These materials are for a Special Meeting of Shareholders of Emerging Markets Series (the “Fund”), a series of Templeton Institutional Funds (the “Trust”), scheduled for October 30, 2017, at 10:00 a.m.
An Alabama federal judge Friday rejected an effort by PwC and another auditor to hold the Federal Depository Insurance Corp. to account for a group of Colonial Bank employees whose long-running.
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.
PwC found negligent over Colonial Bank failure. She also cited testimony from a PwC partner in an earlier, related case that "our audit procedures were not designed to detect fraud". Rothstein did dismiss other charges against the firm brought by the FDIC and Colonial’s bankruptcy trustee.
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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.
PWC was the independent auditor for Colonial BancGroup, the parent company of Alabama’s Colonial Bank, which collapsed in 2009 after the discovery of a $2 billion fraud.
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In a time and materials contract, a contractor may inflate costs or rates, shift costs from one contract to a different contract, or misallocate costs between contracts. Such accounting fraud in government contracts can be grounds for a whistleblower case under the false claims act.
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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.