Article taken from: www.telegraph.co.uk
KPMG fined £3.2m over audit of scandal-hit Quindell KPMG logos Credit: Charles Platiau/REUTERS Iain Withers 11 June 2018 • 2:21pm
K PMG has been fined £3.2m for a string of failures on its audit work for scandal-hit insurance software firm Quindell.
UK accounting watchdog the Financial Reporting Conduct found KPMG failed to ensure Quindell’s accounts for 2013 and 2014 were “free from material misstatement”.
The penalty was reduced from £4.5m as part of a settlement agreement. KPMG’s partner William Smith was also fined £84,000.
Aim-listed Quindell was briefly on the cusp of joining the FTSE 250, reaching a valuation of £2.7bn, but crashed back to earth after questions were raised about its accounts.
Quindell, which changed its name to Watchstone three years ago, is still subject to a probe by the Serious Fraud Office over… Register for free to read this article, or log in to your Telegraph account