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KPMG faces £4m fine over Co-op Bank audit

KPMG is set to face a £4m fine from the Financial Reporting Council (FRC) over its auditing of the Co-operative Bank in 2009.

The fine comes following a five year probe from the FRC, which Bill Michael, KPMG’s UK chairman, has focused on resolving. According to Sky News, an announcement from the big four accountancy firm in regard to the fine is expected to arrive in the next few weeks. Recently, it was announced that the FRC is to be disbanded following a government review

A precise time and size for the fine is yet to be finalised, with the sanction set to be in the middle of the range of fines the FRC can impose, if confirmed.

Within the last year the firm came to the attention of the FRC over its auditing of fashion brand, Ted Baker and insurance technology group, Quindell.

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