A spokesperson for KPMG said, in part: “We have cooperated fully throughout the FRC’s investigation and have already updated our audit processes and procedures to address the areas of concern.

“We regret that some aspects of our audit for the year ended 31 December 2013 did not meet the required standards. As we stated in our audit opinion for the following year, certain information given to KPMG contradicted representations previously made by former members of management.

“Nonetheless, we accept the FRC’s findings that in two specific areas of the audit, our challenge for the year ended 31 December 2013 should have gone further."