How KPMG and friends earn BIG bucks for failing the world

EDINBURGH — KPMG starred in the ultimate "nothing succeeds like failure" story, says The Guardian newspaper. "Although – more than any other firm – it had missed the devaluation of subprime mortgages that led to a world banking collapse, before long it was brought in by the European Central Bank for a 'major role in the asset quality review process' of most of the banks that now needed to be 'stress-tested'." How is it that KPMG and the other Big Four auditors have been getting away with enabling financial irregularities on an industrial scale? The Guardian has investigated, coming up with reasons why KPMG partners and their friends at Big Four firms continue to rake in juicy incomes and get away with facilitating financial scandals. This is part two of a series summarising the key findings. – Jackie Cameron

By Thulasizwe Sithole

Big Four accounting groups have been getting away with turning a blind eye to dodgy business behaviour while generating juicy fees for audits in what The Guardian newspaper calls the big global financial scandal nobody is talking about.

In an in-depth feature, the newspaper highlights that KPMG, Ernst & Young, PwC and Deloitte:

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