KPMG To Pay AED848.2 Million Over Fund Audit Failure After Losing A Legal Battle In Dubai Court
KPMG, a leading global accounting firm, has been ordered by a Dubai court to pay over AED848,255,100 ($231 million) to a group of investors who claim that their audit work on a fund they had invested in was of poor quality. This comes after the firm approved the financial statements of an infrastructure fund managed by the now-collapsed private equity firm, Abraaj Group, and breached international auditing standards in doing so.
The ruling was issued last month, and it’s worth noting that it’s one of the largest awards ever made against an accounting firm. It’s also higher than KPMG Lower Gulf’s revenues of $210 million in its most recent financial year. According to an official translation of the court ruling, the court has concluded that KPMG had committed many violations when auditing the financial statements of the investment fund.
KPMG Lower Gulf has stated that they have substantial grounds to appeal the ruling and have taken the case to the court of cassation or supreme court.
KPMG is a highly reputable accounting firm known for its global presence and expertise in audit, tax, and advisory services
The firm has been in business for over a century and has a strong reputation for providing high-quality services to its clients. Despite this setback, KPMG remains a trusted name in the industry and is committed to upholding the highest standards of ethics and professionalism.
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