Tuesday, October 21, 2008

Auditors Chosen for Bank Bailout

PriceWaterhouseCoopers has been selected by the Treasury Department to audit the monies distributed in the multi-billion financial rescue packages approved late last month. Additionally, Ernst and Young has been selected to perform general accounting services which include but is not limited to internal control design. PWC will receive about $500,000 while E&Y are scheduled to be paid slightly less than $200,000. These contracts will run to the end of the government's 2010-11 fiscal year (September 30). The asset management firms which will assist the government in pricing, purchasing and maintaining loans and securities have yet to be chosen.

Congratulations (I think) to PWC and E&Y. I have EVERY confidence that they will do at least as good a job of accounting for bailout activities than the government will do on the bailout itself and will do a better job of accounting than Congress will do in "solving" the financial crisis.

1 Comments:

Blogger Rick Telberg said...

I was surprised, too, to see the amounts. They seem low. But then, of course, this is just the beginning,

At the same time, you can bet that there are a lot of government accountants working in other agencies who could be shifted to this high-priority project. I'm happy enough that a couple CPA firms signed new work, and still wonder if it can't be done cheaper, by shifting some resources.

8:35 AM  

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