That return would depend on if the valuations are correct lawry1. The way I read it PwC conducted a review, not another audit. Nothing has changed since PricewaterhouseCoopers stated 'Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Because of the matter described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion'
Another interesting read re PwC auditors in the Centro case::
Centro counsel critical of PwC over 'botched audit'
March 16, 2012.
LAWYERS for the Centro property group have lambasted the work done by the property group's former auditor, PricewaterhouseCoopers, in 2007, telling the Federal Court it resulted in a ''botched audit'' that highlighted incompetence, carelessness and a lack of supervision inside PwC.
The strong criticism during a class action case yesterday marks the first time Centro has attacked its former auditor for errors that resulted in misclassifications of billions of dollars of short-term debts and failures to disclose post-balance date items.
''No doubt PwC will try to put a benign spin on it,'' Centro Retail Trust's counsel, Peter Jopling, QC, told the court yesterday. ''This was a botched audit. PwC made some errors that in this case can only be described as extremely basic.
Read more: http://www.smh.com.au/business/centro-counsel-critical-of-pwc-over-botched-audit-20120315-1v8ca.html#ixzz1pEAtAWB3
Read more: http://www.smh.com.au/business/centro-counsel-critical-of-pwc-over-botched-audit-20120315-1v8ca.html#ixzz1pEAgi5j1
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