• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

KPMG faces $18m misconduct fine for misleading regulator

3 years ago
in Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
176
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

KPMG faces $18m misconduct fine for misleading regulator

KPMG faces a 14.4 million pound (US$17.6 million) fine after admitting it misled regulators during spot checks on audits of construction group Carillion and software firm Regenersis.

The Financial Reporting Council (FRC), the British auditing regulator, told a London tribunal on Thursday that it was seeking a record 20 million pounds fine, reduced to 14.4 million pounds because KPMG is self-reported and cooperated.

“It was unjustifiable and wrong,” KPMG’s chief executive Jon Holt said in a statement, adding: “It was a violation of our processes and a betrayal of our values.”

KPMG, one of the Big Four auditors that dominate the market alongside EY, Deloitte and PwC, admitted to misconduct at an initial London tribunal in January and reiterated its apology at the start of a two-day hearing.

“I am saddened that a small number of former employees acted in such an inappropriate way, and it is right that they – and KPMG – now face serious regulatory sanctions,” Holt said.

Read: Emirates Airline stung by soaring fuel prices, posts $1.1 billion dollar loss

RelatedPosts

Why Women Must Be Involved In Building Flood Resilience

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

The tribunal found five former KPMG employees guilty of misconduct during a routine FRC inspection of a Regenersis audit to end-June 2014 and a Carillion audit to end-December, 2016.

The FRC, which is seeking to fine them between 50,000 pounds and 400,000 pounds and ban them from the profession for up to 15 years, alleged they provided false or misleading information or documents to the regulator.

The five had contested the allegations.

The tribunal will rule on sanctions at a later date.

Because KPMG is liable for the conduct of its employees, it faced the same allegations.

The proceedings did not delve into the underlying audit work. The FRC is separately investigating KPMG’s audits of Carillion, whose collapse in 2018 led to recommendations of a sector shake-up, although legislation has yet to be brought before parliament.

KPMG has separately vowed to defend itself against a 1.3-billion-pound (US$1.6 billion) lawsuit by Carillion’s liquidators for missing “red flags”, in one of the largest claims against top accountants to date.

Tags: Financial Reporting Council (FRC)KPMG faces $18m misconduct fine for misleading regulatorPwC
No Result
View All Result

Highlights

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

ECG Posts Record Monthly Revenue of GHS 1.74bn for July

IMF Urges Lebanon to Deepen Reforms Amid Fragile Rebound and Banking Sector Challenges

GCB Bank Outlines Post-IATF Path to Powering Africa’s Trade Future

AGI Raises Alarm Over Weak Consumer Demand Despite Signs of Economic Recovery

Lead, Mercury Found in Turmeric, Tom Brown and Others – FDA Report

Trending

Features

Why Women Must Be Involved In Building Flood Resilience

September 26, 2025

Why Women Must be Involved in Building Flood Resilience Women carrying children through chest-deep waters, families watching...

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

September 26, 2025

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

September 26, 2025

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

September 26, 2025

ECG Posts Record Monthly Revenue of GHS 1.74bn for July

September 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.