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.
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A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.
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