The U.K. and Ireland's accountancy regulator has fined KPMG LLP £3.2 million after the company admitted to misconduct related to Quindell Property Services Ltd.'s financial statements for 2013.
The Financial Reporting Council reprimanded KPMG and imposed a £4.5 million fine, which was reduced to £3.2 million for settlement, according to City A.M.
Audit engagement partner William Smith was also given a reprimand and fined £120,000, which was cut to £84,000.
A KPMG spokesperson said the accountancy firm has already updated its audit processes and procedures to address the areas of concern, the report stated.
