The U.K. Financial Reporting Council (FRC) this week announced sanctions against KPMG regarding its audits at now-collapsed alcohol retailer Conviviality, in addition to a settlement with the Big Four firm concerning its work at software firm Regenersis.

KPMG received a “severe” reprimand and reduced penalty of 3 million pounds (U.S. $4.1 million) for breaches that arose in its audits of Conviviality’s financial statements for the fiscal years (FY) ended April 30, 2017, and April 29, 2018, the FRC announced Wednesday.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...