Securities and Exchange Commission chief accountant Donald T. Nicolaisen has asked KPMG LLP to correct a statement that he says the firm attributed to him in a letter it sent to clients.
The flap stems from an SEC decision to ban auditors from charging contingent fees -- which are usually based on a percentage of savings that they produce for clients -- on tax work done for audit clients. The SEC, which banned such fees in 2000, recently clarified its opposition to the fees and rejected an American Institute of CPAs interpretation of the rules that was more expansive.
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