UPDATE 1-KPMG fined 700,000 pounds for failing to challenge client <!-- no image --> <div>Britain's accounting watchdog fined KPMG and a senior partner on Thursday for failing to challenge what a client was telling them about certain complex supplier arrangements.<div class="feedflare"> <a href="http://feeds.reuters.com/~ff/reuters/UKBankingFinancial?a=XgwnWBraA3E:s--sDq3klmE:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/reuters/UKBankingFinancial?d=yIl2AUoC8zA" border="0"></a> <a href="http://feeds.reuters.com/~ff/reuters/UKBankingFinancial?a=XgwnWBraA3E:s--sDq3klmE:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/reuters/UKBankingFinancial?i=XgwnWBraA3E:s--sDq3klmE:V_sGLiPBpWU" border="0"></a> <a href="http://feeds.reuters.com/~ff/reuters/UKBankingFinancial?a=XgwnWBraA3E:s--sDq3klmE:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/reuters/UKBankingFinancial?i=XgwnWBraA3E:s--sDq3klmE:F7zBnMyn0Lo" border="0"></a> </div><img src="http://feeds.feedburner.com/~r/reuters/UKBankingFinancial/~4/XgwnWBraA3E" height="1" width="1" alt=""></div> Posted by Reuters