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Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon

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PricewaterhouseCoopers LLP was negligent in connection with one of the biggest bank failures of the financial crisis, a federal judge has ruled, opening up the Big Four accounting firm to the.

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A federal judge said PricewaterhouseCoopers must face the Federal Deposit Insurance Corp.’s $1 billion lawsuit that alleges the accounting firm failed to catch the massive fraud that brought down.

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The judge found that PwC was negligent in connection with the audit of Colonial bank. This opens up PwC to 100’s of millions of dollars in damages. The court alleges that PwC violated auditing rules and didn’t take steps that could have detected a $2 billion fraud scheme that contributed to the 2009 failure of Alabama’s Colonial Bank, the judge ruled.

Shoddy PwC Audits Led To Bank Failure, Judge Rules. PwC had served as the auditor for Colonial BancGroup Inc. and its primary subsidiary, Colonial Bank, and U.S. District Judge Barbara Jacobs Rothstein ruled on Dec. 28 that the accounting giant was negligent in its review of Colonial’s financial statements.

PwC violated auditing rules and didn’t take steps that could have detected a $2 billion fraud scheme that contributed to the 2009 failure of Alabama’s Colonial Bank, the judge ruled. So it is the auditors job to find fraud after all I’m also curious what steps the judge feels weren’t done that "could have" detected fraud.

Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon K9 Dogs and MWDs Face Routine Abuse as Part of the Job 71 Republic The runners up: 26-100 – Forced to raise his son alone, Ted loses his job but gains a stronger. pride and faith help him face the oppression of turn-of-the century.

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