$1-million penalty: KPMG India settles with US audit regulator PCAOB

The PCAOB found that Lakhani and certain other engagement team members signed off on blank placeholder work papers in KPMG India's electronic audit software

KPMG India on Friday said it had reached a settlement with the US audit regulator, public company accounting oversight board (PCAOB), after the latter slapped a penalty of $1 million on the firm and another $75,000 on the auditing firm’s partner Sagar Lakhani for violating its rules and quality control standards concerning audit documentation.

“As a firm we are focused on delivering high quality audits and the conclusion of this matter, along with the enhancements we have made to our quality control systems, enables us to move forward,” the statement said.

It further added, “We remain committed to a culture