- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-10-19T20:39:00
Three affiliates of KPMG agreed to pay a total of $275,000 in penalties for failing to disclose unregistered firm participation in public company audits—the latest such cases for the global accounting firm.
KPMG Canada received a $150,000 fine from the Public Company Accounting Oversight Board (PCAOB), while KPMG Italy and KPMG Netherlands agreed to pay $75,000 and $50,000, respectively. All three firms, without admitting or denying the PCAOB’s findings, further agreed to be censured.
The settlements announced Wednesday follow a $200,000 fine KPMG South Africa received from the PCAOB in August for similarly violating accounting rules related to the use of an unregistered accounting firm.
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Canada-based accounting firm Smythe agreed to pay a $175,000 penalty in settling with the Public Company Accounting Oversight Board regarding its use of unregistered firms across four issuer audits.
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.
The Public Company Accounting Oversight Board announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules, including alleged exam cheating.
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