PWC PAYS OUT FOR FAILING TO SPOT FRAUD IN AUDIT
August 1st, 2016
Global accountancy giant PricewaterhouseCoopers (PwC) has reached an undisclosed settlement with trustees of bankrupt US mortgage company Taylor, Bean & Whitaker (TBW) for failing to detect fraud during seven years of audits. Although the settlement is confidential, it will be high as TBW trustees originally sued PwC for USD5.6 billion in 2013. Ironically PwC never audited TBW itself, but Colonial Bank, which bought mortgages from the troubled firm and was a target for the billion-dollar fraud, which saw both companies collapse in 2009 and several TWB ...
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