Hiding behind the legal opacity of private partnerships while preaching good governance to clients is a hypocrisy regulators should no longer ignore.

The governance makeover at KPMG shows how big accounting firms have been allowed to operate in a parallel governance universe for far too long.

Rival firm PwC tried to use the same playbook of obfuscation, followed by escalating apologies and disasters. KPMG hasn’t learned from its mistakes.