KPMG faces possible action over Xerox
Reports coming in from the US suggest the Securities & Exchange Commission is considering taking action against the firm over its work at Xerox.
Reports coming in from the US suggest the Securities & Exchange Commission is considering taking action against the firm over its work at Xerox.
Link: Xerox faces fresh accounts probe
According to the FT and the New York Times the SEC may file charges against the firm, three current partners and one former partner over its work as auditor for Xerox from 1997 to 2001.
The SEC settled a complaint against Xerox in April, when the company said it would pay a $10m fine and restate its financial results as far back as 1997.
Xerox later reported that the total amount of the restatement was $6.4bn, lowering revenues and profits in 1997, 1998 and 1999, but raising them in 2000 and 2001.
The firm, which has consistently denied any wrongdoing, said that if charges were filed against it then the SEC would have reached the wrong decision
‘Today’s charged regulatory environment has resulted in inappropriate actions being taken,’ KPMG’s chief executive, Eugene D. O’Kelly, said. ‘The result is a great injustice to KPMG and the four partners involved.’
KPMG were fired as auditors of Xerox in 2001 and replaced by PricewaterhouseCoopers.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View articlePersonas is an internal AI platform meticulously developed by BDO to boost productivity and streamline day-to-day tasks. Read More...
View article