PracticeAuditFannie Mae may not report results

Fannie Mae may not report results

Doubts are surfacing over Fannie Mae's ability to report its already delayed third quarter results on 15 November, as a US watchdog continues its investigation into its accounting practices.

Link: Accounting concerns hurt US mortgage giants

The investigation by the Securities and Exchange Commission, together with tighter rules on accounting processes in the wake of a catalogue of high profile corporate scandals, means the US mortgage financier’s auditor KPMG hasn’t yet signed off its accounts.

Industry observers say it’s unlikely KPMG will sign off the accounts ahead of the SEC concluding its inquiry, otherwise the Big Four firm could also expose itself to sanctions or fines, according to The Financial Times.

The company said it would try to release its results by 15 November but offered no guarantees.

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