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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-12T18:43:00
KPMG accepted the conclusions and record penalties levied against it by the U.K. Financial Reporting Council (FRC) on Thursday for the “exceptional” level of deficiencies found to have taken place during the Big Four audit firm’s work at collapsed construction company Carillion over a period of several years.
The FRC handed down fines totaling 21 million pounds (U.S. $25.7 million) across two separate decisions against KPMG regarding its Carillion failings. The first decision, related to the audits of Carillion’s financial statements for the fiscal years 2014-16 and additional work in 2017, included a penalty of £26.5 million (U.S. $32.4 million), discounted to more than £18.5 million (U.S. $22.6 million) for cooperation and admissions. The second decision, against affiliate KPMG Audit and related to certain transactions linked to Carillion’s 2013 financials, included a £3.5 million (U.S. $4.3 million) penalty, discounted to about £2.5 million (U.S. $3.1 million).
The FRC also required KPMG to pay more than £5.3 million (U.S. $6.5 million) in investigation costs related to both decisions.
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2024-03-05T20:05:00Z By Kyle Brasseur
KPMG agreed to pay a reduced penalty of nearly £1.5 million (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.
2023-12-19T15:00:00Z By Kyle Brasseur
The U.K. Financial Reporting Council announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
2023-12-18T18:57:00Z By Neil Hodge
The U.K. Financial Reporting Council’s long-planned transition to become the Audit, Reporting and Governance Authority appears to be taking place no time soon, leading some to question whether the change will happen at all.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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