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MF Global: Auditors Are Subpoenaed
November 7, 2011
PricewaterhouseCoopers, which issued a clean audit opinion is MF Global's most recent annual report, has been subpoenaed by U.S. regulators. The CFTC, which sent the subpoena, is seeking information about the $633mn (reduced over the weekend to $593mn) that's missing from customer accounts. They also want to better understand the firm's policies, procedures and internal controls for the segregation of assets belonging to clients trading on U.S. commodities exchanges. The subpoena was received on Wednesday, 11/2.
It's not known whether PWC's clean, unqualified audit opinion may lead regulators to investigate the auditing firm for possible conflicts of interest or worse, complicity with any regulatory violations that MF Global may be charged with. PWC last audited MF Global for its 5/20/11 annual report.
Spokespersons for PricewaterhouseCoopers and the CFTC declined to comment on the subpoena. [Bloomberg, 11/3/11]
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