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A KPMG partner has been fined nearly $64,000. Last year, partners at KPMG earned an average of approximately $948,000, despite the firm’s notable challenges in maintaining audit accuracy
Since 2018, KPMG has faced 16 fines, including a record $27.5 million penalty for auditing failures involving government contractor Carillion. M&C, at least, has managed to avoid the same fate as Carillion, which went bankrupt in early 2018.
According to a statement from the FRC’s deputy executive counsel, KPMG’s audit failed to meet the required quality standards in several critical areas, leading to significant audit failings and breaches of standards.
The FRC highlighted that KPMG did not exercise sufficient professional scepticism regarding a client payment that boosted revenues by $1.6 million and failed to properly audit journal entries across multiple subsidiary companies.
M&C has since undergone several top-level management changes and continues to be publicly traded in the UK, with a market value of approximately $283 million.