As far as industry overseers are concerned, the recent allegation that KPMG might have bungled accounting rules for derivatives hedges and amortization costs at Fannie Mae is not the only time that the auditing firm has made those mistakes. The Public Company Accounting Oversight Board was formed under the Sarbanes-Oxley Act to oversee the auditors of private companies in an effort to protect investors and to ensure the publication of legitimate audit reports. To this…