Washington (Nov. 17, 2003) -- The Securities and Exchange Commission has begun a formal investigation into the relationship between financial services conglomerate Wachovia Corp. and its auditor, Big Four firm KPMG.

Specifically, the regulator has asked Charlotte, N.C.-based Wachovia for documents dating back six years regarding client referrals to the audit firm. The commission is probing whether those referrals constituted a breach of audit independence.

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