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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, 2007, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

Breeden To KPMG?
Location: BlogsAAO Weblog (Public)    
Posted by: Jack Ciesielski 8/25/2005 6:24 AM
The drama at KPMG may be nearing an end: we might not have to worry about the Final Four going to a Thrilling Three after all. The Wall Street Journal reports that former SEC chairman Richard Breeden might be appointed as an "outside monitor" at the embattled accounting firm. It would be nothing new for Breeden: he had a similar watchdog post at MCI Worldcom and was chairman of Coopers & Lybrand's worldwide financial services practice for three years following his SEC tenure.

The article also mentions that the firm is likely to face $450 million in fines for its malfeasance in selling sketchy tax shelters. Don't expect audit fees, at least KPMG's, to wilt anytime soon.
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