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City of London

KPMG to Pay £18.4 Million for Misleading Regulator Over Audits

“The seriousness of the misconduct that we have found proved scarcely needs explanation,” a tribunal said of the actions from auditors at KPMG.

Auditing giant KPMG will pay £18.35 million over the potentially conniving behaviour of some of its former staff when they reported to regulators on their audit of collapsed outsourcing firm Carillion.

The Financial Reporting Council also kicked four of the firm’s former staff out of the Institute of Chartered Accountants in England and Wales for between seven and 10 years.