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Top related persons:
PwC - 1 Eddie Stobart - 1 Philip Storer - 1 Cath Burnet - 1 Burnet - 1 Nicola Quayle - 1 Huw Jones - 1 John Stonestreet - 1
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KPMG - 1 Eddie Stobart Logistics - 1 Financial - 1 Council - 1 ESL - 1 FRC - 1 Thomson - 1

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3 mentions found


☆ PwC and KPMG fined over Eddie Stobart Logistics audit
  + stars: | 2023-06-29 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
LONDON, June 29 (Reuters) - Britain's accounting watchdog said on Thursday it had fined PwC and KPMG, two of the world's top four auditors, for "serious" failings in their auditing of Eddie Stobart Logistics (ESL) company in 2017 and 2018. PwC was fined 1.9 million pounds ($2.4 million), reduced from 3.5 million pounds due to exceptional cooperation and admissions, the Financial Reporting Council (FRC) said in a statement. PwC admitted failings related to property transactions entered into by ESL, audit procedures, and property lease accruals, the watchdog said. The FRC also fined PwC audit partner Philip Storer 51,187 pounds. The FRC said it had fined KPMG 877,500 pounds, reduced from 1.35 million pounds due to admissions.
Persons: PwC, Eddie Stobart, Philip Storer, Cath Burnet, Burnet, Nicola Quayle, Huw Jones, John Stonestreet, Mark Potter Organizations: KPMG, Eddie Stobart Logistics, Financial, Council, ESL, FRC, Thomson
☆ KPMG fined 875,000 pounds for failures in Luceco audit
  + stars: | 2023-04-13 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
LONDON, April 13 (Reuters) - KPMG has been fined 875,000 pounds ($1.09 million) for its audit of lighting manufacturer Luceco (LUCEL.L) for its financial year to Dec. 31, 2016, Britain's accounting watchdog said on Thursday. During 2016 Luceco was the parent of companies that produced and distributed lighting products and wiring accessories, with subsidiaries in China and other countries. "The breaches included failures in the design and performance of audit procedures, failures to adequately review and critically assess the audit evidence obtained, failure to document the audit work and failures by the respondents to apply professional scepticism," the Financial Reporting Council said in a statement. Smith, who no longer works at KPMG, was fined 50,000 pounds. Cath Burnet, head of audit at KPMG UK, said the accounting firm is committed to dealing with and learning from its historical cases and regretted that aspects of its 2016 audit of Luceco fell short of required standards.
☆ U.S. Watchdog Sanctions KPMG Firms, Audit Professionals
  + stars: | 2022-12-06 | by ( Jennifer Williams-Alvarez | ) www.wsj.com   time to read: +7 min
PREVIEWThe U.K. firm was additionally sanctioned for allegedly failing to reasonably supervise an unregistered audit firm, Romanian audit firm KPMG Audit SRL, in four consecutive audits of Endava PLC, a British technology services company. KPMG U.K. was found to have also made several inaccurate PCAOB filings about the involvement of unregistered firms in certain audit work. The PCAOB imposed a $600,000 penalty for the alleged failings around unregistered audit firms, which KPMG U.K. didn’t admit or deny. KPMG U.K. has reviewed the way it works with other firms, enhancing controls and providing additional training, Cath Burnet, U.K. head of audit at KPMG, said. The U.K.’s audit and accounting regulator in a July letter to seven audit firms, including KPMG, said that it is “deeply concerned” about audit professionals cheating on external professional exams and internal assessments.
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