Big Four firm KPMG was fined 14.4 million pounds (U.S. $17.4 million) and severely reprimanded Monday for providing false and misleading information relating to its audits of construction company Carillion and software business Regenersis.

The U.K. Financial Reporting Council (FRC) further ordered the audit firm to appoint an independent reviewer to examine the effectiveness of its current audit quality review policies and procedures.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...