KPMG LLP was fined a record £21 million ($25.9 million) over its failings in the audit of defunct construction and facilities management firm Carillion Plc by the UK’s watchdog.
The Financial Reporting Council said Thursday said that the number of errors in the reporting were “exceptional” and “failed to adhere to the most basic and fundamental audit concepts.” It’s the largest penally ever imposed by the regulator.
Carillion’s collapse was one of the biggest corporate casualties in British history. It fell into liquidation in 2018 after the UK government refused to bail it out, costing almost 3,000 jobs and leaving 30,000 suppliers and subcontractors with £2 billion in unpaid bills. KPMG has been heavily criticized and censured over the quality of its past work and the company was facing an accumulation of disciplinary action over its audits on Carillion. In February it reached an agreement with the administrators of Carillion to settle a £1.3 billion London lawsuit over negligent and misleading audits.
The firm audited the financial statements of KPMG for three years through 2016 and in each of the years, it provided unqualified opinion that the disclosures gave a true and fair view of Carillion’s affairs, FRC said. In 2017, Carillion announced expected provisions totaling about £1.5 billion, primarily arising from expected losses on a number of its contracts.“These findings are damning,” Jon Holt, chief executive officer of KPMG in the UK, said.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
B.C. small-business owners less confident than counterparts across the country, says KPMG surveyCanadian small-business owners more confident overall about growth
Lire la suite »
B.C. small-business owners less confident than counterparts across the country, says KPMG surveyCanadian small-business owners more confident overall about growth
Lire la suite »
Ex-Barclays Boss Staley Fined, Banned by FCA After Epstein ProbeFormer Barclays Plc boss Jes Staley has been fined £1.8 million ($2.2 million) and banned from the UK financial services industry after “recklessly” misleading regulators about his relationship with financier and sex offender Jeffrey Epstein.
Lire la suite »
Ex-Barclays Boss Staley Fined, Banned After Epstein Probe(Bloomberg) -- Former Barclays Plc boss Jes Staley has been fined £1.8 million ($2.2 million) and banned from the UK financial services industry after...
Lire la suite »
Climate activist Greta Thunberg fined again for protest in SwedenA Swedish court on Wednesday fined climate activist Greta Thunberg once again for disobeying police during an environmental protest in July
Lire la suite »
No more volunteering: Cape Breton firefighters fined by union causes concern with regional fire chiefsExplore stories from Atlantic Canada.
Lire la suite »