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External audit opinion is crucial to the oversight and assurance of an entities compliance to regulation. But more importantly to assessing the short, medium and long term liabilities that reside on the balance sheet, that in the case of a Financial Institution affect its liquidity. In this case leading to questions of the viability of SVB, Signature Bank First Republic as viable on-going concerns.
While there maybe an argument about an audit being a snapshot in time. In my experience with SoX audits materiality is critical, and high value securities are likely material. One would hope that auditors place opinion over regulatory capital, liquidity and the viability of the organization. Even more important when regulators themselves may have been concerned.
One can only guess that regulators will look closely at failures of SVB, Signature bank and First Republic bank. The role of audit and the decisions that management took over the management over the banks books and records.
Ted Dziekanowski
#externalaudit #sox #pcaob #federalreserve #securitiesandexchangecommission
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