Financial Reporting Council · United Kingdom
PricewaterhouseCoopers LLP: fine by Financial Reporting Council
Audit or matter: London Capital & Finance plc (year to 30 April 2016 audit)
Decision date7 May 2024
SanctionFine
Amount as stated£7,000,000, reduced to £4,900,000 after a 30% discount
StatusFinal
NetworkPwC
What the regulator found
The FRC said PwC admitted breaches in risk assessment, professional scepticism regarding fraud and areas including loan debtors, revenue and related parties, with the main failure being not understanding the company's business and internal controls. The FRC said none of the auditors was found to have acted dishonestly or recklessly. PwC also received a severe reprimand and an order to report on root causes.1
Status: Final1
Sources
- Financial Reporting Council, Sanctions against three audit firms over the audits of London Capital & Finance plc (7 May 2024)