KPMG's Wilkinson censured over lack of audit disclosure

KPMG partner Bill Wilkinson censured over lack of disclosure in audit

Dec. 7 (BusinessDesk) – Bill Wilkinson, a partner at KPMG specialising in insurance and investment funds, has been censured and fined for lack of documentation in the audit of a company’s financial statements.

The 20-year veteran of the firm pleaded guilty to charges relating to two charges related to the accounts of the unidentified company for the six months ended Dec. 31, 2007.

The determination of the Disciplinary Tribunal of the Institute of Chartered Accountants says Wilkinson breached its code of ethics by providing no documentary support for his conclusion that a credit impairment provision in the company’s accounts was adequate “when the audit work papers indicated that a substantially higher provision was, or might be, warranted.”

He also provided no documentation for a conclusion that the company didn’t need to provide analysis of the expected maturity dates of financial liabilities and assets, the determination said. It agreed to suppress the identity of the company that was audited.

Wilkinson was ordered to pay costs and expenses of $9,577. He started at KPMG in New Zealand in 2003, having worked for the firm in the U.K., according to its website.

(BusinessDesk)

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