KPMG will pay £18.4m and four of its senior staff have been banned from the accountancy profession for misleading regulators over the firm’s botched audits of collapsed outsourcing company Carillion.
An investigation into KPMG’s work found the four former staff members had “made, or connived in or were knowingly associated with making certain false or misleading representations”, to the Financial Reporting Council.
They have been fined a combined £365,000 and been kicked out of the Institute of Chartered Accountants for between seven and 10 years. A fifth member of staff was severely reprimanded.
