KPMG faces audit negligence charges over the collapse of a private credit fund

2026-04-01 01:37:26

Canada’s top securities regulator has accused KPMG LLP of failing to properly assess the value of loans held by four funds managed by Bridging Finance Inc., thereby harming investors’ interests. The Ontario Securities Commission (OSC) alleges that KPMG made false statements about its audit quality for its fiscal years 2019 and 2020, and was negligent for “failing to continuously question and verify audit evidence.” The regulator is seeking administrative penalties and other remedial measures, and alleges that KPMG’s conduct caused investors to purchase fund units at inflated prices.

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