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Birmingham Post
Birmingham Post
Business
Henry Saker-Clark, PA Deputy Business Editor & Hannah Baker

KPMG fined £3.37m over Rolls-Royce audit failures

KPMG FRC RollsRoyce

Big four accountancy firm KPMG has been hit with a £3.37m fine by the audit watchdog over failings while working on accounts for engineering giant Rolls-Royce.

The professional services business was told it could face a fine of up £4.5m but saw this reduced after admissions related to the case.

The Financial Reporting Council (FRC) first launched an investigation into KPMG’s conduct in 2017 over bribery allegations following a probe by the Serious Fraud Office (SFO). KPMG had been Rolls-Royce auditor since 1990 but was sacked by the FTSE firm after agreeing a settlement with the SFO and US Department for Justice amid bribery claims.

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