PracticeAuditPwC in court over audit of Madoff feeder funds

PwC in court over audit of Madoff feeder funds

Investors claim PwC failed to detect scam

Victims of fraudster Bernard Madoff are suing accounting giant
PricewaterhouseCoopers over its audit of feeder funds – the funds were used by
the convicted fraudster to help pull off his $65bn (£45bn) scam.

The Canadian branch of PwC is being sued for as much as £2bn in damages in
seven law suits by investors of Fairfield Sentry, an investment fund which
funneled money into Madoff’s Ponzi scheme, The Daily Telegraph
reports.

Fairfield Sentry’s $7.2bn of assets were purportedly held in short-term US
treasury bills, but the funds simply did not exist.

PwC Canada said it audited Fairfield Sentry, but `was not the auditor for
Bernard Madoff Investments where the alleged fraud occurred.

`PwC Canada’s auditing of the fund’s financial statements fully complied with
professional standards,’ the firm said.

Read the full story:
Madoff
victims to sue accountants PwC over feeder fund audits

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