Several allegations made in the FDIC complaint are supported by knowledge of the audit choices PwC made, or did not make, that most likely came from the workpapers, PCAOB inspection findings pertaining to Colonial, and the reluctant but compelling cooperation of PwC itself.

FORBES: A Tale of Two Lawsuits -- PricewaterhouseCoopers and Colonial Bank

Therefore, auditors should have a wide range of business knowledge, demonstrated through years of audit and industry-specific experience, educational background, professional certifications, training programs, committee participation, professional associations, and job rotational assignments.

FORBES: JP Morgan Chase Named A New Chief Auditor (For Corporate!); Can You Name Him?

Though he faces no public allegation of personal wrongdoing, Mr Yushchenko's first denials that any unorthodox methods had been used, followed by a claim that underlings had run the scheme without his knowledge and then by repeated delays in publishing a detailed audit of the bank's dealings in the period concerned, have all damaged his standing.

ECONOMIST: Viktor Yushchenko, Ukraine��s faint hope

He discusses his recent research on audit industry consolidation in this article by Martha Lagace, which first appeared on the HBS Working Knowledge website.

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