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The Carillion Anniversary – Has anything changed in Audit as a result?

This time last year, Carillion made headlines as the company announced its collapse due to a massive £1.5 billion debt. It was reported that some 47,000 people were employed by Carillion at the time; majority of which were employed within the UK.

The collapse raised many questions, but also put the spotlight on KPMG; the company’s auditor for the past 19 years.

This isn’t the first time we have been here. The Big 4 firms (PwC, Deloitte, EY and KPMG) have all had their fair share of audit failures over the past number of years. For instance, PwC came under fire after the scandal at Tesco in 2014. The FRC only finalised its probe into the PwC audit mid 2017.