Audit firm to Gupta metals empire fined and banned for ‘egregious’ failures (opens original article in a new tab)

A UK audit firm was fined £378,184 and banned for failing to meet audit standards while working with Sanjeev Gupta's metals empire, which is under investigation for fraud and money laundering.

• UK accounting watchdog fined and banned audit firm King & King for 'egregious' failures in auditing GFG Alliance companies
• King & King failed to identify self-interest and met key audit requirements in over 140 audits of GFG companies between 2018-2020
• Audit firm relied on 41% of 2021 revenues from GFG Alliance, violating the 15% client revenue cap