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

The Guardian UK Tuesday 23 June 2026, 13:07 UTC By Kalyeena Makortoff 1 min read

Key Points

UK watchdog gives King & King severe reprimand for failing ‘to identify clear self-interest’ when conducting auditsBusiness live – latest updatesThe 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...

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

Business live – latest updates

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).

Gupta (PERSON) UK (LOCATION) King &amp (ORG) Sanjeev Gupta’s (PERSON) Milankumar Patel (PERSON) the Financial Reporting Council (ORG)

Originally published by The Guardian UK Read original →

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

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