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PwC will pay 625 million for an error in the audit

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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

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