Auditor Sued By Racing Car Dealer

[Al Gorithum]

We're probably mostly aware of what went down at JD Classics, but they were owned by some big players.

Apparently they're not impressed with the auditors PwC who should have spotted the (alleged) fraud https://www.cityam.com/pwc-sued-by-racing-car-deal...

Not a fan of the big accountancy firms due to the blatant greed. I wonder whether this will be painful or are they insured?

[Eric Mc]

PWC will just add it to the list of other cases they deal with on a regular basis.

[emperorburger]

Global professional services firm sues global professional services firm. Have A&M got previous with PwC?

[djohnson]

Al Gorithum said:

We're probably mostly aware of what went down at JD Classics, but they were owned by some big players.

Apparently they're not impressed with the auditors PwC who should have spotted the (alleged) fraud https://www.cityam.com/pwc-sued-by-racing-car-deal...

Not a fan of the big accountancy firms due to the blatant greed. I wonder whether this will be painful or are they insured?

There will be some professional indemnity cover but in firms of that scale it tends to be pretty limited compared at the amounts at risk. That said, at any point in time the big firms will always have a number of ongoing claims.

[JagLover]

An interesting one as, on the face of it, the two issues cited are things that could have been uncovered by the right audit testing.