- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-09-15T15:09:00
The Public Company Accounting Oversight Board announced a $450,000 fine against KPMG’s Australian subsidiary to resolve allegations of widespread cheating on personnel training tests at the firm.
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Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
The Public Company Accounting Oversight Board announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules, including alleged exam cheating.
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
