Audit Watchdog, KPMG Face Big Hit To Credibility

By Dunstan Prial (January 23, 2018, 10:47 PM EST) -- The Public Company Accounting Oversight Board and KPMG have suffered significant blows to their credibility stemming from criminal charges levied Monday that former employees of the audit watchdog gave stolen confidential information to high-placed accountants at the Big Four firm, experts said Tuesday.

The PCAOB's mission of overseeing the accounting firms that audit publicly traded companies lies at the heart of market integrity because investors rely on the information included in companies' financial statements to make informed decisions, experts said.

Investors are equally reliant on the credibility of the regulatory agencies and auditing firms such as KPMG that put their stamp...

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