“KPMG US sacks five partners over insider leak”

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Source: economia.icaew.com, 12 April 2017

“Six individuals in total have been let go by KPMG after it discovered they had received advance warnings of what audits were to be inspected by US regulator the Public Company Accounting Oversight Board (PCAOB).

The leaks potentially undermined the integrity of the regulatory process and violated KPMG’s code of conduct.

The firm learned in late February from an internal source that an individual who had joined KPMG from the PCAOB subsequently received the confidential information from a then-employee at the regulator.

KPMG said that it immediately reported the situation to the PCAOB and the Securities and Exchange Commission (SEC).

Following an internal investigation, the firm found that the six KPMG individuals either had improper advance warnings of engagements to be inspected by the PCAOB, or were aware that others had received such advance warnings and had failed to properly report the situation in a timely manner.”

Source article here

 

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