Nigel Panchoo, partner, PWC, while being cross-examined yesterday by PWC's attorney Russell Martineau, said he was "shocked" by the true state of the company's finances, which he was not aware of before 2008.Panchoo was team manager of the group of auditors who audited the accounts for CL Financial Group and the CIB subsidiary.
"The extent of it was not known to us. The extent of the HCL home construction group, how far over budget they were and the challenges they were facing. None of that information was being fed to us even at that point in time," Panchoo said.Martineau asked him if he had known the true extent of what was happening at that time what he would have done.
"In 2008, if we had known that information it would have been very different. Obviously our procedures would have changed and we would have done different work in terms of our procedures," Panchoo said.Martineau also asked him if he had known about the CL Financial Group seeking Government assistance how he would have reacted.
"I personally did not know of that. If I had known it, it would have changed the direction of the audit. I was shocked personally the day I found out this information. I was at CIB doing the audit for 2008."In hindsight, the kind of information that I have heard now, it is almost a sense of betrayal. You are working with qualified professionals and you expect a certain amount of policy in terms of what is being given to you. The fact that it was not, could make one angry as well," Panchoo said.
