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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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).
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-07-06T19:35:00Z By Kyle Brasseur
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.
2023-07-05T14:13:00Z By Kyle Brasseur
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.
2023-04-27T13:32:00Z By Kyle Brasseur
The U.K. Financial Reporting Council fined Big Four audit firm KPMG approximately £1 million (U.S. $1.2 million) for deficiencies in its work on the 2020 year-end financials of discount retailer TheWorks.co.uk.
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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