Financial Reporting Council · United Kingdom
PricewaterhouseCoopers LLP: fine by Financial Reporting Council
Audit or matter: BHS and Taveta Group (2014 audits)
Decision date12 June 2018
SanctionFine
Amount as stated£10 million, reduced by 35% for early settlement to £6.5 million
StatusFinal
NetworkPwC
What the regulator found
The FRC said PwC admitted Misconduct and agreed sanctions in a settlement approved by an independent Tribunal member. Sanctions on the firm included a severe reprimand, a condition to monitor and support its Leeds audit practice with annual reports to the FRC for three years, and an undertaking on engagement quality control reviews for high risk non listed audits.1
Status: Final1
Sources
- Financial Reporting Council, Sanctions against PwC and former audit partner in relation to BHS (12 June 2018)