Cheating your CPD training? KPMG $50M fine offers a salutary lesson
KPMG fined $50 million for using stolen data, exam fraud: U.S. SEC. The fine was one of the largest ever imposed on an auditor by the SEC.
KPMG LLP has agreed to pay a $50 million fine over
- Allegations former staffers used the stolen information to alter some of the accounting firm's previous audit work and
- Cheated on training exams, the U.S. Securities and Exchange Commission said on Monday.
The SEC said in a statement:
- KPMG admitted to the SEC's allegations and agreed to hire an independent consultant to assess
- The firm's ethics and integrity controls,
- As well as its compliance related to abuse of the exams issued by the Public Company Accounting Oversight Board.
Steven Peikin, one of the SEC's enforcement directors, said:
- "The breadth and seriousness of the misconduct at issue here is, frankly, astonishing,"
- "This settlement reflects the need to severely punish this sort of wrongdoing while putting in place measures designed to prevent its recurrence."
A KPMG spokesman said the auditor has
- "Learned important lessons through this experience,"
- Adding that the firm is stronger as a result of actions it is taking "to strengthen our culture, our governance and our compliance program."