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KPMG fined $5.8 million over Conviviality audit in Britain -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The KPMG logo, which is a professional services company, can be seen in the head office at La Defense, near Paris. May 16, 2018. REUTERS/Charles Platiau

LONDON (Reuters – KPMG has been fined 4.3 Million Pounds ($5.85M) by Britain’s Accounting Watchdog. The Fine was for the audits of Conviviality, a convenience store chain.

According to The Financial Reporting Council, KPMG will have to also report to the body identifying the reasons for the shortcomings in 2017’s audit and what steps the company has taken to remedy them.

FRC announced that 3 million pounds was the reduced fine for early settlement and admission of the case.

($1 = 0.7353 pounds)

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