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KPMG apologizes for ‘very bad’ Carillion audits after UK watchdog imposes record fine

By Phoebe Seers ( October 12, 2023, 09:35 GMT | Insight) -- Audit giant KPMG has apologised for its “very bad” work on collapsed construction firm Carillion’s audits after it was handed a record fine of 21 million pounds. Jon Holt, chief executive of the “big four” auditor said he could not defend the work that was done on Carillion. The Financial Reporting Council described KPMG’s failings as “exceptional” and said the firm had undermined credibility and public trust in audit. Audit giant KPMG has apologised for its “very bad” work on collapsed construction firm Carillion’s audits after it was handed a record fine. Jon Holt, chief executive of the “big four” auditor said he could not defend the work that was done on Carillion. ...

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