LONDON (Reuters) – Britain’s Financial Reporting Council said on Tuesday it had fined accounting firm KPMG 1.25 million pounds ($1.64 million)for its part in the sub-standard auditing of Revolution Bars Group plc.
The KPMG fine has been adjusted to 875,000 pounds in view of undisclosed “aggravating and mitigating factors” and its co-operation with the investigation. KPMG will also pay the executive counsel’s costs.
In determining sanctions to be imposed, the FRC has taken into account that these were serious breaches but were not intentional, dishonest, deliberate or reckless.
The firm was sanctioned alongside Michael Neil Frankish, who was also fined 50,000 pounds, adjusted to 35,000 for aggravating and mitigating factors and discounted for co-operation with the FRC investigation.
($1 = 0.7638 pounds)
(Reporting By Sinead Cruise; editing by Carolyn Cohn)
