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KPMG Audit Under Scrutiny After $1.4B Private Credit Collapse
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Subscribe01 APR 2026 / ACCOUNTING & TAXES
CPE Approved
Canadian private credit firm, Bridging Finance's fraudulent activity trial is developing into an audit accountability case as auditing firms EY and KPMG are facing questions regarding their overlooking of fraudulent activities during the company's 2014-2020 audits. The Ontario Securities Commission alleges KPMG failed to properly examine loan valuations, while PwC alleges that EY also overlooked indications of fraud, leading to lawsuits that argue proper audits could have prevented or reduced investor losses.
Every auditor has seen this file before. The client says the valuations are solid. The model ties out. The memo looks clean. You sign off, maybe with a raised eyebrow, maybe not. Fast forward two years, and suddenly everyone is asking, “Wait, how di...
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