Auditors at KPMG US gave Silicon Valley Bank and Signature Bank gave unqualified audit opinions only weeks before both financial institutions collapsed.
Separate 10-K filings with US regulator theoutlined how both were signed off by the big four firm, which has been the auditor of Silicon Valley Bank since 1994 and Signature Bank since 2001.
KPMG’s auditors, whose main job is to make sure the financial statements are accurate and comply with relevant legal standards, could not have predicted the run on Silicon Valley Bank but they are supposed to highlight potential risks. A spokesman for KPMG US said the firm’s audits did not take into account “unanticipated events or actions taken by management after the date of an opinion”.“Due to client confidentiality, we have no specific comment. We conduct our audits in accordance with professional standards,” he said.
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