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September 25, 2011

Now it’s KPMG for the UBS job

KPMG has been appointed by the UK Financial Services Authority and Swiss Financial Market Supervisory Authority to investigate the events that lead to rogue trader Kweku Adoboli losing $2bn in unauthorised trading at the Swiss investment bank UBS.

The Financial Times last week reported Deloitte had received the nod to investigate UBS but the International Accounting Bulletin was unable to verify this claim with either regulator or Deloitte.

Today, the Financial Times published a new article claiming KPMG had in fact been appointed. The FSA confirmed this was the case to the International Accounting Bulletin but would not be issuing a public statement on the deal.

In a joint statement last week, the regulators said a third party will investigate the details of the unauthorised trading and the control failures which permitted the activity to remain undetected. The investigation will also assess the overall strength of UBS’s controls to prevent unauthorised or fraudulent trading activity in its investment bank.

UBS’s board of directors have set up a separate internal investigation to be led by the former JP Morgan CFO David Sidwell.

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