Financial Reporting Council · United Kingdom
KPMG LLP: fine by Financial Reporting Council
Audit or matter: Regenersis plc and Carillion plc (information given to FRC inspectors)
Decision date25 July 2022
SanctionFine
Amount as stated£20 million, reduced to £14.4 million, plus £3.95 million toward investigation and Tribunal costs
StatusFinal
NetworkKPMG
What the regulator found
An independent Disciplinary Tribunal found Misconduct after a hearing in January and February 2022, according to the FRC. The findings concerned false or misleading documents and information given to FRC Audit Quality Review inspectors about the Regenersis and Carillion audits, and did not concern the audit work itself. The FRC said KPMG admitted liability for the acts of the individuals involved. KPMG was severely reprimanded and ordered to appoint an independent reviewer of its policies on audit quality reviews.1
Status: Final1
Sources
- Financial Reporting Council, Sanctions against KPMG and others in connection with Regenersis and Carillion audits (25 July 2022)