Friday, July 15, 2005

Bad Norwegian News for Beleaguered KPMG

International accounting firm KPMG, which has already taken a beating from the IRS, now faces a $100 million fine from an Oslo court. The decision asserted that KPMG performed a negligent audit on Finance Credit, a collection which owed $200 million to eight banks when it went bankrupt. KPMG, citing criminal fraud on the part of Finance Credit management, felt the verdict was overly harsh and plans to appeal.


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