On Monday 10 January, leaders of KPMG in the UK admitted to misconduct and having misled regulators during spot checks of its audits of builder Carillion and software company Regenersis.
This admission came as a tribunal began hearing allegations from the UK Financial Reporting Council, which regulates auditing, against KPMG and six of its former employees who audited Regenersis in 2015, and Carillion in 2017. The tribunal heard that one of the six has been excused from the proceedings due to a late-hour “settlement.”
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