[Global Financial Insights] PCAOB Sanctions Nine KPMG Global Network Firms for Violations of Rules and Standards and More
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- Last Updated on 15 March, 2025
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update:
1. PCAOB sanctions nine KPMG firms for audit violations
On March 11, 2025, the PCAOB sanctioned nine KPMG global network firms in Brazil, Canada, Italy, Israel, the UK, Mexico, South Korea, Switzerland, and South Africa for violations of auditing standards and quality control deficiencies. The firms face censures, $3.375 million in fines, and remedial measures to improve compliance. This action reinforces the PCAOB’s commitment to audit integrity and regulatory adherence.
2. PCAOB sanctions audit partner for failures and independence violations
The PCAOB has sanctioned an audit partner for audit failures and violating partner rotation rules in 2021 and 2022 public company audits. The partner failed to obtain sufficient audit evidence, misrepresented audit procedures on Critical Audit Matters (CAMs), and exceeded independence limits. Disciplinary actions include a censure, a two-year bar from PCAOB-registered firms, and a reduced $15,000 penalty.
3. PCAOB sanctions firm for independence violations and quality control failures
The PCAOB sanctioned a global accounting firm for auditor independence violations and quality control failures. The firm’s Independence Office manipulated compliance testing results over two years, misleading regulators. Weak policies and a focus on compliance targets enabled the misconduct. Without admitting or denying the findings, the firm agreed to a $1.5 million penalty and remedial measures.
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