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SEC Charges KPMG Auditors in Ahold Scandal
An engagement partner and a senior manager at the Big Four firm allegedly missed or failed to act upon "red flags" of improper income-recognition at U.S. Foodservice.
The Securities and Exchange Commission has accused a senior manager and an engagement partner at KPMG of "improper professional conduct" in their audit of U.S. Foodservice Inc. USF's Dutch parent company, Royal Ahold NV, settled fraud and other charges with the SEC in October 2004.
The SEC charges that Kevin Hall, an engagement partner, and Rosemary Meyer, a senior manager,...