Audit firm to Gupta metals empire fined and banned for ‘egregious’ failures

UK watchdog gives King & King severe reprimand for failing ‘to identify clear self-interest’ when conducting audits

The UK’s accounting watchdog has fined and temporarily banned a tiny audit firm for “egregious” failures and “widespread deficiencies” linked to its work in signing off accounts of several companies in Sanjeev Gupta’s metals empire.

King & King and its managing partner Milankumar Patel have been fined a total of £378,184, received a “severe reprimand”, and hit with serious restrictions on audit work after a four-year investigation by the Financial Reporting Council (FRC).