Collapse of construction and building services firm in 2018 prompted root and branch review of auditing standards
Britain’s accounting regulator has fined KPMG a record £21m for audits of Carillion, the government contractor that imploded in 2018 and prompted a root and branch review of auditing standards.
“The number, range, and seriousness of the deficiencies in the audits of Carillion during the period leading up to its failure was exceptional and undermined that credibility and the public trust in audit,” said Elizabeth Barrett, executive counsel for the Financial Reporting Council (FRC).
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