What happens when independence goes MIA in an audit? Just ask KPMG UK. The UK’s accounting regulator recently fined KPMG a fine of £690,625—a haircut from the original £1.25 million- for failing to maintain audit independence during its 2021 aud...
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KPMG’s Fine Shows Why Audit Independence Really Matters
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Subscribe13 JUN 2025 / ACCOUNTING & TAXES
Accounting regulator in the UK fined KPMG £690,625 for breach of audit independence rules during its auditing of Carr’s Group in 2021. The violation stemmed from KPMG's reliance on another firm which had sold non-audit services to Carr’s and kept the same audit engagement partner for more than five years, a breach of ethical standards aimed at preventing conflict of interest.
What happens when independence goes MIA in an audit? Just ask KPMG UK. The UK’s accounting regulator recently fined KPMG a fine of £690,625—a haircut from the original £1.25 million- for failing to maintain audit independence during its 2021 aud...
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