KPMG admits misconduct on BNY Mellon reports, says watchdog
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(Reuters) - KPMG and one of its partners have admitted to serious failings in compliance reports for Bank of New York Mellon , Britain's accountancy watchdog said, potentially leading to heavy fines as the auditor comes under unprecedented scrutiny.The Financial Reporting Council (FRC) said on Wednesday that KPMG, one of the world's "Big Four" accountants, and partner Richard Hinton admitted to misconduct after an investigation into 2011 reports on client assets held by BNY Mellon and its London..