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KPMG fined $6 million for BNY Mellon audit-related violations

Posted On: Jul. 25, 2019 5:27 AM CST

A U.K. disciplinary tribunal has fined Dutch consultancy firm KPMG International £5 million ($6 million) for misconduct related to its audit for The Bank of New York Mellon Corp., The Irish Times reported citing sources. U.K.'s Financial Reporting Council said that KPMG signed off BNY Mellon's reports between 2007 and 2011 but failed to comply with rules on safeguarding client assets.

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