- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-03-05T20:05:00
KPMG agreed to pay a reduced penalty of nearly 1.5 million pounds (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council (FRC) addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.
The firm earned a discount from an original penalty of £2.25 million (U.S. $2.9 million) for admissions and early disposal, the FRC announced in a press release Monday. KPMG received further leniency from the agency by improving its audit procedures to “reduce the risk of the failings identified during the M&C Saatchi audit recurring.”
Adrian Wilcox, the KPMG engagement partner on the audit, was ordered to pay a reduced £48,750 (U.S. $62,000).
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The U.K.’s Financial Reporting Council fined audit firm MacIntyre Hudson (MHA) and two employees for breaching the agency’s requirements.
Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.
Grant Thornton UK was assessed a penalty of £40,000 (U.S. $51,000) by the Financial Reporting Council for alleged procedure failures affecting the firm’s audit of a local authority’s pension fund.
Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.
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A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
