Law360, Miami (August 24, 2016, 10:08 PM EDT) -- PricewaterhouseCoopers violated auditor independence standards, a primary author of those rules testified Wednesday at a trial in which the trustee for Taylor Bean & Whittaker claims the accounting giant is liable for allegedly making possible a $5.5 billion fraud at the bankrupt mortgage lender.
Lynn Turner, a former chief accountant for the U.S. Securities and Exchange Commission, said on the stand in state court in Miami that he believes Pricewaterhouse should not have continued to audit Colonial BancGroup Inc. in 2005 and 2006 after a senior manager who worked on those audits was hired away to a top financial oversight position...
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