UK FRC Fines KPMG £1.25M for Auditing Issues at N Brown Group

The UK’s Financial Reporting Council has issued a £1.25m sanction against KPMG for auditing issues related to the financial statements of N Brown Group for FY 2022, according to a statement.

• Amount payable is about £710,900 due to reductions for “exceptional co-operation” and early disposal
  • Audit Engagement Partner Anthony Sykes got a £90k sanction with the same adjustments, making amount payable about £51,000
• KPMG has also paid the investigation costs

To contact the reporter on this story:
Moira Warburton in London at mwarburton15@bloomberg.net

To contact the editors responsible for this story:
Veronica Ek at vek@bloomberg.net

Sachin Ravikumar

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