KPMG South Africa, two partners fined $275K for using unregistered firm

KPMG building

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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