PwC loses AIB audit
Allied Irish Banks, owner of the scandal hit US bank Allfirst, had decided to part company with its auditor PricewaterhouseCoopers.
AIB announced it is to put the audit out to tender, but that PwC would not be re-tendering for the work.
AIB hit the headlines when it emerged that a foreign currency trader at AllFirst had run up losses of $691m.
An independent report completed for AIB said the actions of rogue trader, John Rusnak, in compiling the losses had been ‘carefully planned and meticulously implemented … over a lengthy period, and involved falsification of key bank records and documents’.
In a statement yesterday Gary Kennedy, AIB group director, said: ‘We would like to express our appreciation to PwC for the work they have carried out for AIB Group to date. We have the highest regard for PwC as a firm and look forward to using a range of their services in the future.’
PwC declined to comment.