January 24, 2014 / 5:36 PM / in 4 years

KPMG to pay $8.2 mln to settle SEC charges over auditor independence

WASHINGTON, Jan 24 (Reuters) - Accounting firm KPMG will pay $8.2 million to settle civil charges that it violated independence rules by providing certain non-auditing services to companies whose books it audited, U.S. regulators said on Friday.

The Securities and Exchange Commission also simultaneously released an investigative report that warns accounting firms to abide by strict auditor independence rules.

The independence rules prohibit firms from providing certain types of non-auditing services to clients they audit, in an effort to allow auditors to remain objective watchdogs for investors.

KPMG is settling the matter without admitting or denying the charges.

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