January 24, 2014
Posted January 26, 2016
The SEC charged public accounting firm KPMG with violating rules that require auditors to remain independent from the public companies they’re auditing to ensure they maintain their objectivity and impartiality. An SEC investigation found that KPMG broke auditor independence rules by providing prohibited non-audit services such as bookkeeping and expert services to affiliates of companies whose books they were auditing. Some KPMG personnel also owned stock in companies or affiliates of companies that were KPMG audit clients. KPMG agreed to pay $8.2M to settle the SEC’s charges. SEC
Tagged in: Accounting Fraud, Regulatory Violations,