>> Britain's Finance Reporting Council is investigating KPMG over its auditing of the now collapsed construction and outsourcing firm Carillion. The investigation will cover the years 2014 to 2017, which led to Britain's biggest corporate failure in a decade. Carillion collapsed earlier this month after banks pulled the plug, raising concerns about hospitals, roads, and other infrastructure projects.
And fears over a potential pension deficit of around 990 million pounds. The UK watchdog will look at how KPMG recognized revenue on significant contracts and accounted for pensions. A KPMG spokesman said the firm believed it conducted Carillion's audit appropriately and responsibly, and would fully cooperate with the Financial Reporting Council's investigation.
Carillion's collapse followed three profit warnings in 2017.