KPMG Germany Rapped in Siemens Probe
Posted May 4, 2007 9:42 AM CST
By Debra Cassens Weiss
A New York law firm overseeing a probe into corruption at Siemens AG says its auditor didn’t do enough to alert the board to suspicious activity.
Debevoise & Plimpton has concluded auditor KPMG Germany should have been more aggressive in pursuing signs of wrongdoing, a source told the Wall Street Journal (sub. req.). German prosecutors are also investigating the auditor’s conduct, the newspaper reports. They suspect the company paid bribes to win business.
KPMG Germany says it fulfilled its responsibilities and is not a focus of the law firm’s investigation.