Reliability in times of volatility

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KPMG is set to receive a £14.4m fine and one of its ex-partners is facing a 15-year ban from the profession after a group of the firm’s auditors was found to have misled a regulatory probe by forging documents.

A sanctions hearing on 12 May was told that a tribunal had decided that five of KPMG’s former staff had acted to mislead inspectors from the Financial Reporting Council who were looking into the firm’s audit of outsourcer Carillion in 2018.