The Executive Counsel of the Financial Reporting Council (FRC) has imposed sanctions against KPMG Audit (KPMG) and Anthony Sykes, Audit Engagement Partner, in relation to the statutory audit of the consolidated financial statements of Rolls-Royce Group for the financial year ended 31 December 2010. KPMG has been issued with a financial sanction of £4.5 million adjusted for admissions and early disposal to £3,375,000; and is required to commission a review by an appropriate external independent expert of the effectiveness of the firm’s policies, guidance and procedures for audit work in the area of an audited entity’s compliance with laws and regulations.

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