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2025-09-18 00:58:00
New US Senate Report Reveals KPMG Willfully Ignored Audit Findings Before Troubled Banks Failed: Senator Richard Blumenthal (D-Conn.), Ranking Member of the US Senate Permanent Subcommittee on Investigations (PSI), today released the final minority staff report of KPMG's 28-month investigation into its unqualified audits of Silicon Valley Bank, Signature Bank, and First Republic Bank. Weeks and even days before the three banks' collapses, KPMG publicly certified their financial data as fair and accurate. The PSI's findings reveal that KPMG was aware of the problems at these banks for years, which ultimately led to their collapses and put depositors and investors at risk. "KPMG ignored warning signs of instability at Silicon Valley Bank, Signature Bank, and First Republic Bank, justifying a pattern of risky and questionable decision-making that resulted in issuing clean audit reports just days before their collapse," Blumenthal said. "Our PSI report exposes KPMG's willful blindness and highlights the need for significant reforms in the auditing industry to increase transparency and better protect consumers."
