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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.
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