In a strange story KPMG LLP Chairman and Chief Executive, Eugene O'Kelly last week claimed that he had met with SEC Chairman Harvey Pitt to press the firm's case that it had committed no wrongdoing.
Pitt, who used to work for KPMG and who is barred from being involved in the investigation into his old firm, has denied that he discussed the fraud investigation with O'Kelly.
KPMG and several of its partners have been notified by the SEC that they are targets of the investigation. A decision has yet to be made as to whether the firm or some of its partners are to face legal action. KPMG signed off on the Xerox accounts, which overstated the company profits by £3bn over four years.
SEC Chief Denies KPMG Talks
The world's largest copier maker, Xerox, agreed to pay a record $10m fine last month and restate its results since 1997. KPMG, group auditor until it was fired in September, is currently in talks with the US Securities & Exchange Commission (SEC) concerning possible securities violations that the firm committed when it approved the Xerox books.
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