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.
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.
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