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FRC issues complaint against KPMG for Carillion and Regenersis audits

Thursday 2nd September, 2021

The Financial Reporting Council’s has issued a formal Complaint against KPMG and some of its current partners and former employees.

The formal complaint alleges misconduct relating to documents provided to the FRC in connection with the audit carried out on Carillion plc in December 2016 and the audit of Regenersis plc in 2014.

The FRC’s investigation was opened in November 2018 after KPMG had self-reported certain matters relating to the review of the 2016 Carillion audit.

A KPMG UK spokesperson said: “We take this matter extremely seriously. We discovered the alleged issues in 2018 and 2019 and on both occasions immediately reported them to the FRC and suspended the small number of people involved. 

“The allegations in the formal complaint would, if proven, represent very serious breaches of our processes and values. We have cooperated fully with our regulator throughout their investigation.” The guardian reported.

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