UK regulator raises formal complaint against KPMG
26 Nov 2018

Auditing firm KPMG faces a disciplinary tribunal hearing after the Financial Reporting Council (FRC) filed a complaint against its handling of work for mattress company Silentnight.

According to the watchdog, KPMG and its partner performed an engagement for Silentnight in circumstances where ‘their professional judgment was compromised, or was likely to be compromised,’ and their objectivity was ‘impaired, or was likely to be impaired.’

There is also the possibility that they provided untrue of materially incomplete explanations to the Pensions Regulator as well as Silentnight.

“A disciplinary tribunal will be convened to hear the formal complaint and determine whether the respondents have committed misconduct,” the FRC said.

The FRC’s investigation was opened in October 2015 following a referral from the Pensions Regulator.

A spokesman for KPMG, quoted in CityAM, said: “We believe the FRC’s allegations to be wholly without merit. Given the matter is now subject to formal consideration by a tribunal, we will not be commenting further.”

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