KPMG headed the SEC off at the pass this week, announcing in advance of an expected civil fraud charge that the agency was planning to come after the firm in connection with its audits of Xerox Corp.

The Big Four firm blamed a "charged regulatory environment" for what it called the SEC's "inappropriate actions" against the firm, three current partners, and one former partner in connection with its audit of Xerox's financial statements from 1997-2000.

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