The U.S. Securities and Exchange Commission fined current and former KPMG auditors involved in Xerox Corp.'s $3 billion overstatement of revenue

Risk Management, April, 2006

The U.S. Securities and Exchange Commission (SEC) fined current and former KPMG auditors involved in Xerox Corp.'s $3 billion overstatement of revenue. Ronald Safran and Michael Conway, who directly oversaw the audits of Xerox between 1997 and 2000, will each pay $150,000 to settle lawsuits waged by the SEC in the matter. Safran will be suspended from auditing public companies for three years, while Conway will be suspended for two years. Former KPMG partner Anthony Dolanski is expected to pay $100,000 and be suspended from audit work for at least one year. None of the defendants admitted to wrongdoing in the matter.

Source: Los Angeles Times