Big Four accounting firm KPMG has been buffetted by one of the biggest economic stories of the year—and has been pilloried for giving clean audit opinions for three banks that collapsed amid the interest rate crisis that’s threatened the regional banking sector.
The immediate risks to those mid-tier lenders might have subsided, but that doesn’t put KPMG in the clear. The firm faces congressional scrutiny over its relationships with the banks, while shareholders have sued KPMG over its audits of at least one of the banks that collapsed into FDIC receivership.
Source: KPMG’s Big Four Dominance on Bank Audits Shaken by Failures
