KPMG fined record 21 million pounds for audits of UK builder Carillion

Carillion

12/10/2023 07:06

LONDON, Oct 12 (Reuters) - Britain's accounting
regulator on Thursday fined KPMG a record 21 million pounds
($25.86 million) for audits of Carillion, the builder that
imploded in 2018 and prompted a root and branch review of
auditing standards.
    "The number, range, and seriousness of the deficiencies in
the audits of Carillion during the period leading up to its
failure was exceptional and undermined that credibility and the
public trust in audit," said Elizabeth Barrett, executive
counsel for the Financial Reporting Council.
    "This is reflected in the financial sanction imposed on KPMG
LLP, the highest ever imposed by the FRC." 
 



($1 = 0.8120 pounds)

 (Reporting by Huw Jones; Editing by Sharon Singleton)
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