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October 25, 2010updated 29 Apr 2022 7:44am

Audit watchdog launches KPMG probe into BAE work

KPMG UK auditors are being investigated by the Accountancy and Actuarial Discipline Board (AADB) over their work on defence, security and aerospace company BAE Systems Group (BAE).

The AADB will look into the audit work carried out by KPMG for British Aerospace/ BAE and any subsidiaries between 1997 to 2007, investigating commissions BAE paid to subsidiaries, agents and other related companies.

The investigation looks at any professional advice, consultancy or tax work provided by KPMG in relation to BAE’s commission payments. Commissions under the scope include those made to Red Diamond Trading, Poseidon Trading Investments and Novelmight.

Earlier this year, BAE Systems paid £285m in out-of-court settlements to the US Department of Justice and the UK Serious Fraud Office for accounting irregularities.

 

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