AIG to sue PWC

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Reuters note that:

American International Group Inc shareholders in the USA have renewed claims against the company's auditor, PricewaterhouseCoopers, and about four dozen other individuals and companies, seeking to hold them liable for a financial restatement and a $1.64 billion regulatory settlement.

Now right and wrong is not known here. But prima facie one of the auditor's jobs is to assess risk, and making sure a company complies with its regulatory environment is a key part of the audit process as a result.

And it certainly looks like PWC hadn't quite got their handle on the case when a fine of that size landed on their client.

I always recall some great advice I saw from a barrister on one occasion, sent by fax in advance of his opinion. As executive summaries go it was short, unambiguous and to the point. It said:


A wise word. Often best followed.

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