Editing KPMG (section)

==== 2024 ====

In late-December 2023 an organisation named, Collectif Porteurs H2O, that represents 9,000 individual investors in funds managed by French asset manager, H2O, sued its auditor, KPMG's French affiliate, as being jointly liable, along with H2O, its former parent, Natixis, and its custodian, CACEIS, for the losses of almost €700 million ($764 million) due to investments in illiquid assets tied to German financier [[Lars Windhorst]].  The UK financial regulator, [[Financial Conduct Authority]], in August made H2O compensate investors to the extent of €250 million ($273 million) and forced H2O to relinquish its UK license.  H2O was separately fined €75 million ($82 million) in 2022 by the French regulator, [[Autorité des Marchés Financiers (France)]].<ref>{{Cite news |last=Smith |first=Robert |date=August 7, 2024 |title=H2O Asset Management to pay investors €250mn after FCA finds 'serious breaches' |url=https://on.ft.com/4du8Ijq |access-date=August 9, 2024 |work=The Financial Times}}</ref>

During February, KPMG's South African affiliate is supposed to have entered into a confidential out-of-court settlement of 500 million Rand (~$27 million) with the liquidators of bankrupt South African bank, [[VBS Mutual Bank]] in response to their lawsuit against KPMG filed in February 2021 for 863.5 million Rand (~$59 million).<ref>{{Cite news |last=Mantshantsha |first=Sikonathi |date=February 1, 2024 |title=KPMG agrees to cough up R500 million to quash lawsuit for flawed VBS Mutual Bank audit |url=https://www.news24.com/fin24/companies/kpmg-agrees-to-cough-up-r500-million-to-quash-lawsuit-for-flawed-vbs-mutual-bank-audit-20240201 |access-date=March 20, 2024 |work=News24.com|url-access=subscription}}</ref>

In March, KPMG's UK affiliate was fined £1.46 million ($1.9 million) by the UK accounting regulator, [[Financial Reporting Council]] for 'basic failings' in its audit of the 2018 financial statements of advertising agency, M&C Saatchi plc.  FRC indicated that KPMG would have been fined £2.25 million ($2.8 million) had it not admitted to the breaches.<ref>{{Cite news |last=Meddings |first=Sabah |date=March 4, 2024 |title=British accounting watchdog fines KPMG $1.9 mn over Saatchi audit failings |url=https://www.business-standard.com/world-news/british-accounting-watchdog-fines-kpmg-1-9-mn-over-saatchi-audit-failings-124030400575_1.html |access-date=March 12, 2024 |work=Business Standard}}</ref>

Also in March, US accounting regulator [[Public Company Accounting Oversight Board]] sanctioned three partners of KPMG China affiliate KPMG Huazhen LLP, for violations of audit standards and fined it $150,000.<ref>{{cite web |title=PCAOB Sanctions Three Partners of KPMG China for Violations of Audit Standards |url=https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-three-partners-of-kpmg-china-for-violations-of-audit-standards |website=PCAOB New Release |publisher=PCAOB |access-date=10 August 2024}}</ref>

In April, PCAOB fined KPMG's Netherland affiliate, KPMG Accountants N.V, $25 million for violations of its rules and quality control standards relating to the firm’s internal training program and monitoring of its system of quality control.  The PCAOB found that widespread improper answer sharing occurred at the firm over a five-year period and that the firm made multiple misrepresentations to the PCAOB about its knowledge of the misconduct.<ref>{{Cite web |date=April 10, 2024 |title=PCAOB Imposes Record $25 Million Fine on KPMG Netherlands and Bars a Firm Leader After Exam Cheating, Misinforming Investigators |url=https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-imposes-record--25-million-fine-on-kpmg-netherlands-and-bars-a-firm-leader-after-exam-cheating--misinforming-investigators |access-date=April 18, 2024 |website=Public Company Accounting Oversight Board (PCAOB)}}</ref>

KPMG has been criticized over its audit for the distressed [[New York Community Bank]] (NYCB) in light of its passing audits for three regional banks that failed in 2023.<ref>{{cite news |title=KPMG faces fresh questions over audits after New York Community turmoil |url=https://www.americanbanker.com/news/kpmg-faces-fresh-questions-over-audits-after-new-york-community-turmoil |work=American Banker |date=6 March 2024 |language=en}}</ref>

During August, the National Financial Reporting Authority (NFRA), an independent regulatory body in India that oversees the accounting and auditing of companies, fined KPMG's Indian affiliate, BSR & Associates LLP, Rupees 10 Crore (~$1.2 million) for lapses in auditing the 2018-19 financial statements of coffee chain, Coffee Day Enterprises and barred two of its partners from audit work for up to ten years.  This followed an earlier Rupees 2.15 Crore (~$0.3 million) fine for similar lapses with a related entity, Coffee Day Global.<ref>{{Cite web |date=August 19, 2024 |title=National Financial Reporting Authority - Orders |url=https://cdnbbsr.s3waas.gov.in/s3e2ad76f2326fbc6b56a45a56c59fafdb/uploads/2024/08/202408191036463933.pdf |access-date=November 5, 2024 |website=National Financial Reporting Authority of India}}</ref>