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U.S. SEC suspends former KPMG auditors for improper professional conduct

·1 min read

WASHINGTON, Feb 23 (Reuters) - The U.S. Securities andExchange Commission (SEC) on Tuesday suspended two former KPMGauditors from practicing before the regulator for allegedlyfailing to properly conduct an audit of a now-defunct,not-for-profit college that overstated its assets.

The SEC has charged Christopher Stanley and Jennifer Stewartwith improper professional conduct, the agency said in astatement. The SEC alleged the former KPMG employees issued anaudit report of the College of New Rochelle's 2015 financialstatement with outstanding items and unanswered questions.

Without admitting or denying the findings, Stanley andStewart agreed to suspensions from appearing or practicingbefore the SEC as accountants with the right to apply forreinstatement after three years and one year, respectively, theSEC said.

Counsel for both did not immediately respond to requests forcomment.

KPMG and other firms have come under scrutiny in recentyears over the quality of their assessments. In 2019, KPMG paida large fine imposed by the SEC over a cheating scandal andthree former KPMG auditors last year settled SEC relatedcharges, without admitting or denying the allegations.

KPMG did not immediately respond to a request for comment,but has underscored efforts to beef up its governance andcompliance program.

(Reporting by Chris Prentice in WashingtonEditing by Matthew Lewis)