PwC, KPMG fined over audit lapses at Eddie Stobart Logistics
By 
Kyle Brasseur2023-06-29T20:30:00
The U.K. Financial Reporting Council (FRC) separately fined Big Four audit firms PwC and KPMG for deficiencies in their respective work at transport company Eddie Stobart Logistics (ESL).
The penalties, each announced Thursday, included a discounted fine of nearly 2 million pounds (U.S. $2.5 million) against PwC and a reduced fine of £877,500 (U.S. $1.1 million) against KPMG. Each firm received credit for early admissions, though KPMG’s disciplinary record was held against it as an aggravating factor.
Audit engagement partners at each firm were also disciplined. Philip Storer of PwC was assessed a reduced fine of approximately £51,000 (U.S. $64,000) and Nicola Quayle of KPMG £45,500 (U.S. $57,000).
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleSanctions, tariffs, customs and sustainability create global headache for logistics compliance
The global logistics and transport sector is vast and constantly growing – as is the host of regulations that apply to it. Compliance managers must consider everything from planning regulations to employment law and health and safety, to import duties and customs rules, and global sanctions.
-
PremiumFRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve
The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.
-
News BriefPwC Australia removes chief risk officer after tax scandal review
PwC Australia exited eight partners, including its former chief risk and reputation officer, following an investigation into the sharing of confidential government tax policy information at the firm.
More from Regulatory Enforcement
-
ArticleFalse Claims Act enforcement themes for 2026
The U.S. Department of Justice touted a record $6.8 billion in False Claims Act (FCA) recoveries in fiscal year 2025, much of that total stems from prior years’ cases and does not necessarily reflect the administration’s current enforcement direction.
-
ArticleFederal jury convicts former coal executive in Egypt-linked coal FCPA case
A former vice president of an American coal company was convicted by a federal jury for his part in an international bribery and money laundering scheme. The conviction represents an anomoly in the Trump administration’s handling of Foreign Corrupt Practices Act (FCPA) cases launched under former President Joe Biden.
-
ArticleU.K. financial regulator cuts cases to focus on investigations that achieve results
The U.K. financial regulator has dropped 100 investigations without action over the past three years, but compliance should expect a refocus of resources rather than a retreat from enforcement.