Senators Elizabeth Warren, D-Mass., and Edward Markey, D-Mass., have written to the Public Company Accounting Oversight Board, raising questions about KPMG’s audits of Wells Fargo during the time the banking giant was setting up millions of extra accounts for customers, often without their knowledge, because of sales incentives for the bank's employees.
In a letter Tuesday to PCAOB Chairman James Doty, the senators asked whether the PCAOB has conducted a review of KPMG’s financial reporting, if the auditor’s decisions were consistent with PCAOB rules and guidance, and if the PCAOB updated its guidelines following the Wells Fargo crisis. The senators also asked if PCAOB rules and guidance hold auditors responsible for reporting illegal or inappropriate activity by their clients.
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