Business Services Industry
Allegations Still Challenge Reputations of Nation's Largest Accounting Firms.
Knight Ridder/Tribune Business News, October, 2003
By Ameet Sachdev, Chicago Tribune Knight Ridder/Tribune Business News
Oct. 7--Early last year, auditor KPMG LLP was ready to make public its doubts about Spiegel Inc.'s ability to continue as a business. But the Downers Grove-based retailer, according to a subsequent SEC complaint, decided not to disclose to shareholders its auditors' warning until just before it filed for bankruptcy in March.
Now a bankruptcy-court investigator faults KPMG for standing by while its client allegedly broke securities laws by withholding material financial information from the public.
"KPMG did not make a report to Spiegel's board, did not resign and did not report the matter to the SEC," independent examiner Stephen Crimmins, who was appointed by the...
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