Accounting Firm May Need To Brush Up On Its Accounting

KMPG might need to go back to Remedial Accounting School.

Looks OK to us.

That time BNY Mellon spent four years not properly segregating customer assets, putting them at risk if BNY Mellon happened to go kablooey during those four years? Totally not BNY Mellon’s fault entirely, maybe!

The regulator is looking into lapses in KPMG’s required reporting regarding BNY Mellon’s compliance with client asset safeguarding rules for a four year period, 2007 to 2011. BNY Mellon, the world’s biggest custody bank, was fined $199 million in April for failing to segregate customer funds during the financial crisis.

KPMG under investigation for BNY Mellon reporting lapses [MarketWatch]