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.

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