The Financial Reporting Council has issued a £1.3m fine to auditing giant KPMG and one partner
(Picture: PA Archive / Liam McBurney/PA)Accounting giant KPMG and one of its directors have been fined a total of £1.3 million for “serious” failings within their audits of Revolution Bars Group, just two months after another major penalty.
The Financial Reporting Council said the failings of the firm and director Michael Neil Frankish related to three main areas of the 2015 and 2016 audits, including supplier rebates -- an area that the FRC had warned posed "particular audit risk" prior to the errors with Revolution being made.
