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KPMG fined GBP21 million over ‘seriously deficient’ Carillion audits

( October 12, 2023, 08:29 GMT | Official Statement) -- MLex Summary: Auditor KPMG has been fined 21 million pounds ($26 million) for “serious and significant breaches” in its audits of Carillion, a collapsed construction company. The Financial Reporting Council has also imposed a fine of 350,000 pounds on former partner Peter Meehan, and 70,000 pounds on former partner Darren Turner. The auditor failed to respond to numerous indicators that Carillion’s core operations were lossmaking and that it was reliant on short-term and unsustainable measures to support its cash flows, the FRC said. The auditor must also pay 5.2 million pounds toward the costs of the investigation.Statement below. ...

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