KPMG Affiliates Fined by US Audit Board for Paperwork Errors

The US audit watchdog said Wednesday that it has fined three foreign affiliates of KPMG, including its member firm in Canada, for relying on auditors not registered with the regulator and for reporting that another entity had done the work.

KPMG Canada agreed to pay a $150,000 fine, while its affiliate in Italy agreed to pay $75,000 for relying on a Romanian audit entity that was not registered with the Public Company Accounting Oversight Board. Both firms instead told the board that they had worked with a separate Romanian entity that is registered with the board, according to PCAOB settlement ...