The auditor of the "Big Four" was fined for bankruptcy of the US bank

The PwC Audit Company was required to pay compensation of $ 625.5 million in respect of Bankruptcy Colonial Bank for 2009.

This is what is stated in the District Court's Order in Council. United States . It is noted that PwC auditors were accused of having seen the largest US mortgage fraud plan with a bank and one of the largest underwriters of mortgages in – Taylor, Bean & Whitaker ( TBW ). PwC was an auditor at Colonial BancGroup, a parent company of Colonial Bank, between 2002 and 2008.

It was previously reported that TBW exceeded a number of years of a loan in a bank to cover his own funds. Instead, the company sold Colonial Bank mortgage bonds already sold to other investors, but PwC's audit did not detect these violations.

The Federal Deposit Insurance Corporation US suffered losses due to the bankruptcy of Colonial Bank. approximately $ 3 billion

Finance.ua Reference

• PricewaterhouseCoopers (PwC) is an international network of companies providing professional consulting and auditing services. The company has been in existence for over 160 years and is one of the "Big Four" audit firms. The headquarters of the network is in London.