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William C. Martz XMGT/216 September 23, 2012 Alicia Giattino Business Ethics across Cultures Article go off The justness Department and KPMG settled their long running battle over KPMGs aggressive value shelters. After over septenary days of effective battle, KPMG admitted to criminal tax fraud and concur to pass on $456 million in penalties (Business Week). The governing body is deferring quest and leave behind assoil the case after Dec. 31, 2006 if KPMG stays taboo of the shelter furrow and cooperates with prosecutors in related cases (Business Week). If the case is dropped, KPMG depart not be responsible for paying the hefty fine. Meanwhile, the government has also supercharged eight former KPMG partners and an outside honoryer in the case, which is authorized to send shock waves through the business relationship and lawful professions by putting individuals on notice that they be no yearlong immune to government prosecution (Business Week). This pap er will controvert the legal issues at the center of the KPMG dispute, focusing on the legal processes of both the criminal and civil components to the case. Accountants owe a concern to use clean care, knowledge, skill, and judgment when providing auditing and other score operate to a client. An accountants actions are measured against those of a reasonable accountant in similar circumstances. Accountants are expect to follow both principally accepted accounting principles (GAAPs) and generally accepted auditing standards (GAASs). A civil case washbasin be filed alleging negligence can be filed against an accountant who fails to converge his or her obligations under GAAP and GAAS, as well as against the accountants firm. A civil action can result in full-blooded penalties, and may include both compensatory and punitive damages. national law also provides for criminal penalties for violating accounting standards. The 1976 Tax put right make for imposes criminal liabili ty on accountants and others who prepare fe! deral tax returns. An accountants...If you want to get a full essay, ball club it on our website: OrderCustomPaper.com

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