Anchor BanCorp Audit Reports Withdrawn
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A Wisconsin bank, Anchor BanCorp has had its previously issued audit reports withdrawn by its auditor Ernst & Young LLP. The reports cover the years 2003, 2004 and 2005. Reports included in the Form 10-K and Form 10-Q have also been withdrawn. Incorrect accounting for loans originated through the Mortgage Partnership Finance (MPF) 100 program of the Federal Loan Bank of Chicago, was the reason for the withdrawal. Ernst & Young also identified a material weakness in financial reporting over the MPF accounting. The company is unable to complete preparation of its consolidated financial statements for fiscal 2005.
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