Who audits the auditors?
In this story in todays' News-Leader, we are treated to the following:An independent financial auditing firm found no fraud or irregularity in the way City Utilities manages its books, the CU board learned Thursday.
John Lathrop, managing partner of Kansas City-based KPMG LLP, gave the utility an unqualified "clean" opinion after completing the annual financial audit.
...
Rest available at link above.
But... let's look at KPMG LLP, and how well they behave:
KPMG to Pay $456 Million for Criminal Violations
(Additional Link: Statement by IRS Commissioner Mark W. Everson)
IR-2005-83, Aug. 29, 2005
WASHINGTON — KPMG LLP (KPMG) has admitted to criminal wrongdoing and agreed to pay $456 million in fines, restitution and penalties as part of an agreement to defer prosecution of the firm, the Justice Department and the Internal Revenue Service announced today.
In addition to the agreement, nine individuals—including six former KPMG partners and the former deputy chairman of the firm—are being criminally prosecuted in relation to the multi-billion dollar criminal tax fraud conspiracy. As alleged in a series of charging documents unsealed today, the fraud relates to the design, marketing, and implementation of fraudulent tax shelters....
Hit this link for more KPMG LLC stories.
For the naysayers in Springfield who are still grousing about the audit, you all seem to have selective memories. The petition was to have the entire city of Springfield audited, not just City Utilites. Get over it.
The audit was a good thing for Springfield. Period. End of discussion.
Labels: KPMG LLC, Libertarian
posted by The Libertarian Guy @ 9:27 AM
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