Accountancy Age reports:

The Securities and Exchange Commission (SEC) yesterday filed a settled enforcement action against a Larry Rodda, a former KPMG Consulting principal and managing director, for his role in deceiving investors in a major corporate accounting fraud at the San-Diego, California-based Peregrine Systems.

And adds:

On January 23, Rodda was sentenced to six months in the custody of the Bureau of Prisons, six months of home detention and two years of supervised release. Twelve other executives - including Peregrine's former chief executive officer and chief financial officer - have pleaded guilty in the ongoing criminal case.

And still they're the people the UK government calls on for help. Sure I know this was the US branch - but let's be clear. it's one firm. And let's be clear, the problems are with senior people.

So why do they retain any credibility?