KPMG South Africa, two partners fined $275K for using unregistered firm
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.
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
-
News BriefPCAOB fines Smythe $175K over unregistered firm use
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.
-
News BriefSEC chief accountant eyeing auditor use of network member firms
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.
-
ArticleThree KPMG firms disciplined in $7.7M enforcement sweep
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.
More from Regulatory Enforcement
-
News BriefFTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.