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Temasek uses auditing firm KPMG which was severely criticised by UK watchdog for poor quality work

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Last month, BBC reported that international audit firm KPMG has been severely criticised by UK watchdog, the Financial Reporting Council ('KPMG's audit work unacceptable, says watchdog', 18 Jun).

The UK Financial Reporting Council (FRC) is an independent regulator responsible for promoting high quality corporate governance and reporting to foster investment in UK. Its board of directors is appointed by the UK Secretary of State for Business, Energy and Industrial Strategy. FRC plays a crucial role in the oversight and development of corporate governance standards such as the UK Corporate Governance Code and standards for the accounting industry.

UK FRC said that KPMG audits had shown an "unacceptable deterioration" and will be subject to closer supervision.

Every year, the UK FRC reviews the audits of Britain's biggest companies to ensure they meet........

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