KPMG, PwC Work to Repair Reputations Following Scandals, Fines

Two of the largest U.S. accounting firms, rocked by scandal and large SEC fines, are changing course in an effort to bolster their scrutiny of public company finances and repair their reputations.

Both KPMG LLP and PwC LLP have taken similar steps to address ethics lapses that resulted in SEC enforcement cases in 2019. Both have updated audit practices for risk assessment, worked to put better tools and technology into the hands of auditors, and emphasized the importance of ethics and integrity.

The changes offer insights into how auditors, who serve as the eyes and ears for investors, will continue ...