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KPMG Confirms It Is Subject of Tax Probe

Feb 19, 2004 | AP

KPMG LLP said Thursday that the U.S. Department of Justice has begun investigating some of the accounting firm's former tax strategies.

The company said it was told that federal prosecutors in Manhattan had begun an investigation.

"It is our understanding that the investigation is related to tax strategies that are no longer offered by the firm," KPMG said.

Michael Kulstad, a spokesman for the federal prosecutor's office in Manhattan, declined to comment.

Last month, KPMG announced a shake-up in the leadership of its tax division, which has been the target of IRS and congressional inquiries into the promotion of potentially abusive tax shelters.

In its statement Thursday, the company said it believed it has already taken "strong actions" as it looks into its own practices. It cited the leadership changes and "numerous changes in our risk management and review processes."

It said it has assured federal prosecutors that it will cooperate fully.

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