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KPMG to Pay $50 Million Fine for Using Stolen Watchdog Data

  • Auditor altered audit work after receiving data, SEC Says
  • KPMG admitted to agency’s findings; must hire consultant
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KPMG LLP, one of the big four accounting firms, will pay $50 million to settle Securities and Exchange Commission allegations that it altered past audit work after receiving stolen information from an industry watchdog.

The fine stems from an embarrassing chapter that led to five former KPMG employees being accused of interfering with inspections of the firm by the Public Company Accounting Oversight Board, an agency overseen by the SEC that is the U.S.’s main regulator of auditors. KMPG admitted wrongdoing as part of the settlement with the SEC, and agreed to hire an independent consultant to review its internal controls, according to a Monday statement.