KPMG Members Pay $3.4 Million for Flawed Audit Contributor Lists

KPMG affiliates in the UK, Canada, and Australia were among nine network members that agreed to pay $3.4 million in combined penalties for not reporting a complete, accurate list of accounting firms that contributed to their audits of US-listed companies.

The Public Company Accounting Oversight Board published separate enforcement orders Tuesday detailing reporting failures and citing firms for internal compliance controls that fell short in ensuring auditors met the board’s reporting requirements. Most of the violations occurred from 2020 to 2023.

The firms neither admitted nor denied the findings, the board said. Other KPMG affiliates included in the roundup are ...