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18 Dec 2006
KPMG is set to countersue US mortgage giant Fannie Mae after being hit with a $2bn (£1bn) lawsuit for negligence and breach of contract as its auditors.
Fannie Mae had sued auditors KPMG for its role in the mortgage firm's multibillion-dollar accounting irregularities, however, a spokesman for KPMG said it was pursuing its own claims, according to Reuters. It is currently unclear as to the nature of the audit firm's claims.
Fannie Mae had sued KPMG for negligence over its part in the mortgage giant's financial restatements.
'It is difficult to imagine a clearer case of accounting malpractice,' Fannie Mae said in its complaint.
Further reading:
Fannie Mae spends $1bn on restatements
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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