JOURNAL ARTICLE

KPMG Fined £1.5 Million Over Saatchi Audit Failings.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Meddings, Sabah 3 of 3

Abstract

KPMG, a British accounting firm, has been fined £1.5 million ($1.9 million) by the Financial Reporting Council (FRC) for its failures in auditing the advertising firm M&C Saatchi. The FRC found that KPMG and its partner Adrian Wilcox did not exercise sufficient professional skepticism in their audit. M&C Saatchi experienced an accounting scandal in 2019, leading to profit warnings and the suspension of its shares. The FRC discovered accounting errors and misjudgments, including £14 million of direct misstatements of profits before tax. KPMG's fine was reduced due to admissions and early payment. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/03, pN.PAG
  • Document Type:Article
  • Subject Area:Visual Arts
  • Publication Date:2024
  • Accession Number:175821175
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