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Wednesday, Feb 1, 2023
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KPMG to Pay $456 Million Fine

KPMG agreed to pay a $456 million fine in a settlement with U.S. authorities over past tax shelter sales, officials said in a federal court hearing on Monday, avoiding an indictment of the firm.


As part of the settlement, KPMG, one of the world’s four largest accounting firms, will accept outside supervision by an independent monitor. The pact avoids a criminal indictment of KPMG that accounting industry experts said could have destroyed it in a possible replay of the March 2002 federal indictment that led to the downfall of former top accounting firm Andersen.


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