- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Ruth Prickett2024-04-25T12:50:00
Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.
KPMG Netherlands became the latest firm to be penalized for alleged cheating by employees and was dealt a record $25 million fine by the U.S. Public Company Accounting Oversight Board (PCAOB) earlier this month.
The scandal implicated senior managers and hundreds of staff. Marc Hageboom, the firm’s former head of assurance, received a personal fine of $150,000 and was banned for life from working for a firm auditing U.S. companies.
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.
Register for free
Access one free, non-premium article each month.
Complimentary CPE webcasts, resources, and e-Books.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
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.
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.
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
The Public Company Accounting Oversight Board published the full results of its 2022 inspection for Big Four firm KPMG after its initial report contained more than two dozen redactions.
Ebix announced the Securities and Exchange Commission closed an investigation into allegations against the software company’s accounting practices raised in a short seller report.
Chemours disclosed it received requests for information from the Department of Justice and Securities and Exchange Commission regarding findings from an internal review into alleged accounting misconduct by several of its top executives.
