KPMG fined £20m for staff cheating in exams.

TLDR

• KPMG fined £20m for senior partners and managers cheating on exams
• Financial misconduct involved sharing answers in training courses between 2017 and 2022

Key Elements of the Article

Accounting giant KPMG was fined £20 million by the US audit watchdog for financial misconduct involving senior partners and managers cheating on professional exams. Hundreds of staff members were found to have shared answers in mandatory training courses between 2017 and 2022. The Public Company Accounting Oversight Board issued the fine and also stated that KPMG Netherlands had misled investigators about the misconduct. The former head of the Dutch firm, Marc Hogeboom, was fined £120,000 and banned for life from working for a company that audits US public companies. Both Hogeboom and KPMG Netherlands agreed to pay their fines without admitting or denying the findings.

Stephanie Hottenhuis, the chief executive of KPMG Netherlands, acknowledged the misconduct and apologized to clients and stakeholders. The firm has implemented measures to ensure proper completion of training tests moving forward.