KPMG Shuts US Govt Audit Unit After Losing Pentagon Contract: FT

KPMG is shutting its federal government audit business and shifting more than 450 US staff to other roles after losing a $60m per year contract with the Pentagon, the Financial Times reports.

• The army was the largest single customer of KPMG’s federal audit practice, FT says, citing unidentified people familiar with the matter
  • Firm is winding down contracts with other parts of the government
• Staff were told of the decision to wind down the unit earlier this month
• “We are transitioning out of federal audit roles through an orderly, multiyear process, meeting all client and regulatory obligations,” KPMG told the ...