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Big Four accounting firm slapped with £3.2m fine

by Purvai Dua June 11, 2018

written by Purvai Dua 11^th Jun 18 10:12 am

Here’s why

KPMG has has been reprimanded and fined £3.2m by an accounting watchdog over its audit of insurance firm Quindell, now renamed Watchstone.

KPMG and accountant William Smith, who was fined £120,000, both failed to ensure that Quindell’s financial statements for 2013 and 2014 were free from material mis-statement, the Financial Reporting Council (FRC) said in a statement today.

It added that KPMG and Smith had “admitted that their conduct fell significantly short of the standards reasonably to be expected of a Member and a Member Firm” of the accountants’ professional body, the Institute of Chartered Accountants in England and Wales.