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KPMG
After a year-long inquiry, staff investigators in the Senate say that KPMG promoted dubious charitable contributions and bogus paper transactions as a means to make wealthy clients seem to have lost income -- when they didn't.
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KPMG and Wachovia Sued for Violating Auditing Rules
The latest scandal at KPMG: Already under fire for illegal tax shelters and helping Xerox inflate its earnings, KPMG is now accused of shady conflict-of-interest dealings with Wachovia Bank. The SEC is investigating whether Wachovia's referrals of wealthy clients to KPMG violated rules regarding auditor-independence. KPMG had been listed with the SEC as the independent auditor of Wachovia, the fifth-largest United States bank based on assets.
Investors in the now-defunct Polaroid Corporation are suing KPMG for its audit of the company in 2000 which led investors to believe that Polaroid was in much better shape than it actually was.
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The divested consulting arm of KPMG, BearingPoint, is being sued by investors through six D.C. law firms after the company overstated their earnings by $10.8 million.
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Amid questions and concerns about conflicts of interest and dishonesty among the four 'big' accounting firms, Accountancy Magazine has found that non-audit fees have dropped 27%.
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The SEC alleges that KPMG has been helping Xerox artificially close a $3 billion gap between actual operating results and results submitted to the public.
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