RegulationCorporate GovernanceCriminal charges dropped against KPMG

Criminal charges dropped against KPMG

KPMG in the US sees charges dropped after agreeing to open up its operations to the SEC and complying with a settlement deal

A judge has dropped criminal charges against
KPMG
in the US after the firm complied with a deal made in
2005 to pay a $456m (£235m) settlement and opened its operations to the
Securities and Exchange Commission.

US district judge Loretta A. Preska took the step to drop the criminal
conspiracy charge that had been laid following KPMG’s sale and marketing of
abusive tax shelters.

The firm must still undertake special oversight by the SEC until 2008.

It is still not known whether a trial of individual KPMG partners will go
ahead.

Further reading:

KPMG
tax shelter case postponed ‘indefinitely’

PCAOB
slams Big Four audits

KPMG
and ex-partners square off in US

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