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KPMG has been fined £13m and ordered to pay more than £2.75m in costs by an independent tribunal over serious misconduct in its role in the sale of bed manufacturer Silentnight to a private equity fund. The fine falls just short of the £15m penalty — a UK record — imposed on Deloitte last year for failings in its audits of former FTSE 100 software company Autonomy. It is the latest blow to KPMG, which was criticised by the UK accounting regulator last month for the “unacceptable” quality of its banking audits. The disciplinary tribunal found in June that KPMG and one of its partners failed to comply with the UK accounting profession’s fundamental principles of objectivity and integrity when they advised on the sale of Silentnight to US private equity firm HIG Capital through a prepack administration in 2011.