KPMG LLP is conducting an internal review into its audits of embattled Middle East buyout firm Abraaj Group following the alleged misuse of money, according to people with knowledge of the matter.
The accounting firm’s U.K. branch is looking into its examination of Abraaj and its related companies for any potential irregularities in the valuation of assets by KPMG’s Middle East division, the people said, asking not to be identified because the information is private. KPMG is also studying its examination of Abraaj’s $1 billion health-care fund, which was completed in February, they said. The reviews are ongoing and the outcome isn’t clear, the people said.
