KPMG Sanctioned For Failings In Audits Of Investment Co.

Law360, London (June 12, 2020, 12:42 PM BST) -- Britain's accounting watchdog said on Friday that it has imposed sanctions on KPMG, forcing the Big Four auditor to monitor compliance with procedures after failings emerged in its review of the financial statements of an investment company over three years.

The Financial Reporting Council said that KPMG admitted to shortcomings in its audits of figures for Foresight 4 VCT PLC's distributable reserves — profits that can be paid out as dividends — in the financial years ending in 2013, 2014 and 2015.

The errors meant the investment fund had to restate its results in 2016 and 2018.

The FRC has reprimanded...

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