US News | The Epoch Times

Top Audit Firm Defends Giving Clean Bill of Health to SVB, Signature Bank Weeks Before Failure US News | The Epoch Times https://ift.tt/LzbkE47 Audit giant KPMG is standing by its audits of Silicon Valley Bank (SVB) and Signature Bank, which collapsed when customers rushed to withdraw their savings in panic-fueled bank runs. The two banks failed not long after their respective annual reports were certified by KPMG, one of the so-called “Big Four” accounting firms, a list that also includes Deloitte, Ernst & Young, and PricewaterhouseCoopers. Paul Knopp, CEO of KPMG’s U.S. operations, defended the firm’s audit work on SVB and Signature in an interview with Financial Times during a Tuesday event at the NYU Stern Center for Sustainable Business. He pointed to “market-driven events” and “unpredictable” customer reactions to such events as examples of factors behind bank failures that audit work is powerless to address.... March 15, 2023 at 05:28AM https://ift.tt/2jlx07o Tom Ozimek https://ift.tt/mNHrnkQ