KPMG Faces £14.4M Sanction Over Carillion, IT Firm Audits

By Najiyya Budaly (May 13, 2022, 1:33 PM BST) -- KPMG faces a £14.4 million ($17.6 million) penalty for "misconduct of a very high level of seriousness" for creating false documents and making false representations to the accountancy regulator in connection with audits of a software company and Carillion PLC.

The Financial Reporting Council said that its independent disciplinary tribunal is set to hand the fine, plus costs, to KPMG LLP and issue it with a severe reprimand for the misconduct. A submission by the regulator's executive counsel, dated Thursday, said that a £20 million fine would have been appropriate but that the penalty was reduced for mitigating facts and because...

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