The UK is wedded to the class system, and so still awards new year honours of varying classes, indicating your rank in society. Amongst recipients this year are Mike Rake, senior partner of KPMG international, who is now Sir Mike Rake.
Candidly, this is a Knight too far. He was senior partner of KPMG in the UK throughout the debacle that nearly destroyed KPMG in the US and worldwide. He must have known something of what was going on there. And frankly neither he nor KPMG have moved far enough to justify any form of award as yet.
KPMG have done great disservice to the profession. To reward its chair for services to accountancy is pushing credibility beyond limits: well beyond limits most people bar Blair's government would accept.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
[…] In recent meetings and conversations, I get the impression that professional bodies hold to the view that self regulation remains a viable route to ethical standards maintenance. I don’t see how that can remain viable when I continue to read about the shenanigans of the Big Four. But even then the appointment of Sir Mike Rake to oversee PE compliance is little short of incredulous. Again from Richard: How can a man who watched his own firm nearly go to the wall and pay fines of $456 million because it failed to comply with so many legal and ethical requirements made of it possibly be suited to this role? […]
[…] Recent Comments Transparency International – one small but crucial step : AccMan on Mike Rake – a Knight too farTax Research UK / Russian corruption? on The Tax Justice Network Code of Conduct for TaxationTax Research UK / 2007 / November / 19 on Northern Rock: the core of the issueTax Research UK / Jersey will fail the EU Code of Conduct on Jersey: more reasons why it fails the EU Code of Conduct.Tax Research UK / Jersey begins to panic on Jersey – beginning to sink […]
[…] Mike Rake has been appointed a board director at […]