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FRC fines KPMG £1.25m over Revolution Bars audit

In determining the sanctions to be imposed, executive counsel has taken into account that these were serious breaches but not intentional, dishonest, deliberate or reckless, and that the respondents provided a ‘good level of cooperation’ during the investigation.

The executive counsel of the Financial Reporting Council (FRC) has fined KPMG LLP £1.25m and imposed further sanctions against it and Michael Frankish in relation to the audits of Revolution Bars Group for the financial years ended 30 June 2015 and the 53 weeks ended 2 July 2016.

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