PwC and audit client BoC in sub-prime clash
'Stormy meeting' between PwC and audit client BoC over the bank's sub-prime exposure, according to reports
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.