KPMG will pay $8.2 million to settle allegations it broke rules that require auditors to be independent from clients in order to maintain objectivity and impartiality, the SEC said Friday.

Accounting firm KPMG LLP agreed to pay $8.2 million to settle allegations it broke rules that require auditors to be independent from clients to maintain objectivity and impartiality, the Securities and Exchange Commission said Friday.

The SEC said KPMG broke auditor independence rules by providing services such as bookkeeping and expert services to affiliates of companies whose books it was auditing. Some KPMG personnel also owned stock in companies or affiliates of companies that were KPMG audit clients, another violation, the SEC said.
KPMG To Pay $8.2 Million To Settle SEC Charges
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