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UPDATE 2-KPMG admits misconduct on BNY Mellon reports, says watchdog [Reuters]

BANK of NEW YORK MELLON (BK)  More Company Research Source: Reuters
Last bank of new york mellon earnings: 7/19 06:30 am Check Earnings Report
PDF UPDATE 2-KPMG admits misconduct on BNY Mellon reports, says watchdog | Reuters 4 Min Read * FRC says misconduct related to client assets * Disciplinary tribunal to decide on sanctions * KPMG subject of other FRC investigations (Adds detail, background, KPMG and BNY Mellon comments) By Noor Zainab Hussain and Muvija M Sept 19 (Reuters) - KPMG and one of its partners have admitted to serious failings in compliance reports for Bank of New York Mellon, Britain’s accountancy watchdog said, potentially leading to heavy fines as the auditor comes under unprecedented scrutiny. The Financial Reporting Council (FRC) said on Wednesday that KPMG, one of the world’s “Big Four” accountants, and partner Richard Hinton admitted to misconduct after an investigation into 2011 reports on client assets held by BNY Mellon and its London branch. A disciplinary tribunal will be convened to decide what sanctions should be imposed, the FRC said, adding that no client money or assets were lost as a result of t [Read more]

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