KPMG’s Dutch division was fined £20m after hundreds of its staff were found to have shared answers in training courses
Accounting giant KPMG received the biggest fine ever handed out by the US audit watchdog after senior partners and managers cheated on professional exams.
The Big Four’s Dutch division was fined £20million after hundreds of its staff were found to have improperly shared answers in mandatory training courses between 2017 and 2022.
The Public Company Accounting Oversight Board, which issued the fine, also said KPMG Netherlands had repeatedly misled investigators about the misconduct.
‘The growth of this widespread answer sharing was enabled by the firm’s failure to take appropriate steps to monitor, investigate, and identify the potential misconduct,’ the regulator said.
Staff who were singled out by the US audit watchdog included Marc Hogeboom, who is the former head of the Dutch firm, who was fined £120,000.
He was also banned for life from working for a company that audits US public companies.
Both Hogeboom and KPMG Netherlands have agreed to pay their respective fines without admitting or denying the findings.
Stephanie Hottenhuis, the chief executive of KPMG Netherlands, said the regulator’s conclusions were ‘damning’.
She said: ‘I deeply regret that this misconduct happened in our firm. Our clients and stakeholders deserve our apology. They count on our quality and integrity as this is our role in society, with trust as our licence to operate.’
KPMG Netherlands has implemented measures to check whether the training tests are being completely properly, Hottenhuis added.
