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The Financial Reporting Council (FRC) issued a financial decision notice against KPMG and a Partner

1 min read | April 02, 2020 10:52 PM BST | By Team Kalkine Media
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The following sanctions have been imposed against KPMG LLP and Nicola Quayle (previously the Senior Partner for Manchester) pertinent to statutory audit.

For KPMG

  • Financial sanction of GBP 700,000.
  • A Reprimand as the statutory audit report didn’t fulfil the relevant requirement.
  • The Mandate, within two years from the date of the Decision Notice, KPMG shall undertake a quality performance review (QPR) of three Statutory Audits for which Ms Quayle is the Statutory Auditor and KPMG shall report the results annually to the FRC.

For Ms Quayle

  • Financial sanction of GBP 45,000.
  • A Reprimand.
  • Undertake appropriate training, in a format to be agreed with the FRC.

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