Editing KPMG (section)

==== 2021 ====
In February, the liquidators for South African bank, [[VBS Mutual Bank]], sued KPMG for 863.5 million rand (~US$59 million) over its audit opinion on the now defunct bank.<ref>{{Cite web|date=February 24, 2021|title=KPMG Sued in South Africa for $59.3m Over VBS Audit, BD Says|url=https://news.bloombergtax.com/financial-accounting/kpmg-sued-in-south-africa-for-59-3m-over-vbs-audit-bd-says|access-date=February 13, 2022|website=Bloomberg Tax}}</ref>

In March, KPMG US agreed to pay $10 million to settle a 10-year gender discrimination lawsuit in a New York Federal Court that alleged claims by 450 women that its culture was rife with gender discrimination, sexual harassment, and retaliation.<ref>{{Cite web|last=Gurrieri|first=Vin|date=March 31, 2021|title=KPMG Strikes $10M Deal To End Decadelong Sex Bias Suit|url=https://www.law360.com/articles/1370393|access-date=January 16, 2022|website=Law360.com}}</ref>

During May, members of the Canadian Parliament's House of Commons finance committee re-launched a probe into offshore tax evasion by interviewing Lucia Iacovelli, managing partner at KPMG.<ref>{{Cite news|last=Snyder|first=Jesse|date=May 6, 2021|title=Finance committee relaunches probe into offshore tax evasion with questions over Isle of Man fraud|work=The Financial Post|url=https://nationalpost.com/news/parliamentary-committee-relaunches-probe-into-offshore-tax-evasion-with-questions-over-isle-of-man-fraud|access-date=May 20, 2021}}</ref>

KPMG in the UK has been sued for more than £6 million (~€6.9 million, ~US$7.8 million) by property company Mount Anvil which claims it was left with an unexpected tax bill after the firm provided it with negligent advice.<ref>{{Cite news|date=May 9, 2021|title=KPMG in UK sued for £6m by property company Mount Anvil|work=Irish Times|url=https://www.irishtimes.com/business/financial-services/kpmg-in-uk-sued-for-6m-by-property-company-mount-anvil-1.4559694|access-date=February 13, 2022}}</ref>

In July, the UK accounting regulator [[Financial Reporting Council]] (FRC) criticised KPMG for its "unacceptable" failure to meet required standards in its audits of banks for a third year running. Only 61% of KPMG’s audits sampled by the regulator met industry standards.<ref>{{Cite news|last=O’Dwyer|first=Michael|date=July 22, 2021|title=KPMG criticized for 'unacceptable' bank audits by UK regulator|work=The Financial Times|url= https://www.ft.com/content/fedd96fc-780d-4ddb-85c2-6d41dc2025ab |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/fedd96fc-780d-4ddb-85c2-6d41dc2025ab |archive-date=10 December 2022|access-date=July 23, 2021|url-access=subscription}}</ref>

The Government of [[Malaysia]] and the state sovereign fund, [[1MDB]], launched a lawsuit seeking over $5.6 billion in damages from KPMG partners for alleged breaches and negligence linked to a corruption scandal at the fund.<ref>{{Cite news|last=Latiff|first=Rozanna|date=July 9, 2021|title=Malaysia, 1MDB seeking more than $5.6 bln in damages from KPMG partners|work=Reuters|url=https://www.reuters.com/business/finance/kpmg-denies-alleged-breaches-negligence-after-reported-1mdb-lawsuit-2021-07-09/|access-date=November 7, 2021}}</ref>

South Africa's largest asset manager, the Public Investment Corporation (PIC) sued KPMG for 144 million rand (~U$9.5 million) it lost when the VBS Mutual Bank went bankrupt as a result of fraud.  Its claim is centred on the rights issue and a revolving credit facility it participated in at VBS relying on financial statements audited by KPMG and its former senior partner, Sipho Malaba.<ref>{{Cite news|last=Khumalo|first=Kabelo|date=July 5, 2021|title=PIC sues KPMG for R144m as VBS looting saga continues|work=Sunday World South Africa|url=https://sundayworld.co.za/breaking-news/pic-sues-kpmg-for-r144m-as-vbs-looting-saga-continues/|access-date=February 13, 2022}}</ref>

In August, a tribunal convened by the UK regulator, FRC, fined KPMG £13m and ordered it to pay £2.75m in costs. This was because of its serious misconduct in the sale of bed company [[Silentnight]]. The tribunal found that KPMG had helped private equity group [[H.I.G. Capital|H.I.G Capital]] drive Silentnight into an insolvency process, so that HIG could acquire the company without its £100m pension scheme. KPMG was severely reprimanded by the tribunal, and was ordered to appoint an independent reviewer to check a sample of previous cases for similar failings.<ref>{{Cite web|date=21 July 2021|title=KPMG faces record fine over 'conflict of interest' on Silentnight sale|url=https://www.ft.com/content/e8feb32f-7534-4ae4-9b93-6c79d68bfc49 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/e8feb32f-7534-4ae4-9b93-6c79d68bfc49 |archive-date=10 December 2022|access-date=8 August 2021|website=Financial Times|url-access=subscription}}</ref>  The tribunal ruled that KPMG's involvement with Silentnight was "deeply troubling" as it failed to act solely in its client's interests.<ref>{{Cite web|last=Robinson|first=Jon|date=2021-08-05|title=KPMG fined £13m over role in bed maker's sale to private equity firm|url=https://www.business-live.co.uk/professional-services/kpmg-fined-13m-over-role-21230980|access-date=2021-08-08|website=Business Live|language=en}}</ref>

In September, PCAOB fined KPMG Australia $450,000 after it confessed to a cheating scandal involving over 1,100 (almost 12%) of its employees.<ref>{{Cite news|last=Cassidy|first=Caitlin|date=September 12, 2021|title=US watchdog fines KPMG Australia over 'widespread' cheating on online training tests|work=The Guardian|url=https://www.theguardian.com/australia-news/2021/sep/15/us-watchdog-fines-kpmg-australia-over-widespread-cheating-on-online-training-tests|access-date=December 17, 2021}}</ref>

In November, a British litigation financing firm—Augusta Ventures announced that it will bankroll three $152.4-million lawsuits in Canada against the previous auditor (KPMG LLP), authorized legal adviser (Cassels Brock & Blackwell LLP) and monetary adviser (Canaccord Genuity Corp) of the Money Retailer Monetary Providers Inc., a Canadian payday lender that filed for creditor safety in 2014.  "It’s alleged in these lawsuits that KPMG, Cassels Brock and Canaccord triggered over $100-million in damages to Money Retailer and its collectors," mentioned Mr. Aziz, President of BlueTree Advisors Inc., a company restructuring advisory agency primarily based in [[Oakville, Ontario]].<ref>{{Cite news|last=Kerr|first=Jarren|date=November 28, 2021|title=Britain-based litigation firm to finance lawsuit against Canadian advisers of failed payday lender|work=The Globe and Mail|url=https://www.theglobeandmail.com/business/article-britain-based-litigation-firm-to-finance-lawsuit-against-canadian/|access-date=November 29, 2021|url-access=subscription}}</ref>

Also in November, KPMG UK has been hit with a £15m lawsuit by insurance outsourcer Watchstone—formerly known as Quindell—over allegations it suffered losses because of the audit firm's negligence in 2013.<ref>{{Cite news|last=Booth|first=James|date=November 30, 2021|title=KPMG hit with £15m lawsuit over Quindell audit failings|work=UK Today News|url=https://todayuknews.com/finance/kpmg-hit-with-15m-lawsuit-over-quindell-audit-failings/|access-date=1 December 2021|archive-date=3 December 2021|archive-url=https://web.archive.org/web/20211203015004/https://todayuknews.com/finance/kpmg-hit-with-15m-lawsuit-over-quindell-audit-failings/|url-status=dead}}</ref>

Again in November, two units of Abraaj that are now in liquidation, filed a lawsuit in [[Dubai]] against KPMG LLP for damages of US$600 million alleging that KPMG accountants "failed to maintain independence and an appropriate attitude of professional skepticism," and breached their duty of care when auditing the private-equity firm.<ref>{{Cite news|last=Geor Louch|first=William Patrick|date=November 11, 2021|title=KPMG Sued for $600 Million Over Alleged Sloppy Auditing in Dubai's Abraaj Scandal|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2021-11-11/kpmg-sued-in-dubai-for-600-million-over-alleged-sloppy-auditing|access-date=December 11, 2021}}</ref>