So, what is the latest news story about auditors? It involves KPMG and its role as auditor of Lancer Corp., the beverage-dispensing company. The reports are that KPMG has quit as Lancer's auditor and plans to withdraw three years' worth of audit opinions.

The reason given is that KPMG had found likely illegal activities within the company that affect its financial statements and Lancer had not corrected the problems. Attention has been focused on Lancer as a result of the SEC's formal investigation of Coca-Cola.

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