Wednesday, March 15, 2023

Auditor KPMG Defends Self On Silicon Valley Bank; Signature Bank

From CityAM, March 15:

KPMG stands behind audit of Silicon Valley Bank, accounting firm’s US chief says 

The chief executive of KPMG’s US business has said the Big Four accounting firm stands behind its audit of Silicon Valley Bank, after it gave the California financier a clean bill of health just two weeks before its collapse.

KPMG chief Paul Knopp told an event at New York University that “we stand behind the reports we issued and we think we followed all professional standards,” the Financial Times first reported.

The KPMG exec argued it is the auditor’s responsibility to “consider all the facts” available to it at the time of signing off on a company’s accounts, as he claimed the Big Four firm “absolutely did do that”.


KPMG also audits Citicorp and Wells Fargo. Now if you will excuse me I have to make enquiries about a couple other banks.