The Treasury Department has selected two of the Big Four accounting firms, PricewaterhouseCoopers and Ernst & Young, to help administer the Emergency Economic Stabilization Act's Troubled Asset Relief Program.
The firms will help with accounting and internal controls services for the troubled assets the Treasury will purchase, including loans and mortgage-backed securities. PwC will specifically help with establishing internal controls, while Ernst & Young will provide general accounting support and advice.
Both contracts last until Sept. 30, 2011. The initial orders under PwC's contract are for $191,469.27, while Ernst & Young's initial orders are more than double that, at $492,006.95.
The Treasury said it solicited quotes from 12 different firms and received six responses. PwC was hired on Thursday and Ernst & Young on Saturday.
