If PwC can’t work it out then how do they audit?

PwC is sifting through the bones of Lehman Brothers and according to Accountancy Age:

There has been speculation that PwC will have to hire specialists to make sense of the investment bank’s derivatives contracts, but all the initial work, apart from legal advice, is being handled by the firm, it said.

If that’s the case then how the heck do they audit these types of business? Oh yes: mark to market solves all ills – except when it goes catastrophically wrong. As it always does.

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Tagged as: Investment Banks, Lehman Brothers, PricewaterhouseCoopers