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KPMG stands by audits of Silicon Valley Bank and Signature Bank – FT
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(Reuters) – KPMG’s U.S. boss, Paul Knopp, said the accounting firm stood behind its audits of Silicon Valley Bank and Signature Bank, the Financial Times reported on Tuesday.
(Reuters) – KPMG’s U.S. boss, Paul Knopp, said the accounting firm stood behind its audits of Silicon Valley Bank and Signature Bank, the Financial Times reported on Tuesday.
Knopp said KPMG’s audit work considered all the facts available at the time and that “market-driven events” in the intervening days led to the banks’ failures, the report said.
“It’s important to recognize that audit opinions, which only address the financial statements and internal controls of the business, are based on audit evidence available up to and at the date of the opinion,” the accounting firm said in a statement.
“Any unanticipated events or actions taken by management after the date of an opinion could not be contemplated as part of the audit,” the company added.
Global markets have been bumpy since the collapse of SVB, the biggest U.S. bank failure since the 2008 financial crisis, and Signature Bank.
(Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)
Auditing is the process of examining financial statements and related operations of an organization to ensure accuracy and compliance with accounting standards and regulations.
Financial statements are formal records of the financial activities and position of a business, person, or entity, including balance sheets, income statements, and cash flow statements.
A financial crisis is a situation where the value of financial institutions or assets drops significantly, leading to a loss of confidence and potential economic downturn.
A bank failure occurs when a bank becomes insolvent and cannot meet its obligations to depositors and creditors, often leading to regulatory intervention.
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