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March 5, 2012

AADB investigates KPMG’s audit of Equity Red Star

The UK Accountancy and Actuarial Discipline Board (AADB) has launched an investigation into KPMG’s audit of the Lloyd’s of London syndicate Equity Red Star. 

The probe follows a consultation with the ICAEW and CIMA

The AADB will focus on KPMG’s audit work as well as the work of accountants who prepared financial reports and accounts for the year ends 31 December 2007, 2008 and 2009.

KPMG told the International Accounting Bulletin it will co-operate fully with the AADB’s investigation and is “confident that its audit work in relation to the Equity Red Star syndicate met the relevant professional standards”.

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