Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
FRC announces reduced fine against KPMG
Fine or penalty
The U.K. Financial Reporting Council announced a reduced fine of £875,000 against KPMG for audit failings in its work at Revolution Bars Group for fiscal years 2015 and 2016.
Source excerpt
The U.K. Financial Reporting Council (FRC) on Tuesday announced a reduced fine of 875,000 pounds (U.S. $1.15 million) against KPMG for audit failings in its work at bar chain Revolution Bars Group for the fiscal years ended 2015 and 2016.
2022
KPMG fined over Revolution Bars audit
Fine or penalty
The Financial Reporting Council fined KPMG £1.25 million and issued a severe reprimand over failures to identify problems in Revolution Bars’ accounts. The regulator described the breaches as serious but said they were not intentional, dishonest, deliberate or reckless.
Company response
Clarification — KPMG
A KPMG spokesman said: ‘We regret that aspects of our 2015 and 2016 audits of Revolution Bars Group Plc fell short of required standards.
Source excerpt
The Big Four accountancy business was fined £1.25million and hit with a severe reprimand for failing to spot problems with the accounts of the cocktail chain.
The regulator found that while the problems were ‘serious breaches’, they ‘were not intentional, dishonest, deliberate or reckless’.