Auditing Watchdog Wraps Initial KPMG-Carillion Probe

Law360, London (September 21, 2020, 3:07 PM BST) -- Britain's auditing watchdog said Monday it had finished its formal investigation into KPMG's oversight of the high-profile collapse of Carillion PLC after the auditor gave the construction giant a clean bill of health shortly before it imploded with billions of pounds of debt. 

The Financial Reporting Council said it has concluded an  "extensive" investigation into KPMG's audits of construction firm in the lead-up to its collapse. Carillion, which was one of Britain's biggest construction and outsourcing businesses, went bust in 2018 with £1.5 billion ($1.9 billion) of debt and an £800 million pensions deficit.

The report will set out the watchdog's...

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