KPMG audit finds Silicon Valley Bank financially sound amidst collapse

Thursday, 16 March 2023 - 18:39

Amidst the sudden collapse of Silicon Valley Bank (SVB), in a recent audit report released by KPMG, the bank has been given a clean bill of health. The audit, which was conducted over the course of several months, has found that the bank's financial statements were accurate and in compliance with all relevant accounting standards.

The Justice Department and the Securities and Exchange Commission of the USA have opened investigations into SVB's management in the wake of the spectacular failure of the bank last week. The Federal Deposit Insurance Corporation took over SVB last Friday as worried depositors rushed to withdraw money from their accounts at the Santa Clara, California-based bank, and it took over New York-based Signature Bank last Sunday. There's no indication KPMG is under investigation at this point, but it may be facing questions from the SEC and the Public Company Accounting Oversight Board for giving a clean audit opinion to the banks on their financial statements.

The audit report praised SVB for its strong financial performance and its ability to weather the economic uncertainties caused by the COVID-19 pandemic. The report also highlighted SVB's commitment to innovation and its role in supporting the growth of the technology sector.

"We are pleased to report that SVB has maintained its strong financial position and continues to be a leader in the technology banking space," said the KPMG audit team in their report. "The bank's management team has demonstrated their ability to navigate through the challenges of the past year while maintaining a focus on supporting the needs of their clients.", the report further explains.

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