KPMG has been fined more than £3m and reprimanded for its audit work at insurance outsourcer Quindell.
The auditor of controversial insurance outsourcer Quindell has been fined more than £3m over its work with the client.
KPMG was reprimanded and fined £4.5m (discounted for settlement at £3.15m), and audit engagement partner William Smith £120,000 (discounted to £84,000) over the audit of Quindell’s 2013 financial statements, by the Financial Reporting Council (FRC).
Their conduct fell “significantly short of the standards reasonably expected”, with their misconduct relating to a failure to obtain reasonable assurance that Quindell’s (now Watchstone) financial statements as a whole were free from material misstatement, failu
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