Auditor of defunct BES bank accused of ‘making false statements’, fined €1M
The Market regulator has fined KPMG a million euros after finding irregularities in the consultancy's activities in the area of legal certification of the accounts of the former BES bank.
The Securities Market Commission (CMVM) has fined KPMG a million euros after finding irregularities in the consultancy’s activities in the area of legal certification of the accounts of the former BES bank, the regulator said in a statement on Friday.
Thus, the decision, issued in September, states that “within the scope of the legal/audit review on consolidated financial statements (for 2012) of a credit institution issuing securities admitted to trading in a regulated market,” KPMG did not “adequately document, in its work/audit papers, the criteria for classification of components/subsidiaries of the Group whose statements were subject to review/audit as non-significant components.
The CMVM also accused KPMG of “making false statements” and of not substantiating its opinion with the certification.
