- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-04-10T18:35:00
KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board (PCAOB) for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
Improper answer sharing occurred at KPMG Netherlands over a five-year period, and the firm made multiple misrepresentations to the PCAOB about its knowledge of the misconduct, the regulator said Wednesday in a press release. The PCAOB conducted a joint investigation into the matter with its Dutch counterpart, the Dutch Authority of the Financial Markets, which placed KPMG Netherlands under enhanced supervision, according to a press release.
The PCAOB also fined the firm’s former head of assurance, Mark Hogeboom, $150,000 for violating a PCAOB rule that prohibits knowingly or recklessly contributing to violations of agency rules. He was censured and permanently barred from being an associated person of a registered public accounting firm.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board over “pervasive” quality control violations.
Staff at the Securities and Exchange Commission have observed instances of audit firms setting poor examples for junior-level employees by failing to properly discipline senior leaders found to have breached ethical standards, according to Chief Accountant Paul Munter.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
