US watchdog fines KPMG more than $6m over audit of Miller Energy
This comes as PwC received its second record UK fine in three months, and days after KPMG’s SA unit took action against partners over work for Gupta-linked companies
The Financial Times reports that international audit giant KPMG — one of the global top four firms — has been slapped with a fine of more than $6.2m by the US Securities and Exchanges Commission (SEC), after it signed off the audit of an oil and gas company that had overvalued certain assets by more than 100 times. The SEC said on Tuesday that shortcomings in KPMG’s audit of Miller Energy Resources, a Tennessee-based oil and gas company, meant investors were "misinformed about the energy company’s value", the FT reported. If you are already a subscriber, please click on the following link below to find the full article: KPMG fined $6.2m over Miller Energy audit The fine by the US watchdog is one of the latest in a raft of penalties levied against the elite global audit firms, with all of the top four — KPMG, PwC, Deloitte and EY — implicated in accounting scandals in the past year. On Wednesday, PwC was fined a record £5.1m by a UK regulator — its second record-setting fine in three...
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