September 2017: AIG
On 29 September US regulators decide that AIG insurance will no longer be considered a threat to financial stability, removing its classification as “systemically important financial institution” (SIFI). The majority decision was taken by the Financial Stability Oversight Council, which decides whether non-bank financial companies are SIFIs. The decision frees the insurer from the threat […]
August 2017: KPMG, PWC
Big Four audit firms face heavy penalties for audit failures. On 15 August KPMG is fined over $6.2m by the US Securities and Exchanges Commission for its 2011 audit of oil and gas company Miller Energy. Charged for accounting fraud, Miller had overvalued certain assets by more than 100 times. On 16 August PwC is fined £5.1m by the […]
