Financial officers file complaint against KPMG over Isle of Man controversy

, Financial News

KPMG issued a statement in response to a request for comment on the complaint, calling it defamatory "nonsense."

The union representing more than 4,500 government financial officers has lodged two formal complaints of professional misconduct against accounting firm KPMG over its work in setting up offshore tax structures on the Isle of Man.

The Association of Canadian Financial Officers wants the Ontario and Quebec chapters of the self-regulating Chartered Professional Accountants, or CPA, to assess KPMG’s behaviour against the profession’s code of conduct, bylaws and regulations.

The complaints — filed Friday but dated May 12 — cite a 1999 confidential Tax Court of Canada memorandum on KPMG’s alleged role in tax sheltering for wealthy Canadians using an Isle of Man company.

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