Audits are supposed to be the seatbelts of finance: steady, boring, and reliable. But in March 2023, those seatbelts snapped. Lines formed outside Silicon Valley Bank branches, regulators swooped in to seize Signature Bank, and First Republic&nb...
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KPMG Faces Questions as Banks Failed After Clean Audit Reports
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Subscribe23 SEP 2025 / ACCOUNTING & TAXES
Following the collapse of three American regional banks, major audit firm KPMG is under scrutiny for providing clean audits despite evidence of financial instability. A 28-month Senate investigation reveals that KPMG overlooked red flags, causing lawmakers to question the efficacy of current audit enforcement policies and prompting discussions about potential reforms, such as mandatory auditor rotation, public enforcement cases, and an independent whistleblower office.
Audits are supposed to be the seatbelts of finance: steady, boring, and reliable. But in March 2023, those seatbelts snapped. Lines formed outside Silicon Valley Bank branches, regulators swooped in to seize Signature Bank, and First Republic&nb...
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