- Reuters
KPMG fined $2 million for 'failures' in M&C Saatchi audit
Britain's accounting watchdog said on Monday it has fined KPMG 1.46 million pounds ($1.90 million) for "basic failings" in its audit of advertising company M&C Saatchi plc in 2018. The Financial Reporting Council (FRC) said it launched an investigation after M&C Saatchi found accounting errors which led to the restatement of the company's accounts for 2018. KPMG and Adrian Wilcox, the audit engagement partner at KPMG for M&C Saatchi, both admitted breaches regarding failures to audit with sufficient professional scepticism regarding a type of payment that inflated revenue by 1.2 million pounds.
