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Bank of America Financial Statements. - Research Paper Example
PricewaterhouseCoopers LLP is the auditor of the Bank of America. PricewaterhouseCoopers LLP (PwC) is the firm’s registered public accounting firm and they conduct the audit of the business. The auditors (PwC) are recognized worldwide and are very popular in the auditing department…
These auditors provide a clean opinion on the financial statements as they are in done with the accordance of the law of the state and they value the client’s long standing relationship. PwC values their clients and they share a long and committed relation with their clients. The financial statements of Bank of America provide materialistic and factual evidence of subsequent events. The bank also provides a consolidated five year summary of the selected financial data in order to provide accurate results. The bank is divided into six business segments, which consists of deposits, global card services, home loans & insurance, global commercial banking, GBAM and GWIM. “Results of our operations through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Commercial Banking, GBAM and GWIM, with the remaining operations recorded in all Other” (Bank of America, 2010). The auditors provide a clear report of the firm and they dedicate their report to the society.
The reason for the bank’s downfall which has reduced its profits in the year 2010 was a decrease in the growth of assets. Similarly the bank has raised large amounts of debt in the last financial year and aims to improve its financial and capital strength. ...