By Kyle Brasseur2023-04-27T13:32:00
The U.K. Financial Reporting Council (FRC) fined Big Four audit firm KPMG approximately 1 million pounds (U.S. $1.2 million) for deficiencies in its work on the 2020 year-end financials of discount retailer TheWorks.co.uk.
KPMG avoided a penalty of £1.75 million (U.S. $2.2 million) for cooperation and early admission, the regulator stated in a press release Wednesday. The firm was ordered to improve its second line of defense function to prevent future breaches of audit requirements.
The FRC also penalized former KPMG Partner Anthony Sykes a reduced £43,875 (U.S. $55,000) for his role in the deficiencies as engagement partner.
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.
2023-08-18T16:30:00Z By Jeff Dale
The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.
2023-06-29T20:30:00Z By Kyle Brasseur
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
2025-07-24T15:33:00Z By Aaron Nicodemus
Recent enforcement actions by U.S. agencies overseeing customs payments and export control laws indicate increased scrutiny of business transactions between U.S. and Chinese companies.
2025-07-22T17:42:00Z By Ian Sherr
The Securities and Exchange Commission is awarding far fewer whistleblower claims, according to Bloomberg Law, which noted the commission denied awards for the entire period between April and July, the longest stretch in the program’s history.
2025-07-21T18:54:00Z By Oscar Gonzalez
The firing of a Democrat commissioner of the U.S. Federal Trade Commission by President Donald Trump was illegal, according to a federal judge’s ruling last week.
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