New Partners and a Preliminary Settlement for KPMG
Things seem to be looking up for KPMG recently.
On Monday, U.S. District Judge Dennis M. Cavanaugh gave preliminary approval to a proposed $225 million class-action settlement by KPMG and Sidley Austin Brown & Wood
LLP, the Associated Press reports. KPMG would pay 80 percent of the settlement, according to the Associated Press.
A conclusion to the suit over the sale of questionable tax shelters would be good news for KPMG’s 166 new partners. The “Class of 2005” is the largest group of new partners admitted in the firm’s history and provides a range of services including audit (87), risk advisory services (50) and tax services (29) practices.
“I am pleased to announce this class of outstanding new partners,” said Timothy P. Flynn, chairman and CEO of KPMG LLP in a statement. “On behalf of all of us at KPMG, I offer my new partners and their families our congratulations. I look forward to working with them during an exciting and dynamic period in our profession.”
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.