Dec 6 (Reuters) – A U.S. company tasked with overseeing the audits of public corporations on Tuesday stated it imposed $7.7 million in fines and sanctioned three corporations throughout KPMG’s world community for violations {of professional} auditing requirements, high quality management requirements and different guidelines.
KPMG Colombia, KPMG UK and KPMG India every agreed to pay the civil penalties to settle a swathe of violations from 2016-2021, from signing off on clean work papers to improper reply sharing on inside coaching checks, the Public Firm Accounting Oversight Board (PCAOB) stated in a press release.
The businesses are all member corporations of KPMG, referred to as one of many “Large 4” accounting corporations, which additionally embody Deloitte & Touche LLP, Ernst & Younger LLP and PricewaterhouseCoopers LLP.
Larry Bradley, world head of audit at KPMG, acknowledged the PCAOB’s findings and stated the agency “stays dedicated globally to the best requirements of high quality and integrity.”
The PCAOB additionally barred or suspended 4 KPMG auditors from collaborating in public firm audits. The settled enforcement actions spotlight the board’s extra aggressive policing of auditors underneath Democratic management.
“These actions ought to ship the message to KPMG and all different registered corporations that the PCAOB is dedicated to rooting out misconduct wherever it happens and can make use of all sanctions at its disposal to guard buyers and enhance audit high quality,” stated Chair Erica Williams.
Reporting by Chris Prentice; enhancing by Jonathan Oatis, Aurora Ellis and Leslie Adler
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