Overview

• KPMG Netherlands has been hit with a $25 million fine by the Public Company Accounting Oversight Board (PCAOB) for failing to prevent widespread cheating on professional exams.
• The scandal involved improper sharing of answers among hundreds of employees, including senior leaders and partners.
• Former head of assurance at KPMG Netherlands, Marc Hogeboom, has been fined $150,000 and permanently barred from working with U.S. audited firms.
• KPMG has taken steps to revise its training and monitoring systems to prevent future misconduct.
• This incident is part of a broader pattern of ethical issues within the 'Big Four' accounting firms, highlighting ongoing challenges in maintaining professional standards.