Back in November 05, Netherlands-based super(duper)market chain behemoth, Ahold announced that it would settle with investors for about $1 billion in relation to the company's 2003 announcement that it had overstated profits. Now the SEC has come calling on KPMG, the consulting firm in charge of auditing Ahold's cooked books:

Via The Wall Street Journal Law Blog:

A New Front in KPMG’s Battle With the Feds

Posted by Peter Lattman
February 17, 2006, 3:19 pm

As it battles the government on the tax-shelter front, KPMG is now facing other charges from the SEC that two of its auditors ignored problems that arose during an audit of the U.S. subsidiary of Dutch supermarket chain Ahold. The Wall Street Journal’s Kara Scannell reports that the SEC’s charges were filed in an administrative proceeding alleging the auditors violated the rules of professional conduct when auditing Ahold’s books...

More here.


-- MDT

Labels: KPMG