Subscribe to our newsletter

FRC fines KPMG £5m over Co-Op Bank audit failings

The Financial Reporting Council (FRC) has fined KPMG £5m, severely reprimanded the firm and imposed additional requirements on its auditing of credit institutions for the next three years, for misconduct in its audit of the Co-operative Bank in 2009.

Shared by Accountancy Daily
May 09, 2019

share this article

The fine, which is discounted for settlement to £4m, comes just days after the regulator fined KPMG £6m for misconduct in the firm’s auditing of a Lloyds syndicate.

Read more at the Accountancy Daily.

Government urged to abandon 'failed' referral scheme

Post-Brexit customs union would make Britain 3 percent poorer - NIESR

related articles

Accountants instrumental to micro-entities simplifying their accounting

'Discovery' decision may make it harder to obtain tax return certainty

IASB launches consultation on minor changes to IFRS standards

Accountants at risk of ‘chameleon’ directors, says tech provider

Accounting standards change to hit FTSE 100 pension schemes

Business rates appeals plummet, sparking call for system reform

must reads

latest poll

How do you get the majority of your new clients?

View previous polls

recent comments

array(2) { [0]=> object(stdClass)#5181 (31) { ["id"]=> string(5) "22414" ["contentid"]=> string(5) "33914" ["component"]=> string(11) "com_content" ["ip"]=> string(14) "176.248.67.148" ["userid"]=> string(1) "0" ["modified_by"]=> string(1) "0" ["date"]=> string(11) "1 week ago." ["modified"]=> string(19) "0000-00-00 00:00:00" ["name"]=> string(9) "Anonymous" ["email"]=> string(0) "" ["website"]=> string(0) "" ["notify"]=> string(1) "0" ["title"]=> string(0) "" ["comment"]=> string(43) "Simplification should come before Making..." ["published"]=> string(1) "1" ["deleted"]=> string(1) "0" ["spam"]=> string(1) "0" ["voting_yes"]=> string(1) "0" ["voting_no"]=> string(1) "0" ["parentid"]=> string(2) "-1" ["importtable"]=> string(0) "" ["importid"]=> string(1) "0" ["importparentid"]=> string(2) "-1" ["unsubscribe_hash"]=> string(32) "3bd79f7f83bfb3b9bc64af2d5b9e94cc" ["moderate_hash"]=> string(32) "bedf85cc44e7d7780f222ccd899d0265" ["customfields"]=> string(0) "" ["user_realname"]=> NULL ["user_username"]=> NULL ["user"]=> string(9) "Anonymous" ["link"]=> string(57) "/component/comment/?task=comment.gotocomment&id=22414" ["overlayComment"]=> string(91) "Simplification should come before Making Tax Digital. As a sole trader in providing tax/..." } [1]=> object(stdClass)#5180 (31) { ["id"]=> string(5) "22413" ["contentid"]=> string(5) "33867" ["component"]=> string(11) "com_content" ["ip"]=> string(13) "81.149.22.109" ["userid"]=> string(1) "0" ["modified_by"]=> string(1) "0" ["date"]=> string(11) "1 week ago." ["modified"]=> string(19) "0000-00-00 00:00:00" ["name"]=> string(12) "Paul Gosling" ["email"]=> string(0) "" ["website"]=> string(0) "" ["notify"]=> string(1) "0" ["title"]=> string(0) "" ["comment"]=> string(42) "In this high tech world we seem to have..." ["published"]=> string(1) "1" ["deleted"]=> string(1) "0" ["spam"]=> string(1) "0" ["voting_yes"]=> string(1) "0" ["voting_no"]=> string(1) "0" ["parentid"]=> string(2) "-1" ["importtable"]=> string(0) "" ["importid"]=> string(1) "0" ["importparentid"]=> string(2) "-1" ["unsubscribe_hash"]=> string(32) "8b1ddf76d1319c04e9c475a93d134674" ["moderate_hash"]=> string(32) "5d02a303b3534d5f64686cc13b78d671" ["customfields"]=> string(0) "" ["user_realname"]=> NULL ["user_username"]=> NULL ["user"]=> string(12) "Paul Gosling" ["link"]=> string(57) "/component/comment/?task=comment.gotocomment&id=22413" ["overlayComment"]=> string(100) "In this high tech world we seem to have forgotten the art of talking to people although this does..." } }