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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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