The U.S. Treasury announced it had hired two major professional services firms to assist in the accounting and auditing process for the Troubled Asset Relief Program (TARP). PricewaterhouseCoopers LLP was hired Oct. 16, and Ernst & Young was hired on Oct. 18.
"The firms will help the Department with accounting and internal controls services needed to administer the complex portfolio of troubled assets the Department will purchase, including whole loans and mortgage backed securities," the Treasury said in a release.
PricewaterhouseCoopers will help the department establish a sound internal control posture and Ernst & Young will provide general accounting support and expert accounting advice.
Both firms signed contracts to work with the Treasury until Sept. 30, 2011.
The PricewaterhouseCoopers contract is valued at $191,469, while the Ernst & Young contract is worth $492,006.
By Patrick McGee and edited by Stephen Huebl
©CEP News Ltd. 2008