UK FRC fines KPMG £3.2m over failed Quindelll audit

UK’s accounting financial watchdog, the Financial Reporting Council (FRC), has fined KPMG £3.2 million ($4.3 million) on Monday for failings in its audit of Quindell Plc. The fine is coming after KPMG and its employee William Smith, who was fined 84,000 pounds, both failed to ensure that Quindell’s financial statements for 2013 and 2014 were […]

AfDB debars CHINT Electric for 36 months for fraudulent practices

The African Development Bank Group (AfDB) Monday announced that it has debarred CHINT Electric for 36 months for its involvement in fraudulent practices. CHINT Electric Co., Ltd., a power transmission and distribution equipment manufacturer and EPC contractor, upon an investigation conducted by the bank’s Office of Integrity and Anti-Corruption, confirmed that CHINT Electric engaged in […]

Nigeria’s Finance minister to meet with NNPC boss over N37billion revenue

Kemi Adeosun, Minister of Finance,MDAs

Kemi Adesoun, Nigeria’s finance minister, has called for a meeting with Maikanti Baru, the general managing director of Nigeria National Petroleum Corporation (NNPC), over the irregularities in a N37.76 billion revenue. This is coming after the Federation Account Allocation Committee (FAAC) meeting on Tuesday, March 27, 2018, was inconclusive due to discrepancies in revenue presented […]

Nigeria’s SEC set to carry out forensic audit on Oando

Jubril Adewale Tinubu, CEO, Oando

Nigeria’s Securities and Exchange Commission (SEC) plans to go ahead with a forensic audit of oil company Oando Plc, it said in a statement late Tuesday, despite the suspension of the commission’s director, according to Reuters. The finance minister suspended Mounir Gwarzo, SEC Director General last week over allegations of financial impropriety, a month after Gwarzo […]

UK’s audit watchdog fines Ernst & Young £2.75m over audit misconduct

UK’s audit watchdog, the Financial Reporting Council (FRC), has fined Ernst & Young £2.75 million for alleged misconduct relating to the accounting group’s review of financial statements of Tech Data Limited. The FRC said in a statement Monday that it reprimanded and fined EY after the company admitted to “misconduct” in the audit of Tech […]

South Africa’s Pravin Gordhan slams auditing firm, KPMG over tax report

Pravin Gordhan in Pretoria, South Africa,

Pravin Gordhan, who was ousted from his post as South Africa’s finance minister in March, slammed KPMG LLP after it withdrew the findings of a report on the country’s tax agency that was used as evidence in a police probe against him and led to the removal of senior staff. According to Bloomberg, the auditing firm said on Friday […]

EY snaps up BHP Billiton audit from 2019, after beating competition

After an audit tendering process conducted by global industry giant, BHP Billiton, Big Four accounting and advisory firm, EY (formerly known as Ernst & Young) has beaten off competition to snap up the auditing of the company from 2019, it has emerged. EY’s lucrative victory will see it replacing KPMG as the mining giant’s auditor […]