An investigation into the conduct of PricewaterhouseCoopers as external auditors of troubled sub-prime mortgage lender Cattles has been launched by the Accountancy and Actuarial Discipline Board. Following consultation with the ICAEW and ICAS, the AADB has announced it will be looking into the conduct of members and member firms relating to the preparation, approval and audit of the financial statements of Cattles and its principal operating entity Welcome Financial Services for the year end December 2007, as well as the preparation and approval of Cattles' financial statements for the six months ending 30 June 2008. Public statements covering the financial position and performance of Cattles between 28 February 2008 and 20 February 2009 are also to be probed. PwC said in a statement that it 'will fully cooperate with the AADB investigation and will vigorously defend our work.' The investigation into Cattles began in March when internal auditors Deloitte uncovered accounting regularities at the company.