Scandal-ridden auditor KPMG in line for another fine over failings in work for aircraft engine manufacturer Rolls-Royce
Scandal-ridden auditor KPMG is in line for another fine over failings in its work for aircraft engine manufacturer Rolls-Royce.
The firm faces a £4.5m fine from the watchdog, the Financial Reporting Council, as soon as this week, according to Sky News.
Failings: The fine is likely to be discounted after KPMG cooperated with the watchdog’s investigation
The fine is likely to be discounted after KPMG cooperated with the watchdog’s investigation.
The Big Four accountant was this month slapped with its biggest ever fine, £14.4m, for its work for failed outsourcers Carillion and Regenersis – and has been hit with three further fines in the past year.
The latest relates to work on Rolls, which in 2017 paid more than £670m to settle bribery charges in the UK and US.
After Rolls entered a Deferred Prosecution Agreement with the Serious Fraud Office in 2017, the FRC opened the investigation into KPMG.