Specifics of a deal are being hammered out between federal prosecutors and KPMG LLP, and the name of former Securities and Exchange Commission Chairman Richard Breeden is being floated to serve as in independent monitor of the firm's future activities.
An announcement is expected within the next week that will save KPMG from an indictment for its sale of allegedly illegal tax shelters. Investigators have said that the shelters may have cost the government more than $1.4 billion in taxes, and if the Big Four firm were to be found guilty in a court proceeding, it would be barred from doing work for publicly traded companies.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access