KPMG Fined £14.4M For Misleading Regulator In Spot Checks

By Joel Poultney (July 25, 2022, 12:37 PM BST) -- The U.K. accounting watchdog said Monday that it has fined KPMG LLP £14.4 million ($17.3 million) after it provided "false and misleading" information during spot checks of the firm's audits of a software company and construction giant Carillion.

The FRC had initially imposed a £20 million fine on KPMG, which it reduced after the accounting giant reported its findings and co-operated during the investigation. (iStock.com/Dave Collins) The Financial Reporting Council said the accounting giant's employees forged documents to deceive inspectors when they carried out audit quality reviews of its audits of Regenersis PLC and Carillion PLC, which collapsed in 2018 with...

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