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“The Securities and Exchange Commission is finally doing something that desperately needed to be done: Suing the auditors of a failed bank that got caught cooking its books.  Today the SEC’s enforcement division accused two accountants at KPMG LLP of engaging in unprofessional conduct during their 2008 audit of TierOne Corp., a Lincoln, Nebraska- based lender that had about $3 billion in assets when it collapsed in 2010. The SEC’s administrative order accuses the pair of ‘failing to subject TierOne’s loan loss estimates — one of the highest risk areas of the audit — to appropriate scrutiny.’”

formerly http://www.bloomberg.com/news/2013-01-09/finally-the-sec-goes-after-a-failed-bank-s-auditors.html