- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-09-15T15:09:00
The Public Company Accounting Oversight Board announced a $450,000 fine against KPMG’s Australian subsidiary to resolve allegations of widespread cheating on personnel training tests at the firm.
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Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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.
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
Elon Musk, the world’s wealthiest person and the apparent right-hand man of incoming U.S. president Donald Trump, has been taken to court for a third time by the Securities and Exchange Commission for allegedly violating securities law.
Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
