March 13, 2018 / 3:01 PM / in 3 months

U.S. charges foreign affiliates of KPMG, Deloitte and BDO for improper audits

WASHINGTON (Reuters) - The top U.S. securities regulator on Tuesday charged foreign affiliates of three major accounting firms - KPMG, Deloitte & Touche and BDO - for conducting audits without proper oversight from the Public Company Accounting Oversight Board.

FILE PHOTO - The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

The Securities and Exchange Commission said that the firms agreed to settle the charges by paying penalties and disgorging profits from the audits. None of the affiliates, in Canada, South Africa and Zimbabwe, admitted or denied the findings that included failing to register with the PCAOB and relying on unregistered auditors to complete the work.

Reporting by Washington Newsroom

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