Opinion: Wells Fargo auditors could soon deliver another blow to the bank

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Opinion: Wells Fargo auditors could soon deliver another blow to the bank

Opinion: Wells Fargo auditors could soon deliver another blow to the bank

MarketWatch-

Wells Fargo investors have learned a lot about the bank’s worsening issues recently, but they should be watching carefully over the next couple of weeks for possibly more bad news — from the bank’s auditors, KPMG.

KPMG must opine on Wells Fargo’s WFC, -0.03% internal controls by around March 1, and investors might not like the answer: the very real possibility of an adverse opinion from the auditors identifying material weaknesses in the bank’s controls.

On Feb. 2, the Federal Reserve Board released a consent cease-and-desist order that requires the bank to improve its governance and risk-management processes, including strengthening the effectiveness of oversight by its board of directors. The Federal Reserve Board stated that the “firm did not have an effective firm-wide risk management framework in place that covered all key risks.”

[MARKETWATCH]

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