The threat came from the US Securities & Exchange Commission, which warned one of KPMG’s US partners could face civil charges after Xerox, the troubled photocopier group, allegedly booked revenues from long-term office equipment leasing deals upfront instead of over the period of the contracts.
According to The Times, US partner Michael Conway, has already received a so-called Wells notice, which gives him the chance to make his case against pending civil charges.
Last week Xerox agreed to pay a $10m civil penalty and restate its books back to 1997 to settle SEC charges, though the group neither admitted nor denied the allegations.
Xerox replaced KPMG, which had been its auditor for three decades, with PricewaterhouseCoopers last September.
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'
Stephen Mills joins the Manchester office from IBM, where he spent 12 years as an associate partner in the data, analytics and cognitive consulting group
Rupert Guppy will be responsible for capital allowances in the southern region, and joins the firm from specialist consultancy E3 Consulting