Didn’t see this press release when it came out last week and because we delight in taking every opportunity possible to point out how objectively terrible KPMG is we’re sharing it with you now.
The Public Company Accounting Oversight Board (PCAOB) today announced settled disciplinary orders sanctioning three audit firms for failing to disclose on PCAOB Form AP the participation of unregistered firms in audits of public companies, in violation of PCAOB Rule 3211, Auditor Reporting of Certain Audit Participants. Each of the firms erroneously disclosed that a registered affiliate had participated in the audit, when in fact a separate, unregistered firm had done the work. The firms have since corrected the Form APs at issue.
“It is critical for firms to provide accurate information about accounting firms that work on audits of public companies, so that investors know who participates in the audits they rely on when making decisions,” said Mark A. Adler, PCAOB Acting Director of Enforcement and Investigations.
The firms, without admitting or denying the findings, consented to the PCAOB’s orders and the disciplinary actions. They are the following:
KPMG LLP (Canada) [PDF]– $150,000 civil money penalty and censure
KPMG S.p.A. (Italy) [PDF] – $75,000 civil money penalty and censure
KPMG Accountants N.V. (Netherlands) [PDF] – $50,000 civil money penalty and censure
Considering the record fines the PCAOB has been cranking out of late, this is nothing.
PCAOB Sanctions Three Firms for Failing to Disclose Unregistered Firm Participation in Public Company Audits [PCAOB]