Editing KPMG (section)

==== 2018 ====
During July, KPMG has come under criticism for its role in the bankruptcy of Dubai-based private equity firm, [[The Abraaj Group|Abraaj Group]], after it was determined that KPMG Lower Gulf Chairman and Chief Executive Vijay Malhotra's son has worked at Abraaj and an executive named Ashish Dave alternated between stints at KPMG and as Abraaj’s chief financial officer, a job he held twice.<ref>{{Cite news|last=Clark|first=Simon|date=July 3, 2018|title=KPMG Has Close Ties to Troubled Private Equity Firm|work=[[The Wall Street Journal]]|url=https://www.wsj.com/articles/kpmg-was-key-witness-as-abraaj-unraveled-1530610201|access-date=May 5, 2021}}</ref>

Also during July, the UK accounting watchdog, the [[Financial Reporting Council]] (FRC) announced an investigation into KPMG’s work for Conviviality, the British drinks supplier that collapsed into administration during April 2018.<ref>{{Cite news|date=July 3, 2018|title=UK's accounting watchdog investigates KPMG|newspaper=The Irish Times|url=https://www.irishtimes.com/business/retail-and-services/uk-s-accounting-watchdog-investigates-kpmg-1.3552400|access-date=May 12, 2021}}</ref>

Also during July, KPMG paid HK$650 million (US$84 million) to settle legal claims after failing to identify fraud at a Chinese timber company, China Forestry.  The liquidators of China Forestry claimed KPMG was negligent when it failed to detect serious false accounting by some of the company’s top management ahead of its listing in 2009.<ref>{{Cite news|last=Kinder|first=Tabby|date=July 19, 2021|title=KPMG settles legal claims after failing to spot fraud at Chinese group|work=The Financial Times|url=https://www.ft.com/content/40a66ec8-d2a1-47d6-a5df-d4414fe75649 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/40a66ec8-d2a1-47d6-a5df-d4414fe75649 |archive-date=10 December 2022 |url-access=subscription |url-status=live|access-date=January 16, 2022}}</ref>

During August, [[Chile]]'s Comision Para El Mercado Financiero(CMF) sanctioned KPMG Auditores Consultores Limitada (KPMG LLP's local affiliate) 3,000 UF (~$114,000), and Joaquín Lira Herreros, its partner, for offences incurred in the audit made to the financial statements of the Aurus Insignia Fondo de Inversión, managed by Aurus Capital S.A. Admnistradora General de Fondos Management (AGF), corresponding to the year 2014.<ref>{{Cite web|date=August 22, 2018|title=The CMF applies sanction against KPMG Auditors|url=https://www.cmfchile.cl/portal/principal/613/w3-article-26175.html|access-date=January 15, 2022|website=Comision Para El Mercado Financiero}}</ref>

In November, the [[Sultanate of Oman]]'s [[Muscat Securities Market|Capital Market Authority (CMA)]] suspended KPMG from auditing entities regulated by the CMA for a period of one year after discovering major financial and accounting irregularities in the entities' records.<ref>[[Times of Oman]], [https://timesofoman.com/article/426702 CMA suspends firm from auditing regulated entities], retrieved on 14 November 2018. Archived at the [https://web.archive.org/web/20181114133638/https://timesofoman.com/article/426702 Wayback machine]</ref><ref>Gulf Business, [http://gulfbusiness.com/oman-regulator-suspends-kpmg-new-auditing-work-irregularities/ Oman regulator suspends KPMG from new auditing work over "irregularities" – A review by the CMA "established professional negligence on the part of some audit firms"], retrieved on 14 November 2018. Archived at the [https://web.archive.org/web/20181114140029/http://gulfbusiness.com/oman-regulator-suspends-kpmg-new-auditing-work-irregularities/ Wayback machine]</ref><ref name="McCance-15Nov2018">{{cite news |last1=McCance |first1=Danny |title=KPMG suspended in Oman |url=https://economia.icaew.com/news/november-2018/kpmg-suspended-in-oman |archive-url=https://web.archive.org/web/20181116085432/https://economia.icaew.com/news/november-2018/kpmg-suspended-in-oman |url-status=dead |archive-date=16 November 2018 |access-date=15 November 2018 |work=Economia |date=15 November 2018 }}</ref>

In December, KPMG South Africa published an open apology for its participation in various scandals in South Africa, including publishing a misleading report that led to the resignation of the South African Finance Minister, involvement with the [[Gupta family]] who have been implicated in corruption scandal with former President, Jacob Zuma, and acting as the auditor of [[VBS Mutual Bank]] that collapsed due to fraud.  Its top eight staff resigned during 2017 and its workforce shrank from 3,400 to 2,200.<ref>{{Cite news|last=Sguazzin|first=Anthony|date=December 10, 2018|title=KPMG South Africa Apologizes for Scandals, Seeks Second Chance|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2018-12-10/kpmg-south-africa-apologizes-for-scandals-seeks-second-chance|access-date=May 5, 2021}}</ref>