KPMG signage is pictured in the financial district in Toronto, on Sept. 8, 2023. The Canadian Press/Andrew Lahodynskyj
The Ontario Securities Commission is alleging KPMG failed as an auditor in its 2019 and 2020 reports on four funds managed by Bridging Finance Inc. and is seeking up to $40 million in penalties.
The regulator alleges the firm failed to perform sufficient and appropriate audit procedures over the most critical aspect of the financial statements—the valuation of the loans held within the funds.
