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.
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.