The Financial Reporting Council, the audit watchdog generally regarded as a friend of the industry, said KPMG had failed to properly oversee the firm’s finances.
M&C — known for its “Labour isn’t working” 1978 ad slogan which helped the Tories beat Labour PM James Callaghan — has had several years in the mire as its finances unravelled.
Today the FRC said KPMG’s 2018 audit of M&C “did not meet the required quality standards in a number of respects amounting to serious audit failings and breaches of audit standards”, according to Claudia Mortimore, deputy executive counsel at the FRC.
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