KPMG said: We believe we conducted our audit appropriately. However, it's only right that following a corporate collapse of such size and significance, the necessary investigations are performed. Auditing large and complex businesses involves many judgments and we will continue to cooperate with the FRC's ongoing investigation. ... We welcome any future review of our profession. If we consider how the profession has changed in the last decade […] it is clear there is a need for us to look closely at our business models. In a June 2018 report on audit standards across eight accounting firms, the FRC identified "failure to challenge management and show appropriate scepticism across their audits." It highlighted a decline in the quality of work undertaken by the Big Four, with KPMG performing the worst. There had, the FRC said, been an "unacceptable deterioration" in the quality of KPMG's work, and the FRC would scrutinise KPMG more closely as a result.<ref name="Davies-18Jun2018"></ref> In October 2018, the FRC proposed reforms to tackle the "underlying falling trust in business and the effectiveness of audit," and severely rebuked KPMG.<ref name="Collinson-8Oct2018"></ref>  In November 2018, KPMG said it would no longer undertake consultancy work for FTSE 350 Index-listed companies if it was also auditing them, in an effort to "remove even the perception of a possible conflict" of interest.<ref name="BBC-09Nov2018"></ref>  The Carillion investigation followed FRC investigations into KPMG's role at HBOS, Quindell and The Co-operative Bank. In July 2018, the FRC started an investigation into KPMG's audit role at collapsed drinks merchant Conviviality.<ref name="Vincent-3Jul2018"></ref>  In January 2019, KPMG announced it had suspended the partner that led Carillion's audit and three members of his team,<ref name="Morby-21Jan2019"></ref> and the FRC opened a second investigation into how KPMG audited Carillion's accounts.<ref name="Jones-22Jan2019"></ref> In May 2020, the "FT" reported that the official receiver was preparing to sue KPMG for £250m over alleged negligence in its audits of Carillion.<ref name="Kinder-12May2020"></ref>  In June 2019, KPMG was fined $50 million for altering its past audit work after receiving stolen data from accounting industry watch dog Public Company Accounting Oversight Board (PCAOB).