KPMG has had to clear up its act when Big Four accountancy firm stops working as an auditor for top British companies
City & Finance Reporter for the Daily Mail
Accountants KPMG stops advisory work for top British companies where the auditor is to prevent conflicts of interest after a series of scandals.
It controls 90 FTSE 350 companies and is the first of the & # 39; Big Four & # 39; – Deloitte, KPMG, E & Y and PwC – to take this step.
Bill Michael, chairman of KPMG, said in a note to partners: "In order to remove even the perception of a possible conflict, we are currently working to stop the delivery of non-audit services, other than those closely related to the control. & # 39;
KPMG is one of the Big Four & # 39; accounting firms in the UK – through Deloitte, Ernst & Young (E & Y) and PricewaterhouseCoopers (PwC)
It comes under intensive supervision by the industry after striking company breakdowns, such as construction giant Carillion and former retailer BHS, which have damaged public confidence in the audit process.
Company Secretary Greg Clark has suggested the prospect of breaking the industry.
And the watchdog of the competition and market authority will examine ways to increase choice and strengthen competition.