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PWC Accounting Firm Reaches $97M Settlement with Ohio in AIG Case
National News • October 6, 2008
PricewaterhouseCoopers, the independent auditor for American International Group, will pay $97.5 million to settle a class-action securities fraud lawsuit against the insurance giant and others, ...
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| Subject | Posted By | Posted On |
|---|---|---|
| old days | curious george | Oct 6, 2008, 12:48 pm |
| RE: auditing loans | Former auditor | Oct 6, 2008, 12:45 pm |
| auditing loans | curious george | Oct 6, 2008, 9:18 am |
| Back to article | ||
Subject: RE: auditing loans
On to your question - I'm a former "Big 4" auditor and the answer is no, the public accounting firm of PWC would not have been reviewing mortgage loan origination paperwork. PWC is responsible for ensuring AIG's financial statements that are issued to the public (i.e., investors) are materially correct. AIG's own quality assurance or internal audit group would be responsible for ensuring the company's internal mortgage underwriting standards were upheld.