PwC loses AIB audit

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.

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