- One of America’s leading audit firms, KPMG, is defending giving both Silicon Valley Bank (SVB) and Signature Bank a clean bill of health just days before they collapsed last weekend.
- The banks imploded when customers rushed to withdraw their savings in panic-fueled bank runs. The two banks collapsed shortly after their respective annual reports were certified by KPMG.
- KPMG is one of the so-called “Big Four” accounting firms.
- Paul Knopp, CEO of KPMG’s U.S. operations, said that he stands by the firm’s audit work on SVB and Signature.
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KPMG Gave Bankrupt Banks Clean Bill Of Health Days Before Collapse
KPMG Gave Bankrupt Banks Clean Bill Of Health Days Before Collapse
A Brinks truck is parked outside of Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023. The Federal Deposit Insurance Corporation is seizing the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. (AP Photo/Jeff Chiu)
