The U.K. Financial Reporting Council (FRC) on Tuesday announced a reduced fine of 875,000 pounds (U.S. $1.15 million) against KPMG for audit failings in its work at bar chain Revolution Bars Group for the fiscal years ended 2015 and 2016.
The FRC’s initial fine of £1.25 million (U.S. $1.64 million) was adjusted for mitigating factors and admissions. Michael Neil Frankish, a former director at KPMG, was also fined a reduced £35,000 (U.S. $46,000).
