SEC Bars Ex-KPMG Auditors Over College's Tax Problem

Law360 (February 23, 2021, 8:09 PM EST) -- The U.S. Securities and Exchange Commission has suspended two former KPMG auditors from practicing after they helped a now-defunct New York college file fraudulent auditing statements that concealed its failure to pay employment taxes, the commission announced Tuesday.

The auditors, former KPMG partner Christopher Stanley and former senior manager Jennifer Stewart, approved and authorized an unmodified audit opinion on the College of New Rochelle's fiscal year 2015 financial statements despite failing to complete critical audit steps, the SEC said in a news release.

The college started facing financial difficulties in 2013 due to declining enrollment, the SEC said. During 2015, the...

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