Monday July 25 2022
Well another month another KPMG audit fine. KPMG was fined 14.3 M pounds over its Carillion audit.
Here is a second link other than WSJ
this included a fine over Regenersis
The U.K.’s audit and accounting regulator fined KPMG LLP and sanctioned five former employees for providing false and misleading information in relation to two audits, one of them of the now-defunct Carillion PLC.
On Monday, the Financial Reporting Council said KPMG was fined £14.4 million—equivalent to $17.3 million—for failings related to the audits of construction and outsourcing giant Carillion and Regenersis PLC, a data-security company that has been renamed Blancco Technology Group PLC. The fine was reduced from £20 million to acknowledge KPMG’s own reporting of misconduct as well as its cooperation with the regulator.
An audit and accounting industry tribunal imposed the fine, saying KPMG provided false and misleading information and documents to the FRC. The tribunal also ordered KPMG to appoint an independent reviewer to consider the effectiveness of the firm’s policies and its engagement with audit inspectors. KPMG agreed to pay £3.95 million in costs related to the investigation.
Four of the accounting firm’s former employees were fined and banned from the auditing profession for varying numbers of years. A fifth was “severely reprimanded,” the FRC said.
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