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Top related persons:
Carillion - 2 Mark Potter - 2 Reinhard Krause - 1 Richard Moriarty - 1 Moriarty - 1 Peter Meehan - 1 Meehan - 1 Jon Holt - 1
Top related locs:
London Britain British Fladgate
Top related orgs:
Thomson - 2 KPMG - 1 Canary - 1 REUTERS - 1 BHS - 1 Council - 1 FRC - 1 PwC - 1

Search resuls for: "Carillion"


5 mentions found


☆ KPMG hit with record fine for 'textbook failure' in Carillion audits
  + stars: | 2023-10-12 | by ( Huw Jones | ) www.reuters.com   time to read: +3 min
The Financial Reporting Council (FRC) said the number, range, and seriousness of the deficiencies in the audits of Carillion were exceptional, resulting in the watchdog's highest ever fine. On occasions, KPMG audit partner Peter Meehan told his team to record his review of working papers without having done a review, the FRC said. Meehan, no longer with KPMG, was fined 350,000 pounds after a discount to reflect his cooperation and admission of failures. It would have been 30 million pounds, but was discounted due to admissions and co-operation by the auditor. KPMG was fined 14.4 million pounds last year after providing false and misleading information to the FRC during spot checks on audits of Carillion and outsourcing firm Regenersis.
Persons: Reinhard Krause, Carillion, Richard Moriarty, Moriarty, Peter Meehan, Meehan, Jon Holt, Holt, Huw Jones, Sharon Singleton, Mark Potter Organizations: KPMG, Canary, REUTERS, BHS, Council, FRC, PwC, Deloitte, EY, Thomson Locations: London, Britain
☆ Ex finance chief of collapsed Carillion hit with 11-year ban
  + stars: | 2023-07-03 | by ( Kirstin Ridley | ) www.reuters.com   time to read: +2 min
Zafar Khan, who stepped down as Carillion's finance director after just nine months in the job shortly before the business collapsed in January 2018, had voluntarily agreed to the disqualification, the Insolvency Service said on Monday. Carillion employed 43,000 people before it collapsed in Britain's biggest bankruptcy in a decade. The Insolvency Service applied for eight directors linked to the business to be disqualified and the Financial Conduct Authority fined three former executives in 2022, including Khan, for "recklessly" publishing misleading financial statements. Litigation is continuing against other directors and a trial has been set for Oct. 16, the Insolvency Service said. ($1 = 0.7881 pounds)Reporting by Kirstin Ridley Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
Persons: Carillion, Zafar Khan, Khan, Ben Drew, Kirstin Ridley, Mark Potter Organizations: Service, Financial, LinkedIn, Litigation, Thomson Locations: British, Fladgate
☆ PwC hit with $8.9 million penalty for 'serious breaches' on Babcock audits
  + stars: | 2023-03-08 | by ( Iain Withers | ) www.reuters.com   time to read: +2 min
LONDON, March 8 (Reuters) - Britain's auditing watchdog has imposed a 7.5 million pound ($8.9 million) penalty on PwC for "serious breaches" found in audits of engineer Babcock International (BAB.L), the regulator said on Wednesday. The fine was discounted by 25% to 5.6 million pounds due to early resolution, the regulator said. The FRC said breaches identified on PwC's audits of Babcock included repeated failures to challenge management and obtain sufficient appropriate evidence. Two PwC partners - Nicholas Campbell Lambert and Heather Ancient - were also fined 200,000 pounds and 65,000 respectively, discounted to 150,000 pounds and 48,750 pounds respectively. The FRC's investigation into PwC's statutory audits of the Babcock group financial statements for 2019 and 2020 is ongoing.
☆ KPMG reaches settlement with liquidator of Carillion
  + stars: | 2023-02-17 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Benoit TessierLONDON, Feb 17 (Reuters) - KPMG said on Friday it has reached a confidential settlement agreement with the liquidator of Carillion, the builder it audited before it collapsed. Carillion collapsed in 2018 under 7 billion pounds ($8.40 billion) of debt, with thousands of jobs lost, leading to government-backed reviews which recommended a shake-up in auditing standards. Liquidators of Carillion last year sued KPMG for 1.3 billion pounds for missing "red flags" during its audits of the construction giant. Carillion was an extreme and serious corporate failure, and it is important that we all learn the lessons from its collapse," KPMG's UK chief executive Jon Holt said in a statement. Britain's auditing watchdog, the Financial Reporting Council (FRC) has yet to announce the outcome of its investigation in KPMG's audits of Carillion.
☆ Carillion Liquidators Say KPMG Missed Red Flags in Audits of Defunct Construction Firm
  + stars: | 2022-11-28 | by ( Jennifer Williams-Alvarez | ) www.wsj.com   time to read: +4 min
Big Four firm KPMG LLP missed multiple red flags when it audited the financial statements of Carillion PLC, the liquidators of the defunct construction and outsourcing firm said. KPMG received £29 million from Carillion without qualifying its audit opinions over the course of 19 years, according to the liquidators. The construction company’s liquidators also reject KPMG’s argument that the value of the construction contracts was concealed. The Carillion liquidators will rely at trial on findings from the FRC’s investigation, the filings show. If there is no settlement between the liquidators and the audit firm, the case against KPMG could go to trial in or around 2024.
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