Statement by Paul George, Executive Director of Conduct at the FRC, on the outcomes of the disciplinary cases against (1) KPMG LLP and ICAEW member Mr James Marsh and (2) KPMG Audit Plc and ICAEW memb
News types: Investigations
Published: 3 February 2015
“The sanctions imposed by the Tribunal in these matters serve to emphasise the central importance of the Ethical Standards for Auditors to the audit process. As the Tribunal observes, they are at the very heart of trust in the audit process on which public confidence in capital markets and the conduct of public entities depends. The constructive approach adopted by KPMG LLP, KPMG Audit Plc, Mr Marsh and Mr Watts in acknowledging the seriousness of these matters and in cooperating with the FRC, enabled the Tribunal to apply reductions to its fines in line with the FRC’s disciplinary scheme.”