KPMG has been fined £3m for failures during its audit of the Bargain Booze owner Conviviality and severely reprimanded in the latest blow to its reputation.
The accounting regulator, the Financial Reporting Council (FRC), found “a serious lack of competence” in KPMG’s 2017 audit of the company, which collapsed within nine months of the accounts being signed off. The initial fine was £4.3m, but this was reduced because the firm admitted the failings.
