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Amid fraud, conspiracy charges, should inspection results be restated?

Tammy Whitehouse | January 23, 2018

In early 2015, before the Public Company Accounting Oversight Board typically dispatches inspectors to begin their annual regulatory inspections, audit leadership at KPMG obtained and acted upon illicit information that gave them an advantage in up to two inspection cycles, according to federal authorities. Yet no one is speaking of unraveling or rectifying any tainted inspection findings.

Those audit leaders have been cleaned out at KPMG, along with at least one staff member at the PCAOB, after the firm uncovered the operation and reported it to authorities in early 2017. Five individuals are facing charges from both the U.S. Department of Justice and the Securities and Exchange Commission, and one has already settled with both authorities.

The unsealed indictment from the DOJ and the enforcement order from the SEC... To get the full story, subscribe now.