 There had, the FRC said, been an "unacceptable deterioration" in the quality of KPMG's work, and the FRC would scrutinise KPMG more closely as a result.<ref name="Davies-18Jun2018"></ref> In October 2018, the FRC proposed reforms to tackle the "underlying falling trust in business and the effectiveness of audit," and severely rebuked KPMG.<ref name="Collinson-8Oct2018"></ref>

In November 2018, KPMG said it would no longer undertake consultancy work for FTSE 350 Index-listed companies if it was also auditing them, in an effort to "remove even the perception of a possible conflict" of interest.<ref name="BBC-09Nov2018"></ref>

The Carillion investigation followed FRC investigations into KPMG's role at HBOS, Quindell and The Co-operative Bank.In July 2018, the FRC started an investigation into KPMG's audit role at collapsed drinks merchant Conviviality.<ref name="Vincent-3Jul2018"></ref>

In January 2019, KPMG announced it had suspended the partner that led Carillion's audit and three members of his team,<ref name="Morby-21Jan2019"></ref> and the FRC opened a second investigation into how KPMG audited Carillion's accounts.<ref name="Jones-22Jan2019"></ref> In May 2020, the "FT" reported that the official receiver was preparing to sue KPMG for £250m over alleged negligence in its audits of Carillion.<ref name="Kinder-12May2020"></ref>

In June 2019, KPMG was fined $50 million for altering its past audit work after receiving stolen data from accounting industry watch dog Public Company Accounting Oversight Board (PCAOB).KPMG admitted to its mistakes and as a part of its settlement, it also agreed to hire an independent consultant to review its internal controls.<ref></ref>

In 2017, KPMG was embroiled in related scandals involving the Gupta family.<ref></ref> KPMG, whose history in South Africa dated back to 1895, and which had been part of the international organization since its founding in 1979,<ref></ref> faced calls for closure, and an uncertain future, as a consequence of the damage done to the South African economy as a result of its activities.<ref></ref><ref></ref>

KPMG had been working with a Gupta family company in the mining sector, Oakbay Resources and Energy, for 15 years prior to the revelations of corruption and collusion in 2016, at which point KPMG resigned.