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KPMG Settles Xerox Charges with SEC

KPMG permitted Xerox to "manipulate its accounting practices" to close a $3 billion gap between actual operating results and results reported to the investing public, according to the SEC.

> > KPMG LLP agreed to pay $22.5 million to settle SEC charges related to its audits of Xerox Corp. from 1997 through 2000. KPMG will relinquish the $9.8 million in fees it received for auditing the books for Xerox during that time, and pay $2.7 million in interest and a $10 million civil penalty.
Source: CFO


Published:2005-04-20
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