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AUDITORS FACE INQUIRY OVER BCCI

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Accountants from Price Waterhouse could face explusion from the profession over their work for the collapsed Bank o...
Accountants from Price Waterhouse could face explusion from the profession over their work for the collapsed Bank of Credit & Commerce International, reported Sunday Business (p3).

The accountancy watchdog, the Joint Disciplinary Scheme, is looking into the role of the firm as auditors to BCCI before it crashed with debts of $17bn in 1991. Chris Dickson, head of the JDS, says he intends to decide what action to take before the end of the year.

A full-scale JDS inquiry, if it is appointed, could lead to individuals being barred from practising. It would focus on why Price Waterhouse - now part of PricewaterhouseCoopers - failed to report fraudulent practices at the bank, despite a series of tip-offs. It would also ask if the firm had any conflicts of interest.

JDS inquiries into the world's biggest banking fraud were put on hold by order of the appeal court in 1994 when Price Waterhouse won an injunction preventing its partners being questioned while the firm was facing civil actions relating to the case. That litigation has now ended.
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