Connect with us

Business

US SEC sanctions KPMG, Deloitte for poor audit

Published

on

Financial Reporting Council is investigating KPMG

US Securities & Exchange Commission has sanctioned KPMG and Deloitte

The top United States securities regulator on Tuesday charged foreign affiliates of three major accounting firms – KPMG, Deloitte & Touche and BDO – for conducting audits without proper oversight from the Public Company Accounting Oversight Board.



The Securities and Exchange Commission said that the firms agreed to settle the charges by paying penalties and disgorging profits from the audits.

READ: Black Panther: Mixed reactions as movie hits record $1bn

None of the affiliates, in Canada, South Africa and Zimbabwe, admitted or denied the findings that included failing to register with the PCAOB and relying on unregistered auditors to complete the work.

Advertisement

Copyright © 2015 - 2024 ChronicleNG

Discover more from Chronicle.ng

Subscribe now to keep reading and get access to the full archive.

Continue reading