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KPMG, partner settle SEC audit failure allegations

Tammy Whitehouse | August 15, 2017

The Securities and Exchange Commission has extracted a $6.2 million settlement from KPMG and a partner over charges that the firm and engagement partner John Riordan failed to properly audit oil and gas company Miller Energy Resources, which earlier settled accounting fraud charges.

The SEC says Miller Energy Resources misled investors about the company’s overall value by including in its 2011 financial statements values for key oil and gas assets that were “grossly overstated.” Yet KPMG issued an unqualified audit opinion, the SEC said, because the firm overlooked the overvaluation of certain oil and gas interests the company had...

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