{"id":16274,"date":"2012-07-04T09:18:57","date_gmt":"2012-07-04T08:18:57","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=16274"},"modified":"2012-07-03T22:19:09","modified_gmt":"2012-07-03T21:19:09","slug":"why-the-heck-do-we-trust-in-kpmg","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/04\/why-the-heck-do-we-trust-in-kpmg\/","title":{"rendered":"Why the heck do we trust in KPMG?"},"content":{"rendered":"

In June the Telegraph announced<\/a>:<\/p>\n

Top auditor John Griffith-Jones will head the UK's new Financial Conduct Authority from next year.<\/p><\/blockquote>\n

\n
\n
Mr Griffith-Jones currently chairs the UK operations of KPMG, one of the world's \"Big Four\" auditing firms.<\/div>\n<\/blockquote>\n
Today we learne<\/a>d that Ian Barlow is toi be the new Chair of\u00a0H M Revenue & Customs. As HMRC say:<\/a><\/div>\n<\/div>\n
\n
Until March 2010, Ian spent 37 years with KPMG, latterly as Senior Partner, London, working at Board level with international clients in many industry sectors.<\/div>\n<\/blockquote>\n
And we've also learned that Sir Mike Rake is to lead the review of Barclays' business practices in a new role as deputy chair. Of Sir Mike it's been said:<\/a><\/div>\n
\n
From May 2002 to September 2007 Rake was Chairman of\u00a0KPMG International<\/a>. Prior to his appointment as Chairman of KPMG International he was Chairman of KPMG in Europe and Senior Partner of KPMG in the United Kingdom.<\/div>\n<\/blockquote>\n
That means Rake was\u00a0international\u00a0chair of KPMG when in 2005 it agreed to pay $456 million in fines<\/a> in the US fir criminal violations of the law. The other two were senior partners.<\/div>\n
<\/div>\n
This was not their only debacle. Very recently they were chastised for their audit of HBOS before it failed<\/a> - of which they gave no warning when the Lords thought they should have done otherwise.<\/div>\n
<\/div>\n
There are many more such episodes.<\/div>\n
<\/div>\n
And yet we put trust in KPMG.<\/div>\n
<\/div>\n
Why, oh why, oh why?<\/div>\n
<\/div>\n
Disclosure - I trained at KPMG - and left in 1983.\u00a0<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

In June the Telegraph announced: Top auditor John Griffith-Jones will head the UK’s new Financial Conduct Authority from next year. Mr Griffith-Jones currently chairs the
Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81,23],"tags":[],"class_list":["post-16274","post","type-post","status-publish","format-standard","hentry","category-auditing","category-kpmg"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=16274"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16274\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=16274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=16274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=16274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}