(4 May 2004 – Australia) PricewaterhouseCoopers chief executive Tony Harrington has finally responded publicly to Catherine Walters’ repeated criticism of the accounting firm’s inquiry into National Australia Bank’s forex losses by saying “enough is enough”.He said Walters’ continued attempts to “undermine the credibility” of the PwC report lacked substance and that PwC “emphatically rejected” inference that the report was improperly influenced.
“To continue to question the PwC report and its processes is unfounded,” Harrington said.
He said PwC stood by the “completeness and accuracy” of its report and that its findings had been substantiated by APRA’s separate inquiry into NAB’s $360 million rogue trading losses.
“The findings of the PwC report are comprehensive, conclusive and supported by the findings of the APRA,” Harrington said.
“Status updates are normal in an investigation of this kind and allowed the National to immediately take remedial action to mitigate any further losses,” he said.
“It would be inappropriate to release any status documents because only the final PwC report is a complete and accurate reflection of PwC’s findings.”