The Financial Reporting Council (FRC), the UK’s audit watchdog, has announced a significant fine against KPMG UK and one of its audit partners, Nick Plumb, for “basic and fundamental” breaches of independent audit rules.
The sanctions, totalling £690,000 ($930,000) for KPMG and £39,000 ($53,000) for Plumb after discounts for co-operation,
The FRC’s investigation found
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