The investigation, according to the Financial Times newspaper, will examine whether the Big Four firm breached auditing rules in its work on Fannie Mae.
Fannie Mae is already under investigation by both the Justice Department and the Securities and Exchange Commission.
It faces a $9bn restatement following a Security and exchanges Commission ruling that it had violated accounting rules between 2001 and 2004.
KPMG, which has audited the company for the past 35 years, said it would ‘cooperate fully’ with any investigation.
The PCAOB is a private sector body created by the Sarbanes-Oxley Act to oversee the auditors of public companies.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day