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KPMG fined in UK over ‘basic, fundamental’ failings over Carr’s Group audit

( June 12, 2025, 08:38 GMT | Official Statement) -- MLex Summary: KPMG has been fined 690,000 pounds ($930,000) for breaches of independence requirements in its 2021 audit of UK agricultural business Carr’s Group. The issue arose because the audit relied on the work of another, unnamed firm, where the audit engagement partner had held the role longer than five years and the firm had provided non-audit services, in breach of ethical standards. The Financial Reporting Council said its sanction does not call into question the quality of the substantive audit work. Nick Plumb, KPMG’s audit engagement partner, was fined 38,000 pounds. Statement below....

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