Carillion: Record fine for KPMG over 'exceptional' failure

Auditing giant KMPG has been handed a record fine over "exceptional" failures in its accounting work for Carillion, the construction giant which collapsed in 2018.

The Financial Reporting Council, which regulates accountants, said the £21m fine was due to the "number, range, and seriousness" of issues in KPMG's work.

The failure of Carillion hit thousands of jobs and 450 building projects.

KPMG's UK chief executive said the FRC's findings were "damning".

Jon Holt said: "I am very sorry that these failings happened in our firm. It is clear to me that our audit work on Carillion was very bad, over an extended period.

"In many areas, some of our former partners and employees simply didn't do their job properly."