Singing River is suing KPMG for negligence, breach of contract and professional malpractice for allegedly committing “egregious failures in auditing Singing River’s financial statements,” which led to an $88 million adjustment, according to the report.
According to the lawsuit, KPMG and its predecessor audited Singing River’s books for more than 34 years. However, in 2013, the system hired Horne LLP to audit its books, and it was Horne that discovered the shortfall.
Singing River is currently facing two lawsuits over its failed pension plan, and the system said it could have “acted sooner with accurate information,” instead of the inaccurate and inadequate information KPMG provided, according to the report.
In its lawsuit, Singing River has requested a jury determine what damages are owed, according to the report.
More articles on healthcare industry lawsuits:
New Jersey pharmaceutical company settles kickback lawsuit for $39M
U.S. Supreme Court will hear oral arguments in Medicaid reimbursement case
‘Wolf of Wall Street’-linked medical device firm raided by FBI
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