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1/29/2018, 11:00 AM (Source: TeleTrader)
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KPMG denies it breached rules in Carillion case

KPMG said on Monday it would fully cooperate after the Financial Reporting Council opened an investigation into its audits of civil engineering company Carillion Plc, which is being liquidated after a financial collapse. The financial statements in question concern 2014, 2015, 2016 and "additional" work from last year.

"As we have already commented, we believe that we conducted our role as Carillion's auditor appropriately and responsibly. Transparency and accountability are vital in building public trust in audit," the advisory firm added in a press release.

The enforcement procedure is intended to find whether KPMG "has breached any relevant requirements, in particular the ethical and technical standards," regulators revealed. The probe will cover accounting, estimates and recognition of revenue on significant contracts, and accounting for pensions.

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