The accounting giant KPMG finds itself at the center of two separate controversies calling its audit practices into question — one involving suspicious betting patterns on a cryptocurrency prediction market and the other a formal regulatory investigation into the audits…
A cluster of 19 linked Polymarket accounts achieved a 98% win rate betting on earnings of 18 KPMG-audited companies, earning about $22,000, according to The Wall Street Journal.wsj+1
The UK's Financial Reporting Council on Friday opened three probes into KPMG's audits of State Oil Limited, the parent of collapsed energy firm Prax Group, which fell into insolvency with over £1.5 billion in debts.frc+1
Federal authorities are separately preparing insider trading charges against a KPMG employee who allegedly bet on a client's earnings, the Journal reported in August.x+1