KPMG affiliates fined $275K for using unregistered firms


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.

lock iconTHIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.