KPMG Fires Senior Partner

Showing You The Door

KPMG said late on Monday it had fired a senior partner in the accounting firm's Los Angeles office for allegedly providing inside information to an unnamed third party, who then used that information to trade in stocks of several West Coast companies.

Reuters reports that KPMG, one of the 'Big Four' accounting and audit firms, said it has resigned as the auditor for two clients upon discovery of the individual's action.

In the meantime, The Daily Telegraph reports that KPMG is facing a possible investigation by the accounting watchdog into its audit of HBOS, the failed lender that a parliamentary commission last week claimed would have gone bust even without the financial crisis.

Although the Big Four accounting firm was not criticised by the Parliamentary Commission on Banking Standards, the damning report revealed HBOS was carrying £47bn of losses when rescued by the taxpayer despite getting a clean bill of health from KPMG.

KPMG says fired a partner in Los Angeles for role in insider trading

KPMG faces possible audit inquiry over HBOS failure

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