LONDON (Reuters) – Britain’s accounting watchdog on Wednesday fined KPMG 4.3 million pounds ($5.85 million) for audits of convenience store chain Conviviality.
The Financial Reporting Council said KPMG, one of the world’s “Big Four” accounting firms, will also have to report to the watchdog identifying the causes of the deficiencies in the 2017 audit, and the steps and remedial action which the firm has taken.
The fine was reduced to 3 million pounds for admissions and early settlement of the case, the FRC said.
($1 = 0.7353 pounds)
(Reporting by Huw Jones; editing by Jason Neely)
