# KPMG stands by audits of Silicon Valley Bank and Signature Bank – FT
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-15
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: KPMG U.S. boss addresses audits of Silicon Valley Bank and Signature Bank
Meta Description: KPMG's Paul Knopp stands by audit processes, stating market-driven events post-audit led to banks' failures. Audit opinions based on pre-audit
URL: https://financedigest.com/kpmg-stands-by-audits-of-silicon-valley-bank-and-signature-bank-fthtml

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(Reuters) – KPMG’s U.S. boss, Paul Knopp, said the accounting firm stood behind its audits of Silicon Valley Bank and Signature Bank, the Financial Times reported on Tuesday.

Knopp said KPMG’s audit work [considered all the facts available at the time and that “market-driven events” in the intervening days led to the banks’](https://www.financedigest.com/5-things-to-consider-when-choosing-a-challenger-bank.html "5 Things to Consider When Choosing a Challenger Bank") failures, the report said.

It’s important to recognize that audit opinions, which only address the [financial statements and internal](https://www.financedigest.com/the-hidden-financial-woes-of-international-students-heading-for-the-uk.html "The Hidden Financial Woes of International Students Heading for the UK") controls of the business, are based on audit evidence available up to and at the date of the opinion,” the accounting firm said in a statement.

Any unanticipated [events or actions taken by management](https://www.financedigest.com/event-management-software-market-to-rise-steadily-at-a-cagr-of-14-1.html "Event Management Software Market to rise steadily at a CAGR of 14.1%") after the date of an opinion could not be contemplated as part of the audit,” the company added.

Global markets have been bumpy since the [collapse of SVB](https://www.financedigest.com/swiss-regulator-monitoring-banks-and-insurers-after-svb-collapse.html "Swiss regulator monitoring banks and insurers after SVB collapse"), the biggest U.S. [bank failure since the 2008 financial crisis](https://www.financedigest.com/how-the-2023-banking-crisis-unfolded.html "How the 2023 banking crisis unfolded"), and Signature Bank.

(Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)


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