KPMG fined $8 million over insufficient audit of insurer

Posted On: May. 1, 2019 5:49 AM CST

U.K.'s Financial Reporting Council has fined Dutch consultancy firm KPMG International nearly $8 million for insufficient audits of U.K.-based insurer Equity Syndicate Management Ltd., Reuters reported. The regulator imposed the fines following investigations into the insurer's brand – Equity Red Star – for accounts dating back to 2007. Equity Red Star crashed to a $358 million Australia ($253 million) loss in 2010 after failing to set aside enough cash to cover claims.