KPMG Fined £14 Million Over Carillion Audit Scandal

KPMG LLP will pay more than £14 million ($17.1 million) over misconduct on major work it carried out for collapsed Carillion Plc and data services company Regenersis, in the latest in a long list of audit scandals surrounding the firm.

The Financial Reporting Council, the UK’s audit watchdog, asked a tribunal to sanction the firm for as much as £20 million, at the start of a two-day London hearing. Its executive counsel said that the firm had agreed to a severe reprimand, with the fine reduced to £14.4 million for admissions and mitigating factors. It will also pay all of ...