London, United Kingdom
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register


This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.











UK Financial Reporting Council Fines KPMG $1.27 Million & Former Partner Anthony Sykes $54,000 for Audit Failings of Discount Retail Company The Works, Admitted Failings were Rudimentary But No Material Misstatement in Financial Statements

28th April 2023 | Hong Kong

The UK Financial Reporting Council (FRC) has fined KPMG $1.27 million & former partner Anthony Sykes $54,000 for audit failings of a UK discount retail company (The Works), with the admitted failings being rudimentary but no material misstatement in the financial statements. Claudia Mortimore, UK FRC Deputy Executive Counsel: “The admitted failings, which critically undermined KPMG’s approach to the audit of inventory at a retail entity, were rudimentary and should not have occurred.  The financial and non-financial sanctions, which include measures intended to enhance KPMG’s second line of defence function, are aimed at preventing a repetition of such failings in the future.” UK FRC: “The breaches occurred as part of a course of conduct that critically undermined KPMG’s approach to the audit of inventory existence which, whilst not identified as a significant risk area, remained material to the Group’s balance sheet.  The Audit therefore failed in its principal objective of providing reasonable assurance about whether the financial statements were free from material misstatement. The Final Settlement Decision Notice does not assert that there was a material misstatement in the financial statements. It is not alleged that the breaches were intentional, dishonest, deliberate or reckless. The extent of co-operation provided by KPMG and Mr Sykes, who also admitted their breaches at an early stage, is reflected in the significant discount applied to the financial sanctions imposed upon them. See below for UK FRC statement.

“ UK Financial Reporting Council Fines KPMG $1.27 Million & Former Partner Anthony Sykes $54,000 for Audit Failings of Discount Retail Company The Works “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here


The 2024 Family Office Summit
17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here


2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore

Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable.   Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here


2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore

Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here


2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore

Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit.  Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here





 

UK Financial Reporting Council Fines KPMG $1.27 Million & Former Partner Anthony Sykes $54,000 for Audit Failings of Discount Retail Company The Works

London, United Kingdom

Sanctions against KPMG LLP and Anthony Sykes

26th April 2023 – This Press Notice concerns the outcome of an investigation into the relevant Statutory Auditor(s). It would not be fair to treat any part of this announcement as constituting or evidencing an investigation into, or findings in respect of the conduct of, any other persons or entities.

The Executive Counsel of the Financial Reporting Council (FRC) has issued a Final Settlement Decision Notice under the Audit Enforcement Procedure and imposed sanctions against KPMG LLP (“KPMG”) and Anthony Sykes, Audit Engagement Partner (and a former partner of KPMG), in relation to the statutory audit of the financial statements of TheWorks.co.uk plc (the “Group”) for the financial year ended 26 April 2020 (the “Audit”).

The following sanctions have been imposed:

KPMG

  • A financial sanction of £1,750,000, reduced to £1,023,750 to reflect the firm’s co-operation and admissions, and the early disposal of the case;
  • A published statement, in the form of a severe reprimand;
  • A declaration that the Audit report signed on behalf of the firm did not satisfy the Relevant Requirements; and
  • An order requiring the firm to take action to mitigate the effect or prevent the recurrence of breaches of the Relevant Requirements.

 

Mr Sykes

  • A financial sanction of £75,000, reduced to £43,875 to reflect Mr Sykes’ co-operation and admissions, and the early disposal of the case;
  • A published statement, in the form of a severe reprimand; and
  • A declaration that the Audit report signed by Mr Sykes did not satisfy the Relevant Requirements.

KPMG and Mr Sykes admitted breaches of Relevant Requirements relating to the audit of inventory existence including the requirements to plan and perform an audit with professional scepticism, to prepare sufficient audit documentation and to design and perform audit procedures in order to obtain sufficient appropriate audit evidence.

KPMG’s approach to the audit of inventory existence was flawed by a succession of failings, such as, in particular:

  • Failure to respond appropriately to variances in stock counts identified during controls testing, including by not investigating management’s explanations for those variances and by omitting the test results from the audit file such that the audit file documentation provided a false degree of assurance;
  • The adoption of a substantive testing approach (once the controls testing had failed), without adequate consideration or consultation, based on a subset of the same stock count results, from which the stock counts with variances had been removed, as part of a selection process described on the audit file as “random”; and
  • Failure to perform appropriate roll-forward and roll-back procedures.

The breaches occurred as part of a course of conduct that critically undermined KPMG’s approach to the audit of inventory existence which, whilst not identified as a significant risk area, remained material to the Group’s balance sheet.  The Audit therefore failed in its principal objective of providing reasonable assurance about whether the financial statements were free from material misstatement.

The Final Settlement Decision Notice does not assert that there was a material misstatement in the financial statements. It is not alleged that the breaches were intentional, dishonest, deliberate or reckless.

The extent of co-operation provided by KPMG and Mr Sykes, who also admitted their breaches at an early stage, is reflected in the significant discount applied to the financial sanctions imposed upon them.




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 17th Oct2024 Investment Day Singapore 7th Nov2024 Family Office Summit Hong Kong 17th Oct2024 Family Office Summit Singapore 7th Nov2025 Events












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • July 2024 - Hong Kong
    • July 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Oct 2024 - Hong Kong
    • Nov 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014