The Financial Reporting Council (FRC) has issued a £20m fine, reduced to £14.4m due to various levels of compliance with the investigation. This is the second largest fine ever, only exceeded by Deloitte’s £15m fine for the Autonomy audit in 2020.

Individual members of the audit team have also been given substantial fines, including a penalty of £400,000 for the lead partner.

In a tribunal hearing, KPMG admitted issuing fake documents and minutes of meetings relating to a number of audits, including the outsourcer Carillion, which collapsed in 2018.