- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-12-07T14:55:00
The Public Company Accounting Oversight Board (PCAOB) announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules.
KPMG’s affiliates in Colombia, the United Kingdom, and India were each fined as part of the enforcement sweep announced Tuesday. KPMG Colombia agreed to pay $4 million, while KPMG UK must pay $2.6 million between two separate disciplinary orders. KPMG India received a $1 million penalty.
Of the four KPMG practitioners disciplined, two were ordered to pay fines that totaled $100,000.
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KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
Big Four audit firm KPMG and one of its former directors were disciplined by the U.K. Financial Reporting Council regarding eight admitted breaches of relevant requirements in their fiscal year 2016 work at lighting and wiring product distributor Luceco.
The Securities and Exchange Commission is paying added scrutiny toward audit firms’ increasing use of network affiliates in their work and the potential for inconsistent quality that comes with such an approach.
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.
