In March, KPMG's UK affiliate was fined £1.46 million ($1.9 million) by the UK accounting regulator, Financial Reporting Council for 'basic failings' in its audit of the 2018 financial statements of advertising agency, M&C Saatchi plc. FRC indicated that KPMG would have been fined £2.25 million ($2.8 million) had it not admitted to the breaches.
In March, KPMG's UK affiliate was fined £1.46 million ($1.9 million) by the UK accounting regulator, Financial Reporting Council for 'basic failings' in its audit of the 2018 financial statements of advertising agency, M&C Saatchi plc. FRC indicated that KPMG would have been fined £2.25 million ($28 million) had it not admitted to the breaches.