Audit firm KPMG LLP flagged potential losses on loans as a critical matter for Silicon Valley Financial but missed the inherent bond losses and unreliable deposits that took the financial institution down, the Wall Street Journal reported.
The Bear Traps Report founder and editor Larry McDonald gives the latest economic outlook as the U.S. adds 236K jobs in March on 'Maria Bartiromo's Wall Street.'outside auditor KPMG LLP cited potential losses on loans as a critical matter two weeks before its collapse, the audit firm missed the inherent bond losses and unreliable deposits that took the financial institution down, The Wall Street Journal reported.
A KPMG spokesperson told FOX Business, "It’s important to recognize that audit opinions, which only address the financial statements and internal controls of the business, are based on audit evidence available up to and at the date of the opinion." The accounting firm gave Silicon Valley Financial an unqualified opinion as part of the company's annual financial filing issued on Feb. 24 for the year ended Dec. 31, 2022."Any unanticipated events or actions taken by management after the date of an opinion could not be contemplated as part of the audit," KPMG added.
In 2017, the Public Company Accounting Oversight Board introduced ‘critical audit matters’ to make audit opinions more useful to
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