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KPMG fined with $16 Millions by UK watchdog

The fine becomes the largest fine imposed to an external auditor as the UK supervisor noted errors in the monitoring of BNY Mellon compliance with customer assets safekeeping.

KPMG and the engagement lead partner accepted responsibility and regretted during the proceeds.

Each one of the Big four (PwC, Deloitte, EY and KPMG) have been fined between $6 and $10 Million for lack of independence or mistakes during the audit process.

Strong critics grow over audit firms as per the lack of effective monitoring and compromised independence.

Sorce

https://www.reuters.com/article/us-kpmg-accounts-fine/uk-audit-watchdog-proposes-record-16-million-fine-for-kpmg-idUSKCN1SR21C

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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