Auditors Neglected to Identify Risks Leading to Bank Failures
TL;DR
KPMG LLP failed to flag the risks building up in Silicon Valley Bank just 14 days before the bank collapsed. While the audit firm flagged potential losses on loans, it remained silent on the bank's unrealized bond losses and its ability to hold them given a reliance on potentially flighty deposits. Experts are questioning how KPMG missed the interest-rate risk.
- Auditors Didn't Flag Risks Building Up in Banks - WSJ The Wall Street Journal
- Audits failed to spot cause of bank collapses: report The Hill
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