KPMG Audit Wasn't Up To Snuff, Accounting Expert Tells Jury
Law360 (November 6, 2019, 9:49 PM EST) -- An accounting expert testifying for Merrimack College told a Massachusetts jury Wednesday that KPMG's annual audits of the school's financial statements did not meet professional standards because of a lack of "professional skepticism" that let indications of a then-employee's $4.1 million student loan fraud slip by.
During the second week of a Boston trial, Merrimack called to the stand accountant Simon Platt, founder of advisory firm StoneTurn, to have him look over the annual audits KPMG conducted for the college from 1999 through 2004.
During those years, Merrimack's director of financial aid, Christine Mordach, was in the midst of a scheme...
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