KPMG UK auditors are being investigated by the
Accountancy and Actuarial Discipline Board (AADB) over their work
on defence, security and aerospace company BAE Systems Group
(BAE).

The AADB will look into the audit work carried
out by KPMG for British Aerospace/ BAE and any subsidiaries between
1997 to 2007, investigating commissions BAE paid to subsidiaries,
agents and other related companies.

The investigation looks at any professional
advice, consultancy or tax work provided by KPMG in relation to
BAE’s commission payments. Commissions under the scope include
those made to Red Diamond Trading, Poseidon Trading Investments and
Novelmight.

Earlier this year, BAE Systems paid £285m in
out-of-court settlements to the US Department of Justice and the UK
Serious Fraud Office for accounting irregularities.

 

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