FRC imposes sanctions on KPMG and audit partner over N Brown

The Financial Reporting Council (FRC) has sanctioned KPMG and audit engagement partner Anthony Sykes, following serious breaches in their audit of N Brown Group. These breaches, acknowledged by both parties, relate to the financial statements for the year ending 26 February 2022. KPMG and Sykes have admitted to the breaches, which pertain to the audit work on impairment of non-current assets, a financial reporting aspect that ensures a company's assets are not overstated. The sanctions include a financi ...