Big four financial services firm KPMG has been fined £14.4 million over its reports to regulators on its audit of collapsed construction contractor and outsourcing firm Carillion. The Financial Reporting Council (FRC) has also kicked out four of the firm's former staff from the Institute of Chartered Accountants in England and Wales for between seven and ten years.
Carillion, which was headquartered in Wolverhampton, was known for its work on major construction projects across the UK and other outsourcing services but a string of financial problems led to its collapse in January 2018.
The newly imposed fines relate to dealings between KPMG and the FRC during inspections of the accountancy firm's work and follow a five-week tribunal held at the turn of this year.
