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KPMG has reportedly agreed to pay a whopping $8.2 million to settle SEC charges.
The Securities and Exchange Commission levelled charges against the company for allegedly providing non-audit services to affiliates of three clients from 2007 until 2011, compromising the auditors' independence.
KPGM allegedly loaned its employees to some of its clients, breaching rules formed for keeping auditors independent of their clients, the Washington Post reported.
The deal is said to pose a tough week ahead for the Big Four accounting firms (DeloitteTouche, Ernst and Young, KPMG and PricewaterhouseCoopers) following the intervention of federal regulators.
