KPMG China Partners Penalized by US for Audit Failures (1)

Three partners with KPMG’s Chinese affiliate agreed to settle US audit regulator charges stemming from shoddy work for education service provider Tarena International Inc.

The partners who worked on Tarena’s 2017 financial statement audit agreed to monetary penalties totaling $150,000. Choi Chung Chuen and Ma Hong Chao agreed to one-year practice suspensions and Dong Chang Ling agreed to temporary limitations on his involvement in audits, the Public Company Accounting Oversight Board said Wednesday.

KPMG Huazhen LLP has made “significant investments in innovation, technology, people and training to create a stronger, more resilient audit business,” the Beijing-based firm said in ...