KPMG accountants fined over failed dotcom

KPMG accountants fined over failed dotcom

Liquidators of failed dotcom business Boo.com fined for 'conflict of interest'

Two KPMG accountants have been fined £2,000 by an ICAEW tribunal for their
role in failed dotcom business Boo.com, and ordered to pay £40,000 each in
costs towards the investigation committee.

Philip Wallace and Michael McLoughlin served as liquidators at the business,
but KPMG had earlier provided the company with a CFO.

The tribunal found these actions to be a conflict of interest.

KPMG said that it disagreed with the verdict but was not appealing for
‘practical reasons’.

‘Limited amounts of reasoning and information were made by the tribunal,’
said a spokesman. ‘There wasn’t any evidence the work was compromised.’

Related Articles

What is the role of governance, compliance, and control in financial transformation?

Corporate Governance What is the role of governance, compliance, and control in financial transformation?

2m Workday | Sponsored
Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

10m Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

2y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

2y Taking Stock
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

2y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

2y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

2y Richard Crump, Writer
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

2y Calum Fuller, Reporter