LONDON, May 12 (Reuters) - KPMG faces a 14.4 million pound ($17.6 million) fine after admitting it misled regulators during spot checks on audits of construction group Carillion and software firm Regenersis.
The Financial Reporting Council (FRC), the British auditing regulator, told a London tribunal on Thursday that it was seeking a record 20 million pound fine, reduced to 14.4 million pounds because KPMG self-reported and cooperated.
"It was unjustifiable and wrong," KPMG's Chief Executive Jon Holt said in a statement, adding: "It was a violation of our processes and a betrayal of our values."