KPMG Asks For Lenient Fine Over Faulty BNY Mellon Audit

Law360, London (May 23, 2019, 6:18 PM BST) -- KPMG told a London tribunal Tuesday that serious failings in compliance reports the auditing giant produced for Bank of New York Mellon were an isolated incident and do not warrant the £12.5 million ($15.9 million) fine being sought by Britain’s accountancy watchdog.

Bankim Thanki QC, representing KPMG LLP, told the tribunal that misconduct connected to 2011 reports on client assets held by BNY Mellon International Ltd. and its London branch were “unintentional and inadvertent” and were unlikely to be repeated.

The three-person tribunal should also take into account that no client money or assets were lost as a result of the...

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