KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse

Two banks failed weeks after an audit firm blessed their books, raising questions about the effectiveness of the audits.

KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse

After KPMG LLP had given the lender a clean bill, Silicon Valley Bank collapsed within 14 days. Signature Bank

It went down for 11 days.

The accounting firm approved the audit.

KPMG's knowledge about the

two banks' financial situation

It will be subject to regulatory scrutiny and litigation for what it has missed.