If an investigation does take place and find wrongdoing, it could lead to a tribunal which has the power to ban staff from the industry and fine the business.
The move could put more pressure on Financial Conduct Authority head John Griffith Jones who headed KPMG at the time. He was not involved in the audit.
“The FRC will consider the report from parliamentary commission on banking standards and the forthcoming FCA report to identify whether there is a case for an investigation under our powers,” said a spokesperson.
KPMG said it stands by the quality of its work.