Capitol Report: KPMG won BBVA audit with stolen data about rival’s inspections

An auditor was able to use access to confidential regulatory inspection data to get advance knowledge of its own inspections and also poach a client.

The revelation, coming in court documents supporting the government’s case against former KPMG partners, shows the confidential information was also used against the auditor’s rivals.

Read:The auditor of Citi, Credit Suisse and Deutsche Bank was tipped off before regulatory inspection

The story dates back to 2016, when a Spanish bank, BBVA, was forced to solicit bids from other audit firms and switch from an audit relationship with Deloitte’s Spanish firm due to European Union’s mandatory audit rotation rules.

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