KPMG Reaches Settlement With SEC, Will Pay $8.2M Over Independence Violations

As part of its renewed focus on accounting issues, the Securities and Exchange Commission entered into a settlement with KPMG LLP, in which the audit firm will pay a total of $8.2 million to resolve allegations it ran afoul of rules requiring auditors to be independent of the public companies they audit (In re KPMG LLP).

Separately, the commission Jan. 24 issued a Section 21(a) report of investigation into whether KPMG’s independence was impaired by its practice of loaning staff to assist audit clients.

The SEC did not bring an enforcement action against KPMG over the practice. However, ...