KPMG’s Netherlands affiliate was found to have made multiple misrepresentations to the US accounting watchdog about its knowledge of the misconduct.
Already a subscriber?The US accounting watchdog hit KPMG Netherlands with a $US25 million civil penalty, a record for the regulator, in response to “egregious” andThe Public Company Accounting Oversight Board cited widespread improper answer sharing at KPMG Netherlands, as well as “multiple misrepresentations” to the watchdog about knowledge of the misconduct. The board also permanently barred the firm’s former head of assurance Marc Hogeboom from the industry, chair Erica Williams said.
The action also marked the first time the regulator has sanctioned an individual over such cheating, she said.
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