The US Securities and Exchange Commission (SEC) said yesterday that the two KPMG auditors responsible for overseeing Ahold’s US Foodservice unit had not acted upon numerous “red flags” that would have pointed to the company’s $30 million accounting fraud. Administrative proceedings have been commenced against Kevin Hall, a KPMG partner, and Rosemary Meyer, a senior manager.
"This case is an example of our continuing efforts to hold auditors and other gatekeepers responsible for failing to fulfill their professional obligations," said Scott Friestad, associate director of the SEC's enforcement division.
"This case is an example of our continuing efforts to hold auditors and other gatekeepers responsible for failing to fulfill their professional obligations," said Scott Friestad, associate director of the SEC's enforcement division.
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