PwC and audit client BoC in sub-prime clash

PricewaterhouseCoopers has been involved in a stormy meeting with audit
client Bank of China over the bank’s exposure to sub-prime issues.

The FT reports that at least one meeting has taken place between the
two in which the bank’s sub-prime exposure was the central issue.

Although BoC has not revealed the extent of its exposure to sub-prime
securities, some estimates suggest it could have to write down as much as $4.8bn
of its $8bn securities.

Further reading:

the FT’s story

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