Following substantial fines for KPMG of £14.4m and individual fines and bans for former employees and partners over misconduct relating to an audit quality review (AQR) involving the firm’s audit of Carillion, the Financial Reporting Council (FRC) has published a detailed report of the tribunal findings, outlining the reasoning behind their final decisions and assessment of misconduct.

This includes details of KPMG internal emails highlighting the nature of the correspondence between the audit team members prior to and during the original audit inspection and the frustration of the audit quality review inspectors when questioning the KPMG team.