Good morning, your Honor. I am Theresa Pacholik and I am representing Group One. Please let me introduce my colleagues: Chelsea Rowell, Miles Brown and Kimberly Hudson. We come in front of you today with our clients, the Office of Comptroller of Currency (OCC) to show why the court should uphold the decision of the district court against Grant Thornton, LLP. We will discuss the negligent actions performed during the audit conducted by Grant Thornton and how their unsafe and unsound practices impacted Keystone Banks’ regulators, shareholders and the public.
Background. Grant Thornton LLP vs. FDIC, took place in West Virginia District Court in 2004. We are here today as a result of the appealed filed by Grant Thornton. In asserting for the OCC, we will prove why Grant Thornton is responsible for not acting in accordance with the laws and regulations designed for independent financial institutions while conducting an audit for the First National Bank of Keystone. The OCC is an independent bureau of the U.S. Department of Treasury that is responsible for supervising all national banks and federal savings associations, including federal branches and agencies of foreign banks (Office of the Comptroller of the Currency, 2015). The First National Bank of Keystone became incorporated in 1904 in Keystone, West Virginia. Keystone Bank was a member of the National Banking Association within the Federal Reserve System and originally serviced McDowell County and the surrounding area as