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Use the elements of the fraud triangle discussed

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According to the case, KPMG failed to review FannieMae's significant accounting policies for GAAP compliance. One item in particular was the failure of Fannie Mae to make a quantitative estimate of losses on its loan portfolio. In the end, KPMG gave an unqualified opinion even though the financial statements contained significant departures from GAAP. What ethical and professional standards did KPMG violate in taking that position? Use the elements of the fraud triangle discussed in the chapter to identify internal control risks that should have influenced KPMG's position.

Reference no: EM13123424

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