KPMG to Pay $10 Million

KPMG to Pay $10 Million to Settle Charges Over Gemstar Audits

Regulators said that from September 1999 through March 2002, KPMG and its auditors should have known that Gemstar was improperly booking $152 million in licensing revenue and $60 million in ad revenue. Gemstar, which publishes TV Guide magazine, also sells ads on an 'interactive program guide' that allows TV viewers to navigate and

Confirmation Letters. Part of a standard audit is to have the client's banks send letters directly to the auditor confirming the existence and amounts of client's bank accounts. I haven't followed the Parmalat scandal so this is likely old news but this article states that auditors of Parmalat were fooled by a phony bank confirmation letter. The author of the article questions "Is it too much to