WASHINGTON (Reuters) -The Public Company Accounting Oversight Board (PCAOB) on Tuesday said it imposed $7.7 million in fines and sanctioned three firms across KPMG’s global network for violations of professional auditing standards, quality control standards and other rules.
KPMG is one of the “Big Four” accounting firms, which also include Deloitte & Touche LLP, Ernst & Young LLP, and PricewaterhouseCoopers LLP.
KPMG Colombia, KPMG UK, and KPMG India agreed to pay the civil penalties to settle a swathe of violations from 2016-2021, from signing off on blank work papers to improper answer sharing on internal training tests, the PCAOB statement said.
KPMG did not respond immediately to request for comment.
The PCAOB also barred or suspended four KPMG auditors from participating in public company audits. The settled enforcement actions highlights the board’s more aggressive policing of auditors under Democratic leadership.
“These actions should send the message to KPMG and all other registered firms that the PCAOB is committed to rooting out misconduct wherever it occurs and will employ all sanctions at its disposal to protect investors and improve audit quality,” said Chair Erica Williams.
(Reporting by Chris Prentice; editing by Jonathan Oatis and Aurora Ellis)
