PricewaterhouseCoopers LLP and Ernst & Young will help with the purchase of troubled assets

The US Treasury Department has hired PricewaterhouseCoopers LLP and Ernst & Young to assist with the implementation of the $700bn financial market bail-out package.

The firms will help with accounting and internal controls needed to administer the portfolio of troubled assets, which the Treasury will purchase under the Emergency Economic Stabilization Act.

PWC will help the Department establish a sound internal control posture and E&Y will provide general accounting support and expert accounting advice.

PWC’s contract is worth $191,469.27 and E&Y’s is worth $492,006.95. The agreements last until September 30, 2011.