Elizabeth Warren along with other Senators wants to know what KPMG did to detect the problems at Wells Fargo. It is evident that the fraud was not caught by KPMG, so Senator Warren is interested in how this can be corrected in the future. Learn more in this post.
The SEC fined EY $11.8 million for their audit of Weatherford. Weatherford was previously fined $140 million by the SEC for misstating their income tax expense. Ernst & Young was fined for not spotting this fraud earlier.