- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-12-07T14:55:00
The Public Company Accounting Oversight Board (PCAOB) announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules.
KPMG’s affiliates in Colombia, the United Kingdom, and India were each fined as part of the enforcement sweep announced Tuesday. KPMG Colombia agreed to pay $4 million, while KPMG UK must pay $2.6 million between two separate disciplinary orders. KPMG India received a $1 million penalty.
Of the four KPMG practitioners disciplined, two were ordered to pay fines that totaled $100,000.
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KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
Big Four audit firm KPMG and one of its former directors were disciplined by the U.K. Financial Reporting Council regarding eight admitted breaches of relevant requirements in their fiscal year 2016 work at lighting and wiring product distributor Luceco.
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.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
