Bloomberg Tax
June 17, 2019, 4:29 PMUpdated: June 17, 2019, 10:50 PM

KPMG Cheating Pervasive, SEC Says in $50 Million Settlement (2)

Amanda Iacone
Amanda Iacone

At least two KPMG LLP audit partners implicated in a scheme to circumvent internal training tests by sharing or receiving test answers are no longer with the firm, according to charges outlined in a $50 million settlement order with the SEC.

The June 17 order describes wide-scale cheating on routine training intended to assess auditors’ professional knowledge in addition to extra training required by an unrelated 2017 Securities and Exchange Commission order at one of the largest accounting firms in the U.S.

“This cheating was extensive,” said Steven Peikin, co-director of the SEC’s Enforcement Division. “While many of those who ...

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