- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-08-30T18:24:00
The Public Company Accounting Oversight Board (PCAOB) 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.
From 2015-17, KPMG South Africa used an unregistered accounting firm, KPMG Chartered Accountant Zimbabwe, in conducting three audits of an unidentified public company, the PCAOB said Monday in a press release.
The PCAOB fined KPMG South Africa $200,000, Van Niekerk $50,000, and partner Coenraad Basson $25,000. Van Niekerk agreed to a two-year bar from working as an associate of a registered accounting firm, after which he must petition for reinstatement. Basson agreed to a one-year suspension from working as an associate of a registered accounting firm.
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Canada-based accounting firm Smythe agreed to pay a $175,000 penalty in settling with the Public Company Accounting Oversight Board regarding its use of unregistered firms across four issuer audits.
The Securities and Exchange Commission is paying added scrutiny toward audit firms’ increasing use of network affiliates in their work and the potential for inconsistent quality that comes with such an approach.
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.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
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