KPMG and one of its directors have been fined more than £1.3m for “serious” failings in their audits of Revolution Bars Group.The Financial Reporting Council (FRC) said the issues with the firm and director Michael Neil Frankish related to three main areas of the audits in 2015 and 2016. The Manchester-headquartered group, which is behind the Revolution and Revolución de Cuba brands, floated on the London Stock Exchange in March 2015 at 200p per share. However, its stock price has fallen almost 90% since then. READ MORE: Revolution Bars Group returns to half-year profit and sales surge after Covid restrictions lifted The FRC added that because the breaches were “serious but not intentional”, KPMG’s fine was reduced from £1.25m to £875,000 while Mr Frankish’s was cut from £500,000 to £35,000. The ruling comes after …
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