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Audit Co. Fined, Rebuked Over Work For UK Homeware Chain

Law360, London (May 9, 2019, 11:42 AM BST) -- A British financial services company has been fined and "severely reprimanded" over failings in its audit for homeware retailing chain Laura Ashley PLC, the auditing regulator said Thursday, a day after it imposed a £4 million ($5.2 million) penalty on KPMG.

The Financial Reporting Council said it has fined MSR Partners LLP £455,813, although the penalty was cut by almost half from £825,000 after the company showed an “exceptional level of cooperation” with the watchdog. The FRC also fined Stephen Corrall, an audit engagement partner at the firm, which was previously known as Moore Stephens LLP. Corrall was fined £60,775 — reduced from...

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