KPMG were auditors for Xerox at the time the alleged frauds occurred. The firm was sacked as auditor late last year.
It has been alleged that KPMG staff knew, or ought to have known, about the alleged fraud. Xerox has already agreed to restate its earnings going back to 1997.
It is thought that the SEC will make an example of the Xerox case in the light of the Enron debacle, which has shaken investor confidence and caused doubts in the US about the accuracy of published corporate accounting information.
KPMG Dragged Into Alleged Fraud
The US Securities & Exchange Commission (SEC) is currently investigating alleged accountancy fraud at photocopying giant Xerox. It is now believed that federal investigators may be preparing to file civil charges against at least six former and current Xerox and KPMG executives.
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