Washington (Jan. 23, 2003) - KPMG confirmed late Wednesday that the Securities and Exchange Commission would be filing civil fraud charges against the firm relating to its role in auditing Xerox Corp.KPMG 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.
"Unfortunately, today's charged regulatory environment has resulted in inappropriate actions being taken. In this case, the result is a great injustice to KPMG and the four partners involved. At the very worst, this is a disagreement over complex professional judgments," the firm said.
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