Wells Fargo is facing a lot of questions about its fake account scandal and now, some senators have questions for its auditor as well, reports HousingWire staffer Ben Lane.
KPMG, Wells Fargo’s independent auditor from 2011-2015, received a letter from Sens. Elizabeth Warren, D-Mass.; Bernie Sanders, I-Vermont; Mazie Hirono, D-Hawaii; and Edward Markey, D-Mass., asking if any of KPMG’s audits uncovered the fake account situation.
The senators question how KPMG’s audits, which were conducted by “obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk,” did not uncover the fake accounts.
“Was KPMG aware of any of the illegal sales practices committed by Wells Fargo employees from 2011-2015 and addressed in the CFPB settlement?,” the senators ask in their letter to KPMG.