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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
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.
-
OpinionNational Fraud Enforcement Division: A dangerous escalation of compliance risk
Chief compliance officers and general counsel, beware: The Trump administration’s merging of its whole-of-government enforcement approach with its political agenda forewarns of escalating compliance risk on a national scale.
-
ArticleCW AI event: Boards eager for AI adoption, but governance lags
A “massive” surge in corporate leadership in adopting artitifical intelligence (AI) has been coupled with gaps in AI guardrails, according to a former Google executive speaking at a Compliance Week event on AI use in compliance.
More from Regulatory Enforcement
-
ArticleSFO head to step down as speculation grows over future of agency
Nick Ephgrave, director of the U.K.’s main anti-corruption enforcement agency, the Serious Fraud Office, will retire at the end of March—about halfway through his appointed five-year term. Experts say he leaves the agency in a lot better position than he joined it in September 2023.
-
News BriefFTC puts GM’s puts connected vehicle data practices under compliance spotlight
The U.S. Federal Trade Commission finalized its order against General Motors and its OnStar subsidiary over the improper usage of geolocation and driving behavior data of drivers.
-
ArticleKaiser plans pay $556M to settle Medicare upcoding allegations
Kaiser Health affiliates have agreed to pay more than $556 million to settle allegations originally made by whistleblowers that they ignored compliance department warnings and unlawfully reworked diagnoses for Medicare patients in order to receive higher payments from the federal government.