KPMG Pays $8.2 Million To Settle SEC Charges

New York-based KPMG (FY12 net revenue of $5.8 billion) agreed to pay $8.2 million to settle charges that it broke rules designed to keep auditors independent of their clients, a resolution that caps a tough week for the Big Four at the hands of federal regulators.

The SEC, which announced the deal on Jan. 31, alleged that KPMG provided non-audit services to the affiliates of three clients from 2007 through 2011, and loaned employees to some of those clients, compromising the auditors’ independence. Some KPMG employees owned stock in the client firms, the agency said.