[Skynet]

Excerp:

Of all the individuals and firms tied up in the scandal over bribery and corruption at FIFA, scrutiny has so far largely escaped KPMG, the soccer association’s external auditor.

The accounting and consulting firm’s Swiss member is responsible not only for the audit of the multibillion-dollar umbrella FIFA organization, and has been since before the period under scrutiny by U.S. and Swiss prosecutors, but also audits a large sample of member associations around the world that receive FIFA funding on an annual basis. KPMG also prepares a compilation of all financial reports after the completion of each four-year World Cup cycle.

https://www.marketwatch.com/story/fifa-auditor-kpmg-missed-scandal-but-stays-out-of-spotlight-2015-06-03

[Joeabo]

OH wow yes KPMG Switzerland definitely dodged a bullet. Great article!

AUD -88 (12/07/2013)
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BEC -71,74,77(05/28/2015)

[Gatorbates]

Thanks for the link. Good stuff. I don't think KPMG has dodged a bullet, though. As the article said, the amounts may have been immaterial due to the size of revenue … but the risk should have been much higher. I don't think we've heard the last of KPMG's involvement, or lack thereof.

Licensed Florida CPA:
B: 71, 73, 79
A: 83
R: 78 (expired), 77
F: 74, 74, 80

It's finally freaking over.

[Track55]

I hope they re-vote and award one of the next two world cups to the US. I was a kid when the Olympics were held here in 1984 and the world cup held in 1994. I was there when Landon broke the goals record in Carson though.

AUD - 74, 99 !!
REG - 74, 92
BEC - 83
FAR - 73, 86

Studying for Ethics exam

California candidate
Business and Industry

[jonm857]

Thanks for posting the link.

B - 81
A - 87
R - 73
F - July 5th

[trish_1234]

Thanks for sharing!!! I am wondering why am I learning about all the different types of sampling when we audit only material accounts lolol jk

“KPMG selects activities and transactions to be tested based on their risk of causing a material misstatement of financial reports. The transactions highlighted by the DOJ indictment may not have met KPMG’s materiality threshold, given the size of the organization”

AUD 69, 92 7/15 Gleim and Ninja test bank
FAR sometime in 10/15 Gleim
BEC not taken
REG not taken

[juuustin]

It is called “reasonable assurance” for a reason. The rep letter will cover them considering it specifically states that it isn't their job to detect fraud.

Unless their workpapers show that they just didn't test any transactions or ignored accounts that were material, this is probably a non-story. They could have easily assessed risk at its highest level and still missed the small accounts that held the fraud.

MD Candidate: 10/1/14

FAR - 87 (11/23/14)
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BEC - 89 (4/19/15)
AUD - 98 (5/30/15)

Ethics - 100

Experience - In Progress!

[Author]

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