Big Four firm KPMG LLP has shaken up its audit team, with the head of the practice, Scott Marcello, leaving the firm along with four other partners and one employee after it was discovered that they had improper advanced warning of regulatory inspections.
The departing individuals either receiving advanced notice of which audit engagements were going to be inspected by the Public Company Accounting Oversight Board, or knew that the information had been improperly shared, either of which constitutes a violation of the firm’s Code of Conduct.
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