KPMG to pay R739 million penalty for using stolen data, exam fraud

KPMG to pay R739 million penalty for using stolen data, exam fraud

KPMG was slapped with a R739 million penalty after admitting to using stolen information to alter audit work and cheating on training exams. The firm will now be subjected to review by an independant consultant, who will be inspecting their ethics and integrity controls.

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Accounting behemoth KPMG has admitted to using stolen information and cheating on training exams, according to the Securities and Exchange Commission.

The firms says it will be hiring an independent consultant to review their ethics and integrity controls, as well as their compliance.

This fine stems from an embarrassing debacle in which five former KPMG employees were accused of interfering with inspections of the firm, reports Eyewitness News.

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KMPG admitted to their wrongdoing, and is now paying a hefty fine along with subjecting their internal controls to review.

Securities and Exchange Commission Chairman Jay Clayton commented on the matter:

“KPMG’s ethical failures are simply unacceptable. The resolution the Enforcement Division has reached holds KPMG accountable for its past failures and provides for continuing, heightened oversight to protect our markets and our investors.”

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Source: Briefly.co.za

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