In a deal with regulators, the U.K. unit of global financial auditor and consultant KPMG will pay an $18-million fine for misleading a government review into the quality of its financial audit of British construction giant Carillion PLC before its collapse under huge debt in 2018.
The Financial Reporting Council, a UK government agency, has also proposed fines of up to $500,000 and 15-year suspensions from professional practice for five now former KPMG auditors. A decision on these contested sanctions is pending.