Basic Search  |  Summaries  |  Advanced SearchPenalty: £4,500,000
Year: 2019
Date: 8 May, 2019
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: The Financial Reporting Council imposed sanctions against KPMG Audit Plc and an audit partner following their admission of Misconduct in relation to the audit of the financial statements of The Co-operative Bank plc for the year ended 31 December 2009. KPMG was fined £5 million (discounted for settlement to £4 million) and severely reprimanded. The firm was also required to pay £500,000 towards the FRC's costs. In addition, all KPMG's audit engagements with credit institutions for audits with 2019, 2020 and 2021 year ends were to be subjected to an additional review by a separate KPMG Audit Quality team, who will provide reports to the FRC.
Action Type: agency action
Agency: Financial Reporting Council
HQ Country of Parent: Netherlands
Ownership Structure of Parent: privately held
Major Industry of Parent: business services
Specific Industry of Parent: accounting services
Source of Data: (click here)