KPMG under scrutiny: Why the Auditor is being criticized in relation to Three Failed Banks in the US.

• KPMG, one of the “Big 4” accounting firms, has recently come under scrutiny.
• Collapsed US banks, Silicon Valley Bank, Signature Bank, and First Republic Bank, were audited by KPMG.
• The situation has raised questions about the quality of KPMG’s work and its independence.

Three large US Banks collapse in just 2 Months

The first half of 2023 has been quite eventful for the Financial Services Industry.

Throughout March and April, the Financial Services Industry in the US witnessed three bank collapses – Silicon Valley Bank, Signature Bank, and First Republic Bank.