KPMG hits out at PwC over Xerox
KPMG has hit out at rival PricewaterhouseCoopers after becoming the latest firm to become embroiled in an accountancy scandal, after its audit client Xerox was accused of overstating its revenues.
KPMG has hit out at rival PricewaterhouseCoopers after becoming the latest firm to become embroiled in an accountancy scandal, after its audit client Xerox was accused of overstating its revenues.
The Big Five firm has released a statement stating it stands by its company’s financial statements for 2000 and the restated statements for 1997, 1998 and 1999, despite the photocopying giant including income from leasing up front rather than spread over a number of years.
Xerox sacked the firm in October last year and replaced it with PwC.
KPMG, said in a statement: ‘KPMG has not yet seen Xerox Corporation’s 10-K filing with the Securities and Exchange Commission, although we have seen Xerox acknowledge that there will be a reallocation of revenues in a further restatement. Our position remains consistent in the Xerox matter.
‘While this is an astonishing about-face on the part of Xerox’s management and PricewaterhouseCoopers, we are not aware of any facts that would change our previous conclusions. We continue to stand behind our audit work and our engagement teams.
PwC would not comment.
The scandal follows hot on the heels of the Enron and Worldcom fiascos; both audited by splintering firm Andersen.
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated.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 article