PracticeAuditTroubled Austrian bank hires Deloitte

Troubled Austrian bank hires Deloitte

Bawag takes on Deloitte as 'additional security', as it struggles with accounting issues

Bawag, the Austrian bank which made a last-minute loan to Refco, the
collapsed US futures broker, said yesterday that is had appointed additional
auditors to examine its accounts.

The trade union-owned bank has called in Deloitte to provide ‘additional
security’ for new members of its supervisory board joining this week.

The bank has itself had accounting issues, and the news has added to pressure
on KPMG, the bank’s auditors, according to The Financial Times.

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