PwC Ordered To pay $625m Over Bank Collapse



FunkyBoogaloo

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Delighted!

I was oft chastised for criticising these fools after the collapse and how they still manage to get work from the state.

Same goes for all the other big accounting firms.
 

Notachipanoaktree

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Nipper

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“PwC was the auditor of Colonial Bank Group and the judge said in January that PwC “did not design its [Colonial Bank] audits to detect fraud and PwC’s failure to do so constitutes a violation of the auditing standards.””

https://www.marketwatch.com/story/multimillion-dollar-award-against-pwc-is-window-into-typically-secret-auditor-settlements-2018-07-03

Compare that to an Irish operation where a partner can claim credit for tax policy implemented by governments to which he is personally related to ministers

Sad thing is they believe they are genius and not pawns in a larger corrupt system

By the way, I wonder will the redacted history on Telly , explain how and why another genius of this family got a PR job in a company and how it had absolutely nothing to do with securing access to Public property for installing masts
 

Half Nelson

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YouKnowWhatIMeanLike

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yep 62 Billion at least. We could add it to the 14 Billion Apple are going to sign over to the Irish people......



in 20020
It's rather hilarious that a former minister and director at BNY, the organization that now oversees the management of the 14bn+ euro in question, is the one that was instrumental in devising the tax scheme in the first place.
 

stopdoingstuff

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I worked for the Big 4 and some of the partners, other than being great salesmen and networkers, are close to retarded in terms of technical ability.
 

Gin Soaked

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Delighted!

I was oft chastised for criticising these fools after the collapse and how they still manage to get work from the state.

Same goes for all the other big accounting firms.
Yep. Always a lot more wary of internal auditors than external auditors. Some of the Muppets that have asked me questions over the years are hilarious. Some just out of the graduate scheme actually had no business knowledge or commercial experience...
 

Disillusioned democrat

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I worked for the Big 4 and some of the partners, other than being great salesmen and networkers, are close to retarded in terms of technical ability.
...and they all live in their wives' homes...there will be no one to collect the money from, professional services partners have always been very careful to own very few assets and the companies are usually LLCs or LLPs so when they do come looking for the monet they'll quickly learn what the LLs stand for.
 

DeBanksofDeLee

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way to go US FDIC!

the big four will finally be held accountable for their reckless role in auditing of banks and other financial institutions. It's time for the Irish regulator to follow suit here in Ireland.

https://www.ft.com/content/3fbe9058-7e29-11e8-8e67-1e1a0846c475
Delighted!

I was oft chastised for criticising these fools after the collapse and how they still manage to get work from the state.

Same goes for all the other big accounting firms.
Ya we had lots of hand wringing and finger wagging but nothing else from the establishment to hold these fly by night cowboys to account for the bullshït auditing, their work amounted to no more than a wink wink keep this circus going. All we get from most commentators is the chorus of we are where we are, the auditors has committed an act of fraud and produced a bogus report telling the Cowen Government all is good. They screwed us over as much as fingers seanie drum and co.
However the social welfare with all the might of the state will go after citizens for a few quid over and above. We the people are in debt for billions and nothing to show for it, at least Greece had the Olympics and won the European championship to show for their debt.
 

gerhard dengler

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PWC, Deloittes, E&Y. Each are just franchises.

There is no PWC as such. A group of people in each country form a partnership, using the applicable franchise name.
 

fifilawe

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PWC, Deloittes, E&Y. Each are just franchises.

There is no PWC as such. A group of people in each country form a partnership, using the applicable franchise name.
last but not least Accenture( rebranded previously known as Arthur Andersen Consulting ) which devised the jigsaw puzzles of subsidiaries within Enron to "con " the creditors , shareholders, Regulators State and Federal.The were causing power outages in California due to extortion methods and putting little enterprises to the wall.Nasty bastards .
 

YouKnowWhatIMeanLike

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last but not least Accenture( rebranded previously known as Arthur Andersen Consulting ) which devised the jigsaw puzzles of subsidiaries within Enron to "con " the creditors , shareholders, Regulators State and Federal.The were causing power outages in California due to extortion methods and putting little enterprises to the wall.Nasty bastards .
still you can't blame them, they are not bending over to take it P45 style like the rest of us. FTS.
 

valamhic

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I'm a campaigner against wind farms. I found the financial accounts of some companies do not comply with the companies Act because they do not contain all the required information. I complained in writing to the Financial Regulator.

I received a letter back to say they only get involved in crime. Unless there is a crime they won't get involved.
 

YouKnowWhatIMeanLike

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I'm a campaigner against wind farms. I found the financial accounts of some companies do not comply with the companies Act because they do not contain all the required information. I complained in writing to the Financial Regulator.

I received a letter back to say they only get involved in crime. Unless there is a crime they won't get involved.
remember the Inquiries Bill, the one you should have voted for? but in the end old ways prevailed ...
 

General Urko

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I remember in Potsdammer Platz in Berlin, my jaw dropping at the size of the skyscraper that was the PWC Tower, there would literally be nothing comparable to it here!

 

brughahaha

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$625 million....absolutely nothing to them ...37.7 Billion in revenues

Anyway they'll just ramp up the billing to various governments and institutions and probably make a profit out of the whole affair.

They are like the irish legal system , such an embedded part of the political landscape and public funds carve up that they are utterly untouchable

This isnt even a smack on the wrists ....its a fine from the petty cash jar
 


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