KPMG Korea fined $350K for audit procedure failures
By 
Kyle Brasseur2022-08-17T16:34:00
The Korean affiliate of Big Four audit firm KPMG was fined $350,000 by the Public Company Accounting Oversight Board (PCAOB) for failures in its quality control policies and procedures to protect against improper alterations of work papers carried out by two former employees during an audit.
KPMG Samjong Accounting Corp. (KPMG Korea) was censured and must improve its quality control systems as part of its settlement with the PCAOB announced Tuesday. Jin Tae Kim, a former KPMG Korea partner, and Se Woon Jung, a former KPMG Korea director, were fined $50,000 and $40,000, respectively, and barred from associating with a PCAOB-registered accounting firm for at least three years as part of separate disciplinary orders regarding their alleged actions.
Neither the firm nor Kim or Jung admitted or denied the PCAOB’s findings.
Related articles
-
ArticleKPMG South Africa, two partners fined $275K for using unregistered firm
The Public Company Accounting Oversight Board fined KPMG South Africa and two of its partners a total of $275,000 for supervisory failures and violation of accounting rules related to the use of an unregistered accounting firm.
-
News BriefSEC reportedly investigating MassMutual’s accounting amid ongoing government shutdown
Even though the U.S. federal government is currently shut down, the U.S. Securities and Exchange Commission appears to still be at work. The financial regulator is reportedly investigating a major insurance and asset management company over its accounting practices.
-
Basic PageU.S. targets southeast Asian “pig butchering”, human trafficking, forced labor empire
This week, U.S. authorities took coordinated action against Cambodian multinational conglomerate Prince Holding Group and its 37-year-old founder Chen Zhi, who is accused of running forced-labor camps in Cambodia where captives were forced to conduct pig butchering scams that defrauded U.S. and global victims out of billions of dollars.
More from Regulatory Enforcement
-
News BriefAMLA: What difference will the agency make in the EU’s fight against moneylaundering?
Europe’s massive financial sector has become a magnet for illicit money flowing through its banks and markets. A new EU agency will be taking the problem head-on to fight against money laundering.
-
ArticleFormer startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
-
ArticleGeorgia Tech to pay $875,000 for allegations brought by compliance officers
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.