News, by Reuters | KPMG Escapes Record Fine Over Carillion | July 25, 2022:
Source: reuters.com KPMG escapes record fine over Carillion, Regenersis audit checks July 25, 20223:57 AM GMT-5Last Updated 13 hours ago 3 minutes July 25 (Reuters) - KPMG was fined 14.4 million pounds ($17.27 million) on Monday after the accounting firm admitted to providing false and misleading information to its regulator during spot checks on audits of construction firm Carillion and outsourcing firm Regenersis. The Financial Reporting Council, the regulator involved, also ordered KPMG to appoint an independent reviewer into the firm's current Audit Quality Review (AQR) policies and procedures. KPMG would have been fined 20 million pounds had it not earned a discount for self-reporting the incidents, co-operating with the FRC and admitting to the misconduct, the FRC said. Without the discount, the fine would have been the largest FRC fine ever, eclipsing Deloitte's 15 mil