The Financial Reporting Council (FRC) has sanctioned KPMG and audit engagement partner Anthony Sykes, following serious breaches in their audit of N Brown Group. These breaches, acknowledged by both parties, relate to the financial statements for the year ending 26 February 2022. KPMG and Sykes have admitted to the breaches, which pertain to the audit work on impairment of non-current assets, a financial reporting aspect that ensures a company's assets are not overstated. The sanctions include a financi ...

KPMG has unveiled a suite of AI Assurance services to assist organisations in scaling GenAI technologies while addressing ethical and risk concerns. These services are intended to provide frameworks for monitoring AI agent behaviours and managing potential risks. The suite encompasses AI model risk assessments, which involve structured risk evaluations and reviews of design/control effectiveness, alongside hands-on AI system testing using statistical and performance-based techniques. AI model validation ...