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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2022-08-17T16:34:00
The Korean affiliate of Big Four audit firm KPMG was fined $350,000 by the Public Company Accounting Oversight Board (PCAOB) for failures in its quality control policies and procedures to protect against improper alterations of work papers carried out by two former employees during an audit.
KPMG Samjong Accounting Corp. (KPMG Korea) was censured and must improve its quality control systems as part of its settlement with the PCAOB announced Tuesday. Jin Tae Kim, a former KPMG Korea partner, and Se Woon Jung, a former KPMG Korea director, were fined $50,000 and $40,000, respectively, and barred from associating with a PCAOB-registered accounting firm for at least three years as part of separate disciplinary orders regarding their alleged actions.
Neither the firm nor Kim or Jung admitted or denied the PCAOB’s findings.
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2022-08-30T18:24:00Z By Aaron Nicodemus
The Public Company Accounting Oversight Board fined KPMG South Africa and two of its partners a total of $275,000 for supervisory failures and violation of accounting rules related to the use of an unregistered accounting firm.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T19:43:00Z By Aaron Nicodemus
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
2024-07-01T21:14:00Z By Adrianne Appel
A Minnesota dermatology practice, its owner, and chief executive agreed to pay $1.6 million to settle allegations, first brought by two whistleblowers, that the company violated the Anti-Kickback Statue by making false claims to Medicare.
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