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KPMG LLP

Big Four accounting network penalized for audit failures in Carillion, Xerox, and the PCAOB inspection leak scandal.

AUDIT FIRM RECORD
  • Audit Firm: KPMG LLP
  • Jurisdiction: US
  • Indexed Audit Cases: 11 major corporate fraud cases.
  • Regulatory History: Big Four accounting network penalized for audit failures in Carillion, Xerox, and the PCAOB inspection leak scandal.

CLIENT CASES INVOLVING KPMG LLP

11 CASES IN LIBRARY
Case Title Jurisdiction Status Primary Scheme Overstatement Action Date
Carillion plc: Aggressive Contract Revenue and Going-Concern Concealment GB Adjudicated premature recognition $1.4B January 29, 2018
Computer Associates: $2.2B '35-Day Month' Revenue Backdating US Adjudicated premature recognition $2.2B September 20, 2006
Xerox Corporation: $1.5B Lease Acceleration and Reserve Manipulation US Settled, neither admitted nor denied multiple element manipulation $1.5B September 20, 2003
Brocade Communications: Criminal Options Backdating Scheme US Adjudicated options backdating $150.0M September 20, 2008
Diebold, Inc.: Bill-and-Hold and Factory Floor Premature Revenue Recognition US Settled, neither admitted nor denied bill and hold $127.0M September 20, 2007
Olympus: 20-Year 'Tobashi' Scheme Concealing $1.7B Investment Losses JP Adjudicated acquisition accounting abuse $1.7B September 20, 2018
Fannie Mae: Loan-Loss Reserve Manipulation to Trigger Executive Payouts US Settled, neither admitted nor denied allowance manipulation $6.3B September 20, 2010
General Electric: $200M SEC Penalty for Long-Term Care and Power Accounting US Settled, neither admitted nor denied segment misreporting $22.0B September 20, 2020
KPMG PCAOB Leak Scandal: Stealing Regulators' Inspection Lists to Alter Workpapers US Adjudicated workpaper alteration $0 September 20, 2020
Kobe Steel: Systematic Falsification of Quality Certificates for Decades JP Adjudicated material omission $100.0M September 20, 2019
Samsung BioLogics: 4.5 Trillion Won Acquisition Accounting Inflation KR Adjudicated acquisition accounting abuse $3.8B September 20, 2020