Financial Reporting Council · United Kingdom
PricewaterhouseCoopers LLP: fine by Financial Reporting Council
Audit or matter: BT Group plc (FY2017 audit)
Decision date8 August 2022
SanctionFine
Amount as stated£2,500,000, reduced to £1,750,000
StatusFinal
NetworkPwC
What the regulator found
The FRC said PwC admitted breaches including not applying the necessary professional scepticism to £72m of debt adjustments and insufficient documentation across £513m of adjustments following a fraud in BT's Italian operations. The FRC made no finding that the financial statements were misstated or that the breaches were intentional, dishonest or reckless. PwC also received a severe reprimand.1
Status: Final1
Sources
- Financial Reporting Council, Sanctions against PricewaterhouseCoopers LLP and audit partner (8 August 2022)