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Accountants KPMG fined £4.5mln by the Financial Reporting Council for failings in its audit of Quindell

Published: 08:21 11 Jun 2018 BST

Accountants
The FRC added that KPMG's fine was discounted to £3.1mln and Smith's to £84,000 because they chose to settle the case

Accountancy giant KPMG has been fined £4.5mln by the Financial Reporting Council for failings in its audit of Quindell PLC, after the legal services firm twice restated its accounts leading to heavy losses.

In a statement, the FRC said KPMG and accountant William Smith - who was himself fined £120,000 - both failed to ensure that Quindell's financial statements for 2013 and 2014 were free from material mis-statement.

READ: Watchstone knocked by changes to injury compensation

Once close to being a blue chip financial firm, AIM-listed Quindell – now transformed into insurance technology firm Watchstone Group PLC (LON:WTG) following the sale of its legal arm to Australian firm Slater Gordon - saw its market value collapse in 2015 after regulators launched probes into its financial accounts.

The FRC added that KPMG's fine was discounted to £3.1mln and Smith's to £84,000 because they chose to settle the case, with both reprimanded by the regulator.

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