- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-06-29T20:30:00
The U.K. Financial Reporting Council (FRC) separately fined Big Four audit firms PwC and KPMG for deficiencies in their respective work at transport company Eddie Stobart Logistics (ESL).
The penalties, each announced Thursday, included a discounted fine of nearly 2 million pounds (U.S. $2.5 million) against PwC and a reduced fine of £877,500 (U.S. $1.1 million) against KPMG. Each firm received credit for early admissions, though KPMG’s disciplinary record was held against it as an aggravating factor.
Audit engagement partners at each firm were also disciplined. Philip Storer of PwC was assessed a reduced fine of approximately £51,000 (U.S. $64,000) and Nicola Quayle of KPMG £45,500 (U.S. $57,000).
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