KPMG’s 40 years auditing for one asset manager is plenty, thanks
The long-standing relationship between the Big Four firm and Abrdn sets a poor example on the critical issue of auditor independence
Add BT as a preferred source
KPMG audited Aberdeen Asset Management for 32 years before its client merged with Standard Life. Now, the Big Four accounting firm is in its eighth year on the vowel-phobic money manager the deal created, Abrdn.
A short interlude between the two gigs does little to change the impression that the asset manager is setting a bad example here on the serious issue of auditor independence.
The Edinburgh-based company’s latest annual report does set out the lengthy relationship more transparently than in previous years. KPMG was auditor to the Aberdeen of old from its client’s founding in 1983 through 2015. Standard Life, then a separate company, decided to hire KPMG in 2016 following a review. The Standard-Aberdeen merger came in 2017. The board duly considered whether KPMG’s independence was undermined by its previous work and concluded, no.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
MAS, bank CEOs convene over AI cyberthreats; boards told to own risks, not leave to IT teams
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
LTA circular to potential EV charger owners reveals hundreds of e-mail addresses under carbon copy feature
