KPMG To Pay $8.2M To Settle SEC Independence Charges

Law360, Los Angeles (January 24, 2014, 3:26 PM EST) -- KPMG LLP will pay about $8.2 million to settle U.S. Securities and Exchange Commission charges that the accounting giant violated auditor independence rules, the SEC announced Friday.

An SEC investigation discovered that KPMG provided bookkeeping and other nonaudit services to affiliates of companies KPMG audits from 2007-11, according to the SEC. Some KPMG staff also owned stock in KPMG clients or their affiliates, the SEC said.

“Auditors are vital to the integrity of financial reporting, and the mere appearance that they may be conflicted in exercising...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.