Capitol Report: KPMG won BBVA audit with stolen data about rival’s inspections [MarketWatch]
Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
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Source: MarketWatch
KPMG won BBVA audit with stolen data about rival’s inspections An auditor was able to use access to confidential regulatory inspection data to get advance knowledge of its own inspections and also poach a client. The revelation, coming in court documents supporting the government’s case against former KPMG partners, shows the confidential information was also used against the auditor’s rivals. Read: The auditor of Citi, Credit Suisse and Deutsche Bank was tipped off before regulatory inspection The story dates back to 2016, when a Spanish bank, BBVA, was forced to solicit bids from other audit firms and switch from an audit relationship with Deloitte’s Spanish firm due to European Union’s mandatory audit rotation rules. Confidential information around those bids gave KPMG a secret advantage over rivals PwC and Ernst & Young, who were also eligible to bid on the BBVA audit. The episode was described in the Securities and Exchange Commission’s complaints against four former KPMG part
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- 7/31/23 - Beat
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Analyst Actions
- 3/25/24 - Barclays PLC
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Sec Filings
- 4/10/24 - Form 6-K
- 4/2/24 - Form 6-K
- 3/27/24 - Form 6-K
- BBVA's page on the SEC website