KPMG is laying off 5 percent of its U.S. employees after feeling the pinch of “economic headwinds, coupled with historically low attrition,” a spokesperson for the Big Four accounting giant said on Monday. The firm had over 39,000 employees in the United States at the end of its last fiscal year on Sept. 30. KPMG,…
Top Audit Firm Defends Giving Clean Bill of Health to SVB, Signature Bank Weeks Before Failure
Audit giant KPMG is standing by its audits of Silicon Valley Bank (SVB) and Signature Bank, which collapsed when customers rushed to withdraw their savings in panic-fueled bank runs. The two banks failed not long after their respective annual reports were certified by KPMG, one of the so-called “Big Four” accounting firms, a list that…
CEOs Cutting Back or Pausing Their ESG Efforts: KPMG study
Despite U.S. companies championing their environmental, social, and governance (ESG) investments and results, many others are planning to suspend or reconsider their ESG efforts in the coming months over growing recession fears, according to a new report. In August, KPMG published an in-depth report titled “2022 U.S. CEO Outlook.” It assessed a wide variety of…
Malaysia Govt Receives $80Mil From KPMG in Settlement Over 1MDB Scandal
Malaysia’s government has received RM340.92 million ($80 million) from international accounting firm KPMG in settlement over the firm’s fiduciary duties in auditing the accounts of scandal-hit state fund 1Malaysia Development (1MDB) from 2010 to 2012, its Finance Ministry said on Thursday. This follows KPMG’s agreement in September last year to settle a civil suit filed…
Britain to Shake Up How Companies Are Run and Audited
LONDON—Britain proposed weakening the market grip of “Big Four” auditors on Thursday and making company directors responsible for spotting fraud after the collapses of retailer BHS and builder Carillion. Directors would have to repay bonuses if their company went bust or serious failings came to light, and dividends and bonuses would have to be stopped…
NTD Business Full Broadcast (Feb. 12)
The first gold-denominated bond in 87 years has been issued. It seems to be the perfect cure for all the money printing madness. Florida is way ahead in job creation. NTD talks to the state’s chamber of commerce about what it’s doing right. If you’re a boss, be careful not to hurt your team’s feelings….
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