*NEWS*XEROX BOOKEEPER SETTLES SEC CHARGES

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*NEWS*XEROX BOOKEEPER SETTLES SEC CHARGES

 user 2005-12-07 at 10:34:00 am Views: 75
  • #13351

    Ex-KPMG Partner Settles SEC Charges    
    A
    former KPMG partner involved in the botched audit of Xerox Corp. has
    accepted a one-year ban on auditing the books of public companies
    .
    Joseph
    Boyle, 62 years old, settled charges by the Securities and Exchange
    Commission that he failed to tell the Xerox audit committee about
    accounting improprieties or take appropriate steps after company
    management didn’t correct the violations.
    He settled without
    admitting or denying wrongdoing, the SEC said late Friday. An attorney
    for Boyle couldn’t immediately be located.
    The resolution came eight
    months after KPMG agreed to pay $22.5 million, at the time the most
    ever paid by an auditing firm, for its failed audit of Xerox.
    Boyle
    was the relationship partner for the Xerox audit from 1999 through
    2000, years that coincided with the tail end of accounting
    improprieties. Regulators have said that accounting fraud began at
    Xerox in 1997, allowing the company to overstate its financial results
    by $1.5 billion over four years.