Price Waterhouse fined over BCCI audits

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Price Waterhouse has been hit with a fine and costs of almost 1 million for inappropriate and insufficient auditing work on the collapsed bank. Imposing a 150,000 fine and 825,000 costs on the accountancy firm, now known as PricewaterhouseCoopers, the Joint Disciplinary Scheme (JDS) said it failed to disclose the relationship of BCCI and another Cayman Islands based bank ICIC when auditing accounts in 1987, 1988 and 1989. In addition, the JDS said when the government of Abu Dhabi advised BCCI directors in 1989 of its intention to maintain BCCI's capital base, "Price Waterhouse failed to obtain sufficient written evidence of Abu Dhabi's intention."

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