FRC confirms £3.3m fine for KPMG over Rolls-Royce audit

The FRC said the findings against each of the respondents relate to ‘failures to address matters identified in the audit which indicated risk of non-compliance by the company with laws and regulations’


The Executive Counsel of the Financial Reporting Council (FRC) has issued a £3.3m fine to KPMG Audit plc (KPMG) and Anthony Sykes, Audit Engagement Partner over its statutory audit of the consolidated financial statements of Rolls-Royce Group plc for the financial year ended 31 December 2010.

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