KPMG Reprimanded For Audit Shortcomings

kpmg cheating scandal

The UK Financial Reporting Council (FRC) reprimanded Big Four KPMG after the accounting firm admitted to shortcomings in audit work.

The accounting watchdog said the firm had issues in reserve audits of Foresight 4 VCT plc that led to the company having to restate its distributable reserves twice. The FRC ordered KPMG to check compliance with revised audit procedures.

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