KPMG "Hero" In Credit Suisse Mess?

By Francine • Feb 20th, 2008 • Category: Pure Content

Do tell.

Can this be true?

Credit Suisse sent a new and unwelcome shiver through financial markets after suspending a “small number” of traders suspected of inflating the value of asset-backed investments by $2.85bn (£1.5bn)…Credit Suisse’s announcement was triggered by disclosure requirements relating to the listing of a $2bn bond. According to Mr Wheeler, the auditor, KPMG, discovered the mismarkings and errors during an audit for the bond issue and subsequently refused to sign off on the review. The bank declined to comment.

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One Response »

1. NYC Staffer on February 20th, 2008 at 11:58 am:

   wow, nice to see some positive big 4 response for once… surprising too, seeing as CS is one of the crown jewels for the KPMG ny office…

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  Francine McKenna (@retheauditors) has more than twenty-five years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. Look for my column, "Accounting Watchdog" at Forbes.com and "Accountable" at American Banker. For more information, click "About" at the bottom of this page. Your firm can sponsor this specialized news site. For more information contact Francine McKenna, fmckenna@mckennapartners.com




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