KPMG has been fined one million pounds in England by the financial watchdog FRC. This is due to errors in the book check for TheWorks.co.uk, a discounter for books, paper, and toys. The watchdog accuses KPMG that it only carried out superficial checks on the stock for 2020.
It the thirteenth fine that the accounting firm received in the last five years, the state’s counter at 69 million pounds. The other big four reaped significantly fewer fines. PwC and Deloitte were flung on the bill six times in the UK and EY only once. There are still three investigations against KPMG for deficiencies in book checks.
“The quality of the audits remains our number one priority,” said Cath Burnet, the company’s head of audit in the UK. “We continue to invest significantly in training, controls and technology to drive further improvements.”
