UK’s FRC Fines KPMG, Two Former Partners Over Carillion Audit

The Financial Reporting Council has fined KPMG a total of £26.5m, cut by 30% to £18.55m to reflect co-operation and admissions over its audit of Carillion, according to a statement.

• KPMG Audit total fine of £3.5m, reduced by 30% to £2.45m
• Peter Meehan, former KPMG partner and Audit Engagement Partner, fined £500,000, cut by 30% to £350,000
  • Darren Turner, former KPMG partner and Audit Engagement Partner, fined £100,000 cut by 30% to £70,000
• KPMG to also pay Executive Counsel’s costs of both investigations, totalling £5.3m
• NOTE: KPMG Settles £1.3 Billion Suit With Carillion Liquidator

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