May 8, 2019 / 6:23 AM / 2 months ago

KPMG fined over defective audit of Co-op Bank, faces extra checks on audits

LONDON, May 8 (Reuters) - Accounting giant KPMG has been fined and reprimanded by regulators over a defective audit of Britain’s Co-op Bank and its audits of credit institutions will be subjected to additional checks for three years.

Britain’s Financial Reporting Council said KPMG had been fined 5 million pounds ($6.54 million), discounted for a settlement to 4 million pounds.

The firm will also pay 500,000 pounds towards the FRC’s costs.

KPMG audit partner Andrew Walker was also fined 125,000 pounds, discounted for settlement to 100,000 pounds, and reprimanded.

All KPMG’s audit engagements with credit institutions for audits ending in 2019, 2020 and 2021 will be subject to an additional review by a separate KPMG audit quality team who will provide reports to the FRC, the regulator said.

$1 = 0.7649 pounds Reporting by Iain Withers; editing by Jason Neely

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