Bloomberg News
Accounting Firm KPMG, 4 Partners Charged With Fraud

By Jack Duffy

The Securities and Exchange Commission has charged KPMG LLP, the world's No. 3 accounting firm, and four current and former partners with civil fraud for allegedly allowing Xerox Corp. to manipulate its books to inflate revenue.

"The SEC is upping the stakes to force people at the top to take ownership of these problems," said J. Edward Ketz, professor of accounting at Pennsylvania State University's Smeal College of Business. "But they have to tread carefully if they want to avoid another Arthur Andersen."

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REPORTERS & EDITORS: For more information, please contact Wyatt DuBois in the Smeal College of Business Media Relations Office at 814-863-3798 or wed112@psu.edu .

Penn State's Smeal College of Business offers highly ranked undergraduate, MBA, executive MBA, Ph.D., and executive education opportunities to more than 5,500 students at all levels. Featuring academic departments of accounting, finance, marketing, insurance and real estate, management, and supply chain and information systems, the college is also home to major research centers such as the Center for Supply Chain Research, the Institute for the Study of Business Markets, the eBusiness Research Center, the Farrell Center for Corporate Innovation and Entrepreneurship, the Center for Global Business Studies, and the Center for the Management of Technological and Organizational Change.

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