On 25 July, the Wall Street Journal reported that the audit and accounting regulator, the Financial Reporting Council, has fined KPMG LLP and sanctioned 5 former employees for providing false and misleading information in relation to two audits, one of them of the now-defunct Carillion PLC. The fine was reduced from £20 million to acknowledge KPMG’s own reporting of misconduct as well as its cooperation with the regulator. 4 of the accounting firm’s former employees were fined and banned from the auditing profession for varying numbers of years, while a fifth was “severely reprimanded”.
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