KPMG Flags Internal Control Deficiencies at Guggenheim Investment Unit
Source Summary
KPMG, a Big Four auditor, identified flaws in internal controls at Guggenheim's private investment division, specifically regarding how the unit accounted for revenue. The audit firm warned the company about these deficiencies in its financial reporting processes.
Why it matters
Internal control deficiencies in revenue accounting can affect the reliability of financial statements and investor confidence in a major asset management firm.
