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Violation Tracker Individual Record

Company: KPMG
Current Parent Company: KPMG
Penalty: $8,200,000
Year: 2014
Date: January 24, 2014
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Violation Description: Public accounting firm KPMG agreed to settle allegations of violating rules that require auditors to remain independent from the public companies they're auditing. An SEC investigation found that KPMG broke auditor independence 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.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: Netherlands
Ownership Structure of Current Parent: privately held
Major Industry of Current Parent: business services
Specific Industry of Current Parent: accounting services
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.