PWC Saw No Sign of FMS Accounting Errors, Reports Now Adjusted
October 31, 2011, 8:04 AM EDTBy Angela Cullen
Oct. 31 (Bloomberg) -- PricewaterhouseCoopers LLP said errors in the booking of certain derivatives transactions by FMS Wertmanagement, the so-called bad bank for Hypo Real Estate Holding AG, that resulted in the miscalculation of its borrowing and balance sheet by 55.5 billion euros ($77.7 billion) in first-half 2011 accounts were amended before publication.
FMS’s balance sheet for 2010 was adjusted to reflect the accounting discrepancies, PWC said in a statement on its website yesterday.
The auditor said it had “no indication” of any mistakes in FMS’s 2010 financial statement, based on its examinations and the documents it received. “Significant” parts of FMS’s accounting have been outsourced, PWC said in the statement.
To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net
