KPMG offices in Washington, D.C.

If it wasn't so pathetic, it would almost be funny: KPMG audit professionals were busted by the U.S. Securities and Exchange Commission for widespread cheating on continuing education exams that focused on topics including (wait for it…) ethics and integrity.

We're talking behavior that would get you expelled from high school or college in a heartbeat—taking photos of exam answers and emailing them to colleagues, printing out answers and passing them around, hitting up subordinates for help cheating, even manipulating an internal server hosting the exams to lower the score required for passing to less than 25 percent, according to the SEC.

Really KPMG? That's your curve? (Also, did your mommies and daddies pay people to take your SATs?)

Notice I didn't say “allegedly” cheated. The accounting giant admitted wrongdoing in a settlement with the SEC on Monday. The firm agreed to pay a $50 million penalty and to hire an independent consultant to review and assess its ethics and integrity controls. (Hint: They're lacking.)

KPMG also admitted that from 2015 to 2017, now-former senior members of its audit quality and professional practice group “improperly obtained and used confidential information belonging to the Public Company Accounting Oversight Board in an effort to improve the results of the PCAOB's annual inspections of KPMG audits.”

Kudos to the SEC for refusing to let KPMG, which was represented by Sidley Austin's Kevin Burke, squirm off the hook with a no admit/no deny settlement.

“This cheating was extensive,” said SEC Enforcement Division Co-Director Steven Peikin in a conference call with reporters. “Given the nature and severity of the conduct, we thought that seeking an admission of wrongdoing was appropriate.”

The $50 million fine is one of the largest that the SEC has ever imposed on an auditor, according to the Wall Street Journal.

But considering KPMG's FY 2018 revenue was $29 billion, it's still a bit of a slap on the wrist.

The cheating revelations come as KPMG moves to expand its global legal services arm to more than 3,000 lawyers in the next few years. The firm already has more than 1,800 lawyers across offices in 75 countries.

In an emailed statement, a KPMG spokesman said, “Integrity and quality remain our focus, as always. The foundation of our role as auditors and advisors is trust. We have learned important lessons through this experience and we are a stronger firm as a result of the actions we are taking to strengthen our culture, our governance and our compliance program. As we move forward, we are committed to delivering the highest quality and fulfilling our important role in the capital markets.”