The investigation related to KPMG’s multiple audit failures related to the financial statements of the global advertising agency for the financial year ending 31 December 2018 on M&C Saatchi.

Initially the Financial Reporting Council (FRC) gave KPMG a £2.25m financial sanction but this was reduced to £1,462,500 due to the firm’s cooperation with the investigation. 

The investigation into the audit was launched by the audit regulator in 2019 after errors in M&C Saatchi’s accounts were discovered. 

The FRC fined KPMG partner Adrian Wilcox £75,000, reduced to £48,750 due to admissions and an agreement for early disposal. He was in charge of the audit team and responsible for the quality of the work, leaving him liable for any breaches of audit requirements.