KPMG hit with record £21m fine over Carillion audit failures

Big four accountant KPMG has been handed a record fine for serious failings in its auditing of Carillion.
UK accounting watchdog imposed a total £30m penalty –  reduced by 30% to around £21m after co-operation and admissions were taken into account.
Elizabeth Barrett, Executive Counsel of the Financial Reporting Council said: “The number, range, and seriousness of the deficiencies in the audits of Carillion during the period leading up to its failure was exceptional