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Top related persons:
Reinhard Krause - 1 Carillion - 1 Richard Moriarty - 1 Moriarty - 1 Peter Meehan - 1 Meehan - 1 Jon Holt - 1 Holt - 1
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London Britain
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KPMG - 1 Canary - 1 REUTERS - 1 BHS - 1 Council - 1 FRC - 1 PwC - 1 Deloitte - 1

Search resuls for: "Jon Holt"


3 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
☆ 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.
☆ 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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