KPMG audits show 'unacceptable deterioration': UK regulator

UK's Financial Reporting Council has said that KPMG, one of the 'Big Four' accounting firms, has shown an "unacceptable deterioration" in auditing standards. The regulator said auditors at KPMG don't challenge management enough and are inconsistent in their execution of audits. The decline in quality reflects badly on efforts by previous leadership to improve the work, it added.