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KPMG paying $8.2M to settle SEC charges

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WASHINGTON — The big accounting firm KPMG has agreed to pay $8.2 million to settle federal regulators’ charges of compromising its independence by providing non-audit services to companies whose books it audited.

The Securities and Exchange Commission announced the settlement Friday with New York-based KPMG, one of the so-called Big Four accounting firms with Deloitte, Ernst & Young and PricewaterhouseCoopers.

The SEC said KPMG violated auditor independence rules by providing prohibited non-audit services like bookkeeping to the companies involved. The companies weren’t named. In addition, the SEC said some KPMG employees owned stock in companies that were KPMG audit clients.

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