KPMG has agreed to pay $8.2 million to settle Securities and Exchange Commission charges that the firm violated rules requiring auditors to remain independent from the public companies they’re auditing to ensure they maintain their objectivity and impartiality.
An SEC investigation found that KPMG broke the rules by providing prohibited non-audit services such as bookkeeping and expert services to affiliates of companies whose books they were auditing. Some KPMG personnel also owned stock in companies or affiliates of companies that were KPMG audit clients, further violating THE auditor independence rules.
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