KPMG’s hopes of turning around a bruising year were knocked back again this week after the big four accounting firm found itself having to answer renewed questions about the quality of its work. The UK accounting watchdog delivered a damning assessment of the firm’s audits for Britain’s largest listed companies, accusing it of an "unacceptable deterioration" in quality for a firm already ranked below its peers. The findings — coming after a series of setbacks and wider criticism of its work — have raised questions among some accounting experts about its ability to continue to win new business. "This is further evidence of the profound cultural and ethical problems at KPMG where the very basis of their existence — audit quality and independence — have been weakened," said Atul Shah, accounting professor at the University of Suffolk. Partners at the firm readily admit that this has been a difficult year and that some aspects of its work have been substandard. "Make no mistake, this is...

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