Thursday, June 16, 2005

Where Have All the Accounting Firms Gone

Will we one day be singing the song - Where have all the accounting firms (flowers) gone?  Or will a settlement be forthcoming in the latest investigation by DOJ of KPMG.  Certainly the risks are enormous for both sides -- KPMG doesn't want to end up like Andersen, and the government doesn't want more grief for the aftermath of their failed prosecution of Andersen.

KPMG issued a statement today "in regard to the ongoing Department of Justice investigation into certain tax services previously offered by KPMG."  The news release here  includes the following statement:

"We remain in discussions with the Department of Justice and continue to cooperate fully in its investigation. KPMG looks forward to a resolution that recognizes the significant reforms the firm has already made in response to this matter while appropriately sanctioning the firm for this wrongdoing."

For more details, see the Wall Street Jrl here.


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