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KPMG Fined for Misleading UK FRC

KPMG Fined for Misleading UK FRC

by Starling Insights

Starling Insights Editorial Board

Aug 04, 2022

Observations

UK FRC UK Governance, Audit & Regulatory Failures Audit Culture & Misconduct

The UK affiliate of KPMG, a global audit and advisory firm, was fined £14.4m for having deliberately misled its regulator, the UK's Financial Reporting Council (FRC).

The largest in a series of penalties the FRC has assessed at KPMG, the current fine follows from an investigation conducted earlier this year, which found that KPMG had "forged" and "manufactured" documents which had been requested by the regulator in the course of inspections involving KPMG’s audit of Carillion’s 2016 accounts and Regenersis's 2014 accounts. The subsequent collapse of both firms significantly damaged investors and caused public and political uproar.

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