When three of the largest global audit firms are fined for widespread exam cheating, it is enough to spark fears the practice has been going on for years and is international in scope.
The enforcement trend most notably began in June 2019, when KPMG was fined $50 million by the U.S. Securities and Exchange Commission (SEC) over cheating allegations that included evidence of auditors sharing internal training exam answers and manipulating test results. In September 2021, KPMG Australia was fined $450,000 by the U.S. Public Company Accounting Oversight Board over allegations of improper answer sharing by employees, while KPMG UK and KPMG Colombia in December were each cited for similar misconduct among firm personnel in being ordered to pay a combined $6 million by the PCAOB.
