KPMG investigated over BAE audit

The investigation by the Accountancy and Actuarial Discipline Board (AADB) focuses on the audits of British Aerospace/BAE Systems between 1997 and 2007, looking at commissions paid by BAE to subsidiaries, agents or other companies. Any professional advice, consultancy or tax work provided to BAE by KPMG during that period will also come under the microscope in relation to commission payments. Heads of the "Big Four" accountancy firms, including KPMG, are already being forced defend themselves to a House of Lords committee investigating their role in the recent financial crisis. The...