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The Cabinet Office has threatened to ban KPMG from bidding for government contracts if it does not improve its audit standards. The Financial Times reported that the department wrote to KPMG warning that the action would be taken if the firm could not guarantee that there would be no further miscond

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The Financial Reporting Council (FRC) has fined KPMG £13 million for its audits of Silentnight from August 2010 to April 2011. The accountancy regulator has announced sanctions against the Big Four firm and David Costley-Wood, formerly a partner and head of KPMG Manchester Restructuring.

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