In the case of reisman v. kpmg peat marwick llp, the auditors were found guilty of fraud because?

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22-08-2022
Social Studies

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In the case of reisman v. kpmg peat marwick llp, the auditors were found guilty of fraud because?

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vipinkumar69547 vipinkumar69547 · Answer 1 · 2022-08-27T13:31:13+02:00

In the case of Reisman v. KPMG peat Marwick LLP, the auditors were found guilty of fraud because they were aware of misrepresentations that were relied upon by others.

Plaintiffs contend that KPMG is responsible for producing, providing, issuing, and fraud actively taking part in the issuance of false and misleading financial statements that were provided to the plaintiffs with knowledge of their untruth and with the knowledge that the plaintiffs would depend on them.

Also examined by KPMG were the Marcam-created 1993 quarterly financial statements. None of these quarterly financial statements were ever audited by KPMG, and no audit reports, opinions, or other statements were ever made in connection with them. The Reismans and anyone else at Varnet did not receive copies of Marcam's financial statements from KPMG.

Varnet did not seek any advice from KPMG regarding the subject matter, and KPMG was never contracted to provide any services in connection with the Marcam deal.

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