Pwc Case Study

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Investigation into foreign exchange losses at the National Australia Bank 12 March 2004 Mr David Krasnostein Chief Legal Counsel National Australia Bank Limited Level 24 500 Bourke Street Melbourne Vic 3000 12 March 2004 Dear Mr Krasnostein Report on investigation into foreign currency losses Please find attached PwC’s report resulting from our investigation into foreign exchange losses at the National Australia Bank. Your faithfully PricewaterhouseCoopers Craig D Hamer Partner P G Rivett Partner About this report and our investigation This report presents the findings of the PricewaterhouseCoopers investigation of the $360 million foreign exchange losses (the losses) incurred by National Australia Bank (the National),…show more content…
(ii) Disclosure statement PwC is not currently nor has ever been the National’s external auditor. Summarised below are services PwC provides to the National that are relevant to this investigation, together with information on financial interests and business relationships between members of PwC’s investigation team and the National. I a) PricewaterhouseCoopers PwC’s assignments in relation to Corporate & Institutional Banking (CIB), Risk Management, Internal Audit and relevant financial controls These include: a review of CIB’s overall IT security framework advice on Basel II, IFRS and regulatory compliance due diligence in connection with acquisitions assistance in the development of financial risk model policies, whistleblower protection policies and a compliance framework for the ‘Super 12’ project. b) PwC resources provided to Internal Audit for work in CIB In February 2003 PwC was selected as a preferred (but not exclusive) third party provider of resources to the National’s Internal Audit function. Internal Audit resources provided to CIB in the 16 months to 31 January 2004 represent approximately 3% of total Internal Audit work in CIB. PwC personnel worked under the direction
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