1. KPMG being held to account
KPMG has been singled out for the poor quality of its work in the UK. The company’s auditing work has been sharply criticised by the industry’s watchdog for an "unacceptable deterioration" in quality and it will now be subject to closer supervision, the Financial Reporting Council says.
The council says all big four accounting firms — KPMG, PwC, EY and Deloitte — need to reverse a decline in their audit quality. The regulator will increase by 25% the number of KPMG audits it inspects for this financial year — the first time it has taken such action.
2. Land of the not-so-free
The UN high commissioner for human rights has described the Donald Trump administration’s policy of separating undocumented immigrant children from their parents as "government-sanctioned child abuse". US authorities have detained almost 2,000 children in the past six weeks in spite of global condemnation.
Former first lady Laura Bush called the separations "cruel" and "immoral", while Melania Trump said she "hates to see children separated from their families".
3. All fun and games...
Compulsively playing video games now qualifies as a mental health condition, according to the latest disease classification manual from the World Health Organisation (WHO). That will be cold comfort for parents of young gamers, but the WHO says classification is based on the need and demand for treatment.
Video gaming is like a nonfinancial kind of gambling from a psychological point of view, according to behavioural addiction professor Mark Griffiths. "Gamblers use money as a way of keeping score, whereas gamers use points."