Finance
UK accounting watchdog fines KPMG $1.7 million for Carr’s Group audit breaches
Published by Global Banking & Finance Review®
Posted on June 12, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 12, 2025
1 min readLast updated: January 23, 2026
KPMG was fined $1.7 million by the UK watchdog for audit breaches in the Carr's Group case, focusing on compliance issues.
(Reuters) -The British accounting watchdog imposed a penalty of 1.25 million pounds ($1.7 million) on audit firm KPMG LLP on Thursday as a result of an investigation into the financial audit of UK manufacturing firm Carr’s Group.
KPMG and audit engagement partner Nick Plumb failed to ensure compliance with applicable independence requirements, the Financial Reporting Council said.
"In this case, whilst the quality of the audit work performed by the two firms is not brought into question, the breaches were serious," FRC Deputy Executive Counsel Jamie Symington said in a statement published on its website.
($1 = 0.7374 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sonia Cheema)
The British accounting watchdog fined KPMG LLP £1.25 million ($1.7 million) for audit breaches.
The audit engagement partner involved was Nick Plumb.
The FRC stated that while the quality of the audit work performed was not in question, the breaches were serious.
KPMG and Nick Plumb failed to ensure compliance with applicable independence requirements during the audit.
The case was reported by Yadarisa Shabong in Bengaluru, with editing by Sonia Cheema.
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