The SEC outlines in Accounting and Auditing Enforcement Release No. 2234 its assessment of the Xerox fraud.

Question:

The SEC outlines in Accounting and Auditing Enforcement Release No. 2234 its assessment of the Xerox fraud. Obtain and read a copy of the enforcement release (try www.sec.gov/litigation/admin/34-51574.pdf). Compared to the information presented in this case would your opinion of KPMG's audit performance change after reading the enforcement release? Explain your answer.