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German Public Auditors Examine PwC on FMS Error, Spiegel Says

The German Chamber of Public Auditors is examining PricewaterhouseCoopers LLP staff over the 55.5 billion-euro ($76 billion) accounting error at FMS Wertmanagement, Der Spiegel reported, without saying where it got the information.

What happened at FMS, the so-called bad bank for Hypo Real Estate Holding AG, is a “worst-case scenario for auditors,” Michael Gschrei, president of the chamber, told the magazine.

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