Audit updates: September 2019

In this month’s audit updates, KPMG is hit with £3.5m BNY Mellon fine, FRC fines hit record levels, firms required to report staff misconduct, BEIS clarifies Sports Direct auditor position, PwC quits Staffline audit but wins IHG audit, IESBA aims to strengthen scepticism, FRC consults on client assets while NAO revises Code of Practice

Investigations

KPMG slammed with £3.5m fine for BNY Mellon reporting failures

The Financial Reporting Council (FRC) has given Big Four auditor, KPMG a multimillion pound fine for misconduct over client asset reporting at BNY Mellon banking group dating back eight years.

A KPMG partner, Richard Hinton, who was a director at KPMG at the time and was assigned responsibility for signing off the client asset report, has been fined £75,000 and reprimanded for misconduct relating to client assets reports for BNY Mellon banking group. The firm has been severely reprimanded and faces a £3.5m fine, reduced from £5m, the standard FRC discount.

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Investigations

KPMG slammed with £3.5m fine for BNY Mellon reporting failures

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