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Liars and Forgers

Commenting on the settlement with the FRC, KPMG’s chief executive, Jon Holt, said KPMG was “deeply sorry that such serious misconduct occurred in our firm. It was unjustifiable and wrong. It was a violation of our processes and a betrayal of our values.

The fine for accounting misconduct had originally been expected to reach £20m, which would have made it a UK record fine for accounting discrepancies, but it was reduced to £14.4m after KPMG co-operated with authorities. The accountancy firm is also expected to pay £4.3m in costs.

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