KPMG fined $1.9M by FRC over M&C Saatchi audit lapses
By 
Kyle Brasseur2024-03-05T20:05:00
KPMG agreed to pay a reduced penalty of nearly 1.5 million pounds (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council (FRC) addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.
The firm earned a discount from an original penalty of £2.25 million (U.S. $2.9 million) for admissions and early disposal, the FRC announced in a press release Monday. KPMG received further leniency from the agency by improving its audit procedures to “reduce the risk of the failings identified during the M&C Saatchi audit recurring.”
Adrian Wilcox, the KPMG engagement partner on the audit, was ordered to pay a reduced £48,750 (U.S. $62,000).
Related articles
-
News BriefFRC dings MacIntyre Hudson $156K over public interest entity violations
The U.K.’s Financial Reporting Council fined audit firm MacIntyre Hudson (MHA) and two employees for breaching the agency’s requirements.
-
News BriefCrowe U.K. dinged $181K by FRC for Aseana Properties audit failures
Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.
-
News BriefGrant Thornton UK dinged $51K for pension fund audit lapses
Grant Thornton UK was assessed a penalty of £40,000 (U.S. $51,000) by the Financial Reporting Council for alleged procedure failures affecting the firm’s audit of a local authority’s pension fund.
More from Regulatory Enforcement
-
News BriefDOJ targets $14.6B in health care fraud with focus on transnational crime
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
-
News BriefFTC raises antitrust concerns over $1.57B Circle K deal, orders divestitures
Since President Donald Trump took office, the U.S. Federal Trade Commission has yet to keep up the level of enforcement it had under previous chair Lina Khan. The agency, however, returned to antitrust action in the case of fuel stations, just in time for the July 4th holiday.
-
News BriefJudge reinstates fired CPSC commissioners in latest battle over government cuts
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.