June 19, 2019 / 7:44 AM / a month ago

Former EU lawmaker to chair KPMG's regulation unit

FILE PHOTO: A KPMG logo is seen on their downtown office tower in Los Angeles, California May 13, 2014. REUTERS/Mike Blake/File Photo

LONDON (Reuters) - Kay Swinburne, a former British center-right member of the European Parliament, will chair KPMG’s UK risk and regulatory insight center, the accounting and consultancy company said on Wednesday.

KPMG and the other global “Big Four” accounting firms are under intense political scrutiny after corporate collapses such as construction company Carillion, which KPMG audited, led to a proposed shake-up of the auditing sector in a bid to improve standards.

Swinburne was a member of the European Parliament for 10 years and vice chair of its economic affairs committee which approved tighter rules for auditors and a welter of other regulation after the financial crisis a decade ago.

“The future will not be about technical rules-based regulation, but about demonstrating that a firm acts within the best interests of society, the environment and the economy,” Swinburne said.

Reporting by Huw Jones, editing by Louise Heavens

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