Audit firm to Gupta metals empire fined and banned for ‘egregious’ failures
UK watchdog gives King & King severe reprimand for failing ‘to identify clear self-interest’ when conducting auditsBusiness live – latest updatesThe UK’s accounting watchdog has fined and temporarily banned a tiny audit firm for “egregious” failures and “widespread deficiencies” linked to its work in signing off accounts of several companies in Sanjeev Gupta’s metals empire.King & King and its managing partner Milankumar Patel have been fined a total of £378,184, received a “severe reprimand”, and hit with serious restrictions on…
Source: www.theguardian.com