KPMG LLC has agreed to pay a $50 million penalty over allegations former staffer...
FILE PHOTO: A KPMG logo is seen on their downtown office tower in Los Angeles, California May 13, 2014. REUTERS/Mike Blake/File Photo
KPMG admitted to the SEC’s allegations and agreed to hire an independent consultant to assess the firm’s ethics and integrity controls, as well as its compliance related to abuse of the exams issued by the Public Company Accounting Oversight Board, the SEC said in a statement. While Congress created the accounting board to police the work of public-company auditors, the SEC retains the authority to inspect auditors on its own.
SEC Chairman Jay Clayton ordered his staff in January 2018 to monitor the auditor in relation to alleged misappropriation of PCAOB information.
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