The fallout following KPMG’s shenanigans should hardly come as a surprise to industry insiders. Many professional firms have found a rich seam of revenue in the public sector — it accounts for sizeable chunks of fees that warrant special focus departments with all the political razzmatazz! Unknown at the time was the extent to which playing "political ball" was going to engulf these firms operating in an environment of political agendas. These firms, some with legacies running into hundreds of years, were found wanting as they unwittingly became pawns in a power game for which they merely acted as a fig leaf. The unforeseen consequences has been a loss of independence and now integrity — the very cornerstones on which the profession has been built. Don’t give me the c**p about the smokescreen difference between auditing and consulting firms. They have the same mother and father. Only when the profession finds the strength to correct itself internally, or faces being forced into the ...
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