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How auditors missed the risks that sparked the latest banking crisis
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fnlondon.comWhen KPMG gave Silicon Valley Bank a clean bill of health just 14 days before the lender collapsed, the Big Four audit firm flagged potential losses on loans as a so-called critical audit matter.
But the audit opinion was silent on what actually brought down the bank — its unrealised bond losses and ability to hold them given a reliance on potentially flighty deposits.
“The...
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