PricewaterhouseCoopers has reached a settlement with Ohio state over a class
action securities fraud lawsuit.
The Big Four firm, had been named in the suit by three state pension funds
alongside audit client American International Group (AIG) and its chief
executive Hank Greenberg, but all have now agreed to a $97.5m (£56m) settlement,
subject to approval by the U.S District Court for Southern New York, reported
Shareholders had been seeking damages after AIG agreed to pay $1.64bn in
fines and restitution in 2006 as a result of regulatory probes by New York’s
attorney general, the SEC and the Justice Department.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester