Cattles accuses PwC over audit
FINANCIAL services group PwC is facing accusations from sub-prime lender Cattles, it emerged yesterday.
Cattles, which was sold to its creditors this year, has claimed in a court hearing that PwC’s audits of the firm between 2005 and 2007 led to a “gross misstatement” of the firm’s financial position.
Cattles made some £850m of unanticipated write-downs in 2009, pushing it through banking covenants.
PwC did not return a call for comment yesterday, but it has been reported that it will vigorously defend its work.