Call us now:
Nearly 15 years ago I led a team that built the SoX program for a Japanese Corporate bank in London. Successfully audited by the big 4 over 3 years, with only minor remedial actions.
With SoX, materiality was king. One would hope that SVBs bond portfolio was considered financially material and fluctuations in interest rates are 1-0-1 in financial audit. Fluctuations that would make SVBs holdings volatile, or as this article alludes, incendiary.
The financial audit community is going through a difficult time at the moment and one suspects regulators are going to make it a difficult 2023.
Ted Dziekanowski Stephen Pitt-Walker, JD, FGIA
#svbbank #audit
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