KPMG has been fined £20 million by the Financial Reporting Council (FRC) for its audits of Carillion and Regenersis. The fine, which is the largest the big four firm has received in the UK, is part of sanctions for misconduct of audits carried out by KPMG for Carillion and Regenersis. The fine
Big Four accountancy firm PricewaterhouseCoopers (PwC) has been fined £5 million in relation to its audits of Galliford Try and Kier Group. The company was fined a total of £8,850,000, adjusted to £4,998,500, by the Financial Reporting Council (FRC) - £3,038,750 and
Big Four firm KPMG is set to be fined £14.4 million after a Financial Reporting Council (FRC) tribunal found that its auditors deliberately misled regulators during routine inspections of its audit of collapsed government contractor Carillion. The £14.4m fine for KPMG would be the second
Accountancy firm Grant Thornton has been slapped with a financial sanction of nearly £720,000 in connection with failings in its audits of Interserve. Interserve, a major outsourcing company, went into administration in 2019 after financial restructuring plans drawn up by the company’s l
The Financial Reporting Council’s (FRC) executive counsel has delivered a disciplinary Formal Complaint, under the Accountancy Scheme, against KPMG, a former KPMG partner and certain current and former KPMG employees relating to the audits of Carillion. The Formal Complaint alleges misconduct
Sir James Wates, chairman of the Wates Group, has today issued an article for the Financial Reporting Council (FRC) which provides some insight into reporting against the Wates Principles for large private companies. The article names a number of companies that have embraced the
Galliford Try has been ordered by the Financial Reporting Council (FRC) to restate its 2018 accounts after an investigation found the company should not have recognised an £80 million claim recoverable from Transport Scotland on the Aberdeen Western Peripheral Route (AWPR) contract when it did
The Financial Reporting Council (FRC) has revealed it will need at least another six months to investigate KPMG’s auditing of collapsed construction and services firm Carillion due to the scale and complexity of the case.
The Financial Reporting Council (FRC) is planning a drastic change to rules governing company boards which will place more responsibility on directors to vouch for the integrity of their financial controls.
An investigation has been launched into the financial statements of Interserve. Accounting watchdogs at the Financial Reporting Council are to examine audits by Grant Thornton for the three years from 2015.
The accountancy watchdog has announced an expansion of its probe into KPMG’s audit of Carillion for the second time. The Financial Reporting Council (FRC) says it will now look into work on the collapsed contractor’s 2013 accounts but it did not say why it has wi