former kpmg executives charged in accounting oversight scam
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

Former KPMG executives charged in accounting oversight scam

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Former KPMG executives charged in accounting oversight scam

KPMG agreed to pay $6.2 million to settle SEC charges that its audit of the oil and gas company Miller Energy
Washington - Al Maghrib Today

 US authorities on Monday charged six accountants, including former partners from "big four" global auditor KPMG, with using stolen information to cheat on inspections for corporate audits.

The charges follow KPMG's decision last year to fire five former partners, including the head of its audit practice, after the company improperly learned which audits government regulators planned to review.

Federal prosecutors said the scheme was a fraudulent attempt to interfere with inspections by the Public Company Accounting Oversight Board, a regulator created in the wake of Enron-era corporate accounting scandals in 2002.

US authorities charged the six with fraud and conspiracy. They include three former accountants in KPMG's national office and three former PCAOB employees.

Steve Peikin, of the Securities and Exchange Commission, told reporters the defendants' behavior was "shocking and serious."

"We allege that this misconduct was motivated by the fact that KPMG had experienced a high and increasing rate of PCAOB audit deficiency findings and had made it a priority to improve its results," he said.

Officials did not identify the company or companies under audit by KPMG but said the audits in question, while imperfect, did not pose a danger to the investing public.

KPMG is among a group of global accountancies, including Ernst & Young, PWC and Deloitte, which dominate the global auditing industry for major corporations.

Their audits act as assurance for investors that company financial results are accurate.

One of the defendants, Brian Sweet, a former PCAOB official later hired by KPMG, has pleaded guilty, the US Attorney's office in Manhattan told AFP.

Despite the charges, SEC Chairman Jay Clayton said he believed companies and the investing public could continue to rely on KPMG.

"I do not expect that these actions will adversely affect the orderly flow of financial information to investors and the US capital markets, including the filing of audited financial statements with the Commission," he said in a statement.

In August, KPMG agreed to pay $6.2 million to settle SEC charges that its audit of the oil and gas company Miller Energy Resources had left investors "misinformed" about the company's value.

Source: AFP

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

former kpmg executives charged in accounting oversight scam former kpmg executives charged in accounting oversight scam

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

former kpmg executives charged in accounting oversight scam former kpmg executives charged in accounting oversight scam

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more
Almaghrib Today, almaghrib today The Rake announces editorial updates

GMT 10:46 2018 Tuesday ,16 January

The Rake announces editorial updates
Almaghrib Today, almaghrib today Europe brings on charm and blue skies

GMT 11:51 2018 Tuesday ,23 January

Europe brings on charm and blue skies
Almaghrib Today, almaghrib today For the Variety of Interior Design Styles

GMT 10:46 2017 Tuesday ,19 December

For the Variety of Interior Design Styles
Almaghrib Today, almaghrib today US Christian tourists see deep meaning

GMT 13:44 2018 Monday ,22 January

US Christian tourists see deep meaning
Almaghrib Today, almaghrib today Amazon to open first cashierless shop

GMT 10:03 2018 Tuesday ,23 January

Amazon to open first cashierless shop

GMT 10:23 2018 Tuesday ,23 January

Louvre Abu Dhabi replaces Gulf map that omitted Qatar

GMT 09:45 2018 Friday ,19 January

Syria threatens to 'destroy' Turkish warplanes

GMT 09:50 2017 Monday ,10 July

Fashion Forward Dubai Announce Dates

GMT 19:45 2017 Wednesday ,25 January

Israeli Navy Attacks Palestinian Fishermen Off Gaza

GMT 10:18 2015 Wednesday ,16 September

PM: Croatia to allow free passage of migrants

GMT 10:33 2015 Friday ,25 December

Iraqi forces' Ramadi advance slowed

GMT 07:58 2011 Monday ,17 October

Chinese stocks close 0.37 pct higher Monday

GMT 18:11 2016 Wednesday ,04 May

Border Guards receive 304 Syrian refugees

GMT 20:51 2016 Tuesday ,29 March

Brussels subway running under heavy guard

GMT 15:51 2011 Wednesday ,27 July

Lebanese customs seize Israeli package

GMT 06:50 2016 Thursday ,29 December

Sharjah Murder Suspect Arrested

GMT 06:45 2017 Saturday ,21 January

SSMMID holds workshop on dengue virus

GMT 18:56 2012 Tuesday ,25 December

Redknapp: Bosingwa\'s QPR future in the balance
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday