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May 24, 2011

KPMG claims accounting errors at Philips

Dutch electronics Philips is investigating bookkeeping irregularities at its Mexican subsidiary after KPMG US accused the company of “fraud”.

According to Dutch media, KPMG said the errors took place at Philips Mexico’s medical equipment division.

KPMG reported the figures were being “manipulated” and would affect Philips’ 2009 results, although the Dutch multinational said any errors in Mexico was unlikely to affect the group’s annual results. A Philips spokesperson said the Mexican subsidiary was not among eight countries where Philips recorded its main sales.

Philips posted combined revenue of €25.42 billion ($5.6 billion) last year.

Philips, which employs 117,000 staff, specialises in the manufacturing TVs and household appliances but has moved into producing medical equipment in the past year.

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