined KPMG UK £1 million for failing to meet audit requirements for TheWorks.co.uk plc's 2020 financial statements. |
| April 2023 | KPMG's Canadian affiliate was sued for Canadian $1.4 billion by PriceWaterhouseCoopers for negligently failing to detect financial misstatements in Bridging Finance Inc. |
| April 2023 | KPMG Lower Gulf was ordered by a Dubai court to pay UAE Dirhams 850 million to investors who claimed losses due to poor-quality audit of The Abraaj Group. |
| April 2023 | KPMG UK was fined £875,000 by the Financial Reporting Council for audit requirement failures in Luceco's 2016 financial statements. |
| March 2023 | KPMG issued a clean audit report for Silicon Valley Bank just 11 days before its catastrophic collapse, publicly declaring that it 'stood behind its audits of SVB'. |
| February 2023 | KPMG UK confidentially settled a £1.3 billion lawsuit with the UK's Official Receiver related to its audit of Carillion between 2014-2018. |
| February 2023 | A UK Disciplinary Tribunal found that KPMG audit team members deliberately misled regulators by altering and creating documents during an inspection of Carillion and Regenersis plc audits. |
| December 2022 | US accounting regulator PCAOB discovered widespread exam cheating and document alterations across KPMG affiliates in UK, Colombia, and India, resulting in KPMG LLP agreeing to pay US$7.7 million in fines. |
| November 2022 | KPMG UK agreed to pay £5 million in settlement of a lawsuit by former client Quindell relating to deficient 2013 financial statement audits. |
| October 2022 | Financial Times published a report detailing unethical employment practices at KPMG Saudi Arabia, including allegations of racial tensions, wrongful terminations, and concerns about expatriate staff's personal safety and mental health. |
| October 2022 | Dubai Financial Services Authority issued provisional fines totaling US$2 million to KPMG's UAE affiliate and an audit employee for failing to follow international audit standards in The Abraaj Group audit. |
| September 2022 | Ten capital partners at KPMG's UAE branch sent an email to global executives urging them to suspend Nader Haffar, citing concerns of 'nepotism, cronyism and a culture of fear' and falling partner profits. |
| August 2022 | KPMG announced plans to downsize its office footprint in New York City, planning to move to Two Manhattan West in Hudson Yards by 2025. |
| August 2022 | PCAOB fined KPMG South Korea US$500,000 for improper audit procedures and banned two partners from working for registered audit firms for three years. |
| July 2022 | Peter Meehan was fined £250,000 and banned from accounting for ten years, along with three other former KPMG executives receiving fines and bans. |
| July 21 2022 | KPMG Lower Gulf CEO Nader Haffar requested a new election process for his position, to be governed by an external law firm, following allegations of fostering a 'fear culture' and workplace misconduct. |
| May 2022 | Financial Reporting Council confirmed a £14.4 million fine and severe reprimand for KPMG over false representations concerning Carillion audits. |
| April 2022 | US accounting regulator PCAOB fined Scott Marcello, former head of KPMG's US audit practice, a record US$100,000 for failing to supervise senior auditors who manipulated inspection results. |
| April 2022 | KPMG announced plans to acquire 50% of the UK-based venture capital advisory specialist Acceleris. |
| March 2022 | British accounting regulator Financial Reporting Council (FRC) fined KPMG UK £1.3 million for serious audit failings in Revolution Bars Group audits. |
| March 2022 | In response to the Russian invasion of Ukraine, KPMG announced the departure of its Russian and Belarusian firms from the KPMG network. |
| February 22 2022 | KPMG mutually ended its sponsorship with Phil Mickelson following controversial comments about Saudi Arabia. |
| January 2022 | Malaysian government reported KPMG's local affiliate agreed to pay a fine of RM 333 million ($111 million) to settle the 1MDB funds scandal case. |
| January 10 2022 | An FRC disciplinary panel hearing began against KPMG and former partner Peter Meehan regarding allegedly false information about the 2016 Carillion audit. |
| November 2021 | Two units of Abraaj in liquidation filed a US$600 million lawsuit against KPMG LLP in Dubai, alleging breaches of professional standards and duty of care in auditing. |
| November 2021 | KPMG UK faced a £15m lawsuit from insurance outsourcer Watchstone over allegations of negligence in a 2013 audit. |
| November 2021 | Augusta Ventures announced funding for three $152.4-million lawsuits in Canada against KPMG LLP related to Money Retailer Monetary Services Inc. |
| September 2021 | PCAOB fined KPMG Australia $450,000 after the firm confessed to a cheating scandal involving over 1,100 employees (approximately 12% of its workforce). |
| August 2021 | A UK tribunal fined KPMG £13m and ordered £2.75m in costs for misconduct in the Silentnight bed company sale, finding KPMG helped private equity group H.I.G Capital drive the company into insolvency. |
| July 2021 | UK accounting regulator Financial Reporting Council (FRC) criticized KPMG for failing to meet required auditing standards, with only 61% of its bank audits meeting industry standards. |
| May 2021 | Canadian Parliament's House of Commons finance committee re-launched a probe into offshore tax evasion by interviewing KPMG's managing partner Lucia Iacovelli. |
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