KPMG to pay US$50 million for using stolen data, exam fraud: SEC

KPMG to pay US$50 million for using stolen data, exam fraud: SEC

Accounting firm KPMG LLC has admitted to using stolen information to alter some of its previous audit work and cheating on training exams, and agreed to pay a US$50 million penalty, the Securities and Exchange Commission said on Monday.

Logo of KPMG is seen at VivaTech fair in Paris
The logo of KPMG is seen at the high profile startups and high tech leaders gathering, Viva Tech,in Paris, France May 16, 2019. REUTERS/Charles Platiau

WASHINGTON: Accounting firm KPMG LLC has admitted to using stolen information to alter some of its previous audit work and cheating on training exams, and agreed to pay a US$50 million penalty, the Securities and Exchange Commission said on Monday.

KPMG also said it would also hire an independent consultant to assess the firm's ethics and integrity controls as well as its compliance, the SEC said in a statement.

(Reporting by Susan Heavey and Tim Ahmann)

Source: Reuters

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