International accounting firm KPMG agreed to a $6.2 million settlement with the U.S. Securities and Exchange Commission, regulators announced Tuesday. The firm had been accused of improperly auditing the financial statement of Miller Energy Resources, which regulators say grossly overstated values of oil and gas assets possessed by the company.
In a statement, the SEC’s director for the Atlanta regional office, Walter Jospin, said the case was a cautionary tale for auditing firms to “fully comprehend the industries of their clients.”
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