KPMG Exits US Federal Audit Work Following Loss of Pentagon Contract
KPMG is discontinuing its US federal government audit operations after losing a major Pentagon contract worth $60 million annually. The firm is reassigning over 450 employees, and the Department of Defense plans to bring in a new auditor to handle a broader share of military financial reporting. The Pentagon has faced repeated audit failures and political pressure to improve its financial transparency.
Topics: audit contract loss KPMG Pentagon restructuring