KPMG

The Wall Street Journal today discusses the possible indictment and criminal charges against KPMG (here is a reuters story). The story quotes KPMG's press release about the charges which states the folowing:

KPMG takes full responsibility for the unlawful conduct by former KPMG partners during that period, and we deeply regret that it occurred.

In order to ensure that this type of conduct does not occur again, KPMG has taken the following actions:

* We no longer provide the services in question.

* We have put in place a process to ensure that those responsible for wrongdoing have been separated from the firm.

* KPMG has instituted firm-wide structural, cultural and governance reforms to ensure the highest ethical standards.

* KPMG has undertaken significant change in its business practices.

So KPMG admits that it acted unlawfully, that certain of its partners (as late as 2002) obstructed justice. The funny thing is that when you look at KPMG's website this morning there is not one statement about the charges. The only thing that shows up is links to KPMG's survey of ethics and corporate responsibility. It is doubtful that the US could stand to lose another large audit firm, but it seems rather congruent when you think about what happened to Andersen and now what is happening to KPMG - Employees lost jobs, partners lost entire savings, so what will happen to KPMG?