Stock market quotes, forex, financial news, forex tools – money-investing.com

PwC will pay 625 million for an error in the audit

 Breaking News
  • US Ministry of Energy predicts reduction of oil prices The US Ministry of Energy has published a monthly report, which turned out to be discouraging. It is expected that in the last quarter of this year the price for...
  • 28 Chinese companies are blacklisted by the US Everyone knows that just in few days two powerful states China and the USA – are starting the next round of the negotiations. Official Beijing has announced that it is...
  • Startup WeWork again in spotlight We have been writing about the startup WeWork, which was forced to postpone the initial public offering. They earn by renting commercial space for a long time in order to...
  • Massive cuts in HSBC HSBC Holdings Plc, the largest bank in Europe and one of the most significant and serious players in the global financial market, has announced the launch of a cost-optimization program....
  • Oil quotes still wait for negotiations Today, at 8.15 a.m. Moscow time, futures for Brent crude oil were trading in London for $ 58.31 per barrel. This is only 0.1% below the closing price of the...
PwC will pay 625 million for an error in the audit
July 03
09:00 2018

The District Court has submitted a judgment in the case of PwC and Colonial Bank. A fine of 625.5 million US dollars, which will be paid by the auditor, became the final decision.

The company was charged with an error committed while working with Colonial Bank. The credit organization turned out to be part of a large fraudulent scheme with mortgage bonds, in which the leader of the mortgage underwriting TBW was also involved. PwC had missed the criminal relationship as a result of which it was brought to trial.

For several consecutive years, TBW had been getting loans in Colonial Bank to cover a funding shortfall. In exchange, the underwriter sold the bank the securities owned by other investors. However, the PwC screening did not reveal anything illegal.

The Deposit Insurance Corporation, which suffered losses of about $ 3 billion as a result of the Alabama Bank bankruptcy, became the prosecutor.

We recall that PwC is a leading company providing services to the business, including audits. In the last financial year, the company managed to earn almost $ 38 billion.

 

The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment