Tuesday, March 28, 2023

Did I Mention That The Auditor For Silicon Valley Bank Also Audits The Federal Reserve? (SIVB; SI; FED)

Signature too.

From the Board of Governors of the Federal Reserve System, March 24:

Federal Reserve Board releases annual audited financial statements

The Federal Reserve Board on Friday released the 2022 combined annual audited financial statements for the Reserve Banks. An independent public accounting firm engaged by the Board issued unqualified opinions, asserting that its audit found the financial statements for the Board and the Reserve Banks to be free of material misstatements in accordance with the applicable auditing standards. The Board released preliminary income and expense data earlier this year.

Additionally, the Board released individual statements for the 12 Federal Reserve Banks, the Board, and 3 limited liability companies (LLCs) related to lending facilities established to support the Federal Reserve's pandemic response. The audited financial statements provide information about the assets, liabilities, and earnings of the Federal Reserve Banks, the Board, and the LLCs as of December 31, 2022.....

.... The Board engaged KPMG LLP to audit the financial statements of the Reserve Banks and the LLCs in accordance with standards issued by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board, and the audit of the Board's financial statements was also conducted in accordance with the Generally Accepted Government Auditing Standards. KPMG also conducted audits of internal controls over financial reporting for the 12 individual Reserve Banks and the Board....

....MUCH MORE

Previously:

Yes, The Rumors Are True: Silicon Valley Bank's Auditors Issued An "Unqualified" Opinion On The Bank's Financials Two Weeks Before It Failed (SIVB; OOPS)

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