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KPMG Faces Two Investigations From U.K. Accounting Regulator

The U.K.’s accounting watchdog placed KPMG LLP under two separate investigations, examining its audits of a car seller and the conduct of one of its partners.

The Financial Reporting Council will investigate whether KPMG “was independent” when it audited the annual accounts of Nottingham, England-based Pendragon Plc for 2010 and 2011. The regulator is also probing the conduct of a KPMG partner in relation to a “non-timely disposal of a share-holding in a client entity,” the FRC said in separate statements on its website today.