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KPMG Sued for $1.4 Billion over Bridging Finance Audit

KPMG Sued for $1.4 Billion over Bridging Finance Audit

by Starling Insights

Starling Insights Editorial Board

May 05, 2023

Observations

Governance, Audit & Regulatory Failures Audit Canada Culture & Consequences

KPMG Canada is facing a $1.4 billion lawsuit for alleged failures in auditing Bridging Finance Inc, a private debt manager that collapsed in 2021. The lawsuit was filed by PwC, KPMG's competitor and the receiver for Bridging.

PwC claims that KPMG was deficient in assessing expected credit losses and that it was too lenient in its treatment of Bridging's liberal use of payment-in-kind (PIK) loans that had deferred interest payments and comprised a large portion of the fund's assets.

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