January 22, 2018 / 4:47 PM / 3 months ago

U.S. says audit watchdog staff helped KPMG 'subvert' inspections

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission and Justice Department announced charges Monday against former staffers at a U.S. audit watchdog, alleging they gave confidential data to KPMG to help the company clear regulatory inspections.

The charges allege that former officials at the Public Company Accounting Oversight Board (PCAOB) told KPMG about upcoming inspections of the company’s audits, beginning in 2015 and continuing until February 2017. Three former PCAOB staffers, some of whom went to work at KPMG, were charged, as well as three KPMG executives who allegedly encouraged the use of stolen information.

(This story corrects day charges were announced.)

Reporting by Pete Schroeder; Editing by Andrew Hay

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