KPMG this week reached a settlement agreement with the US Securities and Exchange Commission over charges that it allowed Xerox Corp. to misrepresent its financial position during its time as the firm's auditor.
In the civil lawsuit launched by the SEC against the accounting firm in 2003, KPMG was accused of allowing Xerox to manipulate its accounting practices in order to close a $3 billion breach between its actual operating results and those that were made available to the public.
In addition to the $22.5 million fine, which will be used to compensate investors affected by the misrepresentation, KPMG has reportedly agreed to examine and reform its practices in order to prevent future violations.
However, it neither admitted nor denied wrongdoing when the settlement agreement was announced on Tuesday.
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