FCPA Compliance Report-Episode 449, Francine McKenna with an update on the KPMG-PCAOB Scandal
This Week in FCPA-Episode 159, week ending June 21, 2019 – the KPMG Trainwreck and Walmart Settles
Daily Compliance News-November 1-Day of the Dead
Episode 25 -- Unraveling the KPMG Audit Scandal
Compliance into the Weeds-Episode 67, the KPMG Indictments
On April 5, the Public Company Accounting Oversight Board levied a $100,000 fine against Scott Marcello, the former Vice Chair of Audit at KPMG. The penalty is noteworthy for two reasons: (1) it’s the largest monetary...more
The Big Four bogeyman has haunted the U.S. legal market for years. Like any good horror movie villain, it’s shrouded in mystery. We don’t know when it’s coming, or exactly what will go down, but we know that a...more
Hogan Lovells’ global team of securities and professional liability lawyers is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on five...more
The day of reckoning was here for KMPG and I do not think that anyone could have imagined how bad it would be for the firm. Last week the Wall Street Journal (WSJ) reported last week that KPMG was preparing to pay up to $50...more
As many expected, the US economy slowed in Q4 2018, growing at a 2.6% annual rate in the final three months of last year. That figure was better than some forecasters thought, but it still marks a “significant slowdown” from...more
Nissan’s Carlos Ghosn problems now extend to the United States, where the Securities and Exchange Commission has opened a probe into the accuracy of the company’s financial disclosures and internal controls....more
It’s certainly a rare event, but both ISS and Glass Lewis have recommended voting against a proposal to ratify the appointment of GE’s auditor, KPMG at the GE annual shareholders meeting. Most often, the issue of auditor...more
Recent civil and criminal fraud charges against partners at KPMG and staffers at the PCAOB, arising out of “their participation in a scheme to misappropriate and use confidential information relating to the PCAOB’s planned...more
KPMG has been taking it on the chin lately – and apparently for good reason. KPMG is enmeshed in an unfolding corruption scandal in South Africa. Add to that the indictment last week of five individuals (four KPMG employees...more
I thought about that song when I read about the absolutely stunning indictment of five former partners or employees of KPMG and one former employee at the Public Company Oversight Accounting Board (PCAOB). ...more
On January 22, 2018, the SEC filed charges against six CPAs, including former staffers at the PCAOB and former partners of KPMG, arising out of “their participation in a scheme to misappropriate and use confidential...more
On August 15, 2017, KPMG LLP (“KPMG”) and one of its engagement partners settled claims brought by the U.S. Securities and Exchange Commission (“SEC”) that they violated Section 4C of the Securities Exchange Act of 1934...more
Late last week, financial services company Raymond James agreed to resolve allegations of conspiring with the owner of several VT ski resorts (and others) in a Ponzi scheme targeting foreign investors through the EB-5...more
Accounting giant KPMG has terminated six employees—including the head of its US audit practice—after learning that they were given “improper warnings” ahead of planned audit inspections by the Public Company Accounting...more
In February, KPMG released its 2015 Global Audit Committee Survey, which reports on audit committee activities based on survey responses from 1,500 audit committee members across 35 countries....more
The CFPB has released a report for FY 2014 prepared by KPMG of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report reflects work performed by...more
The SEC and the PRC based affiliates of five major accounting firms entered into a settlement of proceedings initiated over the failure to produce audit work papers for issuers with substantial operations in China. The...more
In Pippins v. KPMG LLP, No. 13-889 (2d Cir. July 22, 2014), the Second Circuit Court of Appeals unanimously held that entry-level audit associates (“Plaintiffs”) at KPMG LLP qualify for the Fair Labor Standards Act’s (“FLSA”)...more
The Office of Civil Rights Audit Pilot Program has come to an end with 115 audits, primarily in person, having been completed. The Pilot Program had multiple revelations in privacy, some of which were probably, not so...more
Later this year, the Department of Health and Human Services (“DHHS”) is expected to launch its permanent HIPAA Audit Program. The HIPAA Audit Program is authorized under Section 13411 of the HITECH Act, and is designed to...more
The Commission, as part of its retooled enforcement program, is, in part, focusing on gatekeepers such as attorneys and accounts in an effort to achieve omnipresence. This has resulted in a number of proceedings against...more
On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more