June 18, 2018 / 4:31 PM / a year ago

UK accounting watchdog says KPMG audits show "unacceptable deterioration"

LONDON, June 18 (Reuters) - KPMG, one of the world’s “Big Four” accounting firms, has shown an “unacceptable deterioration” in auditing British firms and will be subject to closer supervision, the country’s accounting watchdog said on Monday.

The Financial Reporting Council (FRC) said Big Four auditors - which also include PwC, EY and Deloitte - must act swiftly to reverse the decline in this year’s audit inspection results if they are to hit targets set by the watchdog.

“There has been an unacceptable deterioration in quality at one firm, KPMG,” the FRC said in a statement. “Fifty percent of KPMG’s FTSE 350 audits required more than just limited improvements, compared to 35 percent in the previous year.” (Reporting by Huw Jones; editing by John Stonestreet)

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