IT Compliance and Controls

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Financial Crisis Fraud: AIG hid problems from Auditors

October 8th, 2008 · No Comments

As one may expect, given massive amounts of defaults, bad lending practices, nonexistent risk management departments, and essentially a complete lack of due diligence is there any expectation that fraud did not occur?  One of many to be coming to light is that of AIG.  According to recent findings AIG hid financial distresses and practices from their auditors, PriceWaterHouseCoopers.

“We are concerned that the corporate oversight of AIG Financial Products … lacks critical elements of independence, transparency, and granularity,” Waxman read from the Office of Thrift Supervision’s March 10 letter

Here are two good, brief, summations of the findings:

NYS CPA Article on the fraudulent behavior, “AIG Hid Financial Risks from Auditors

CNBC Article focusing on the business aspects, “AIG Hid Financial…

Tags: Fraud · Risk Awareness

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