What are the big four accounting firms good for? Only to keep the honest companies honest!
"KPMG gave Silicon Valley Bank a clean bill of health 14 days before the lender collapsed. The Big Four audit firm signaled potential loan losses, but not its unrealized bond losses and ability to hold them given a reliance on potentially flighty deposits—what actually brought the bank down. Auditors for nine other U.S. banks most exposed to bond losses also didn’t identify this as an issue when they signed off on their financial statements for 2022, according to a WSJ analysis."
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