KPMG SA among audit firms fined by USA authorities

JOHANNESBURG – The US Securities and Exchange Commission (SEC) has slapped KPMG, Deloitte & Touche, and BDO for their involvement in audit work that circumvented its guidelines.
The firms agreed to settle the charges by paying penalties or disgorging their profits from the audits.Without admitting or denying the findings, BDO Canada agreed to pay a $50,000 penalty, KPMG in South Africa agreed to pay a $100,000 penalty, Deloitte in Zimbabwe agreed to pay disgorgement and interest totaling $99,057, and KPMG in Zimbabwe agreed to pay disgorgement and interest totaling $141,305.
Scott Friestad, the associate director of the SEC’s division of enforcement, …read more