The bad stench engulfing water treatment business Phoslock Technologies and its admission of fraudulent accounting has caused another stakeholder to head for the exits. Auditor KPMG says it wants to resign – which is fair enough, given the indignities Phoslock put it through.

After the false accounting and falsification of invoices and service contracts uncovered across Phoslock’s China operations, the water treatment company tried to get to the bottom of the mess by appointing a KPMG forensic team to help mark KPMG’s own audit home work.