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UK accounting watchdog probes KPMG over BNY Mellon audit
[LONDON] Britain's accounting watchdog has opened an investigation into how top auditor KPMG confirmed that Bank of New York Mellon (BNY Mellon) was complying with UK rules on protecting customer money.
The Financial Reporting Council said in a statement it had launched the investigation into the conduct of KPMG auditors regarding BNY Mellon's London branch.
Britain's Financial Conduct Authority fined BNY Mellon 126 million pounds (S$266 million) in April for failing to keep customer money safe during the financial crisis.
KPMG was responsible for reporting to the financial regulator that BNY Mellon was complying with rules on the safekeeping of customer assets.