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KPMG Fined £21 Million for Carillion Audit Failings
Big Four accounting firm KPMG has been fined for “exceptional” breaches when auditing the now-liquidated FM company Carillion. The initial £30...
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KPMG and Carillion – What’s the Latest?
10 February 2022
In addition to the FRC tribunal regarding the 2016 Carillion audit, KPMG is now being sued by the government for £1.3 billion.
According to released court documents, The Official Receiver, which is handling Carillion’s liquidation, claims that KPMG made multiple failings, including not properly accounting for the value of construction contracts.
A statement published by the BBC says that KPMG said the Official Receiver's claim was "without merit".
The Guardian also reports that Peter Meehan, Lead Audit Partner for KPMG, repeatedly accepted hospitality from and offered hospitality to Carillion and its senior management, failed to respect the proper boundaries of the auditor/client relationship, [and] offered assistance to the executive management in getting figures ‘past’ the audit committee”.
Picture: a photograph of a laptop with the KPMG logo on its screen. Image Credit: Shutterstock
Article written by Ella Tansley | Published 10 February 2022
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