When will it end?

KPMG on the roast, again!

31 May 2015 GMT: 23:25

Matt Scott: Time to shine a light on FIFA auditor KPMG
Published on Friday, 29 May 2015 15:48

"How many internal auditors does it take to change a light bulb? None! They're not allowed to under Health & Safety legislation. Process notes should have been written referring the incident to Facilities." Old accountancy joke
They are a dry old bunch, auditors. But what they lack in humour, as can be seen from that old accountancy gag, they make up for in money. It might be dull, but as the saying goes, it's nice work if you can get it.
Arsenal paid its auditors £155,000 during the 2013-14 season. They did a bit of other stuff, relating to tax and whatnot, taking the full fees to £201,000. What with its New York Stock Exchange listing, Manchester United's accountants did even better, earning £719,000 that season and fully £1.5 million the year before, owing to the work they did ahead of its stockmarket launch.

However, what FIFA's auditor, KPMG, was paid for its work in Zurich we cannot tell. For some reason, and contrary to general disclosure requirements, it chooses not to publish the amounts it pays in audit fees in its annual financial report. Moreover, KPMG refused to tell me when I asked. This is important, because auditors have a number of functions.
Chief among them is that they act as the guarantors of the transparency, accountability and honesty of the entity they are auditing. It is pretty troubling if they are not even willing to say how much they get paid by a not-for-profit organisation, particularly at what is so controversial a time for FIFA. This should matter to KPMG: when scandal-hit Enron collapsed back in 2001, the failings of its then auditor, Arthur Andersen, caused the big-four accountant to be brought down with it.

It is not as if KPMG is unaware of its responsibilities. As it states in its auditors' report to FIFA's financial statements for 2008: "An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error."

http://www.insideworldfootball.com/...tt-time-to-shine-a-light-on-fifa-auditor-kpmg